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DECEMBER 7,
Vol. 151
No. 3937
1940
CONTENTS
Editorials
3281
The Financial Situation
The
Right to Work
.,
...3292
.
3293
The Stockholders' Dilemma
Comment and Review
Capital Flotations in November
Week
on
the European
...
Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
...
3295
...>3285
3285
3289 & 3341
.
Course of the Bond Market.
3300
Indications of Business Activity
3301
3283
3336
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
News
3314
Current Events and Discussions..
3335
....3384
3423
3424
Bank and Trust Company Items
General Corporation and Investment
News..
Dry Goods Trade..
State and
Municipal Department
Stocks and Bonds
3337
3341
Foreign Stock Exchange Quotations.....
Bonds Called and Sinking Fund
Notices
Dividends Declared
3342
Auction Sales
3341
New York Stock
Exchange—Stock Quotations—
•New York Stock
New York Curb
Exchange—Stock Quotations
•New York Curb
Other
3352
Exchange—Bond Quotations 3352 & 3362
Exchange—Bond Quotations...
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond
Quotations
3368
3372
3374
3378
Over-the-Counter Securities—Stock & Bond Quotations .3380
Reports
3289
...3337
Foreign Bank Statements
Course of Bank Clearings.
Federal Reserve Bank Statements.
General
3314 & 3349
3384
Corporation and Investment News
Commodities
The Commercial Markets and the
3414
Crops
3417
Cotton
Bread stuffs
...
3421
Incorporated In our tablee
on New York Stock Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
*
Published Every Saturday
Attention la directed to the new column
Morning by the William B. Dana Company, 25 Spruce
Street, New York City, N. Y.
the Board and Editor: William Dana Selbert, President and Treaenrer; William D. Rjggg, Buslnees Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613).
London—
Edwards & SmithVl Drapers' Gardens, London, B.C.
Copyright 1940 by WiUiam B. Dana Company. Entered as second-class matter
June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions in United States and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.60 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
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$12.50 for 6 months.
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Contract and card rates on request. NOTE: On account
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Herbert D. Seibert, Chairman of
The Commercial & Financial Chronicle
METHOD
A SAFE
To
lack
knowledge is to be helpless in the great
The less education, the less train¬
struggle of life.
ing
one
has, the less able
one
Never before has it been
so
is to rise in the world.
essential that
should be
given the opportunity to acquire
education
or
\
■
its
...
•
...
make financial
education.
child
a
a
college
equivalent.
.
Life insurance offers
can
Dec.
The
a
■
,
safe method
f
■
.
by which
.
a man
provision for his children's higher
Massachusetts
Mutual
is
being
employed by parents everywhere in this country to
give
assurance
to make
that their children shall be equipped
the most of themselves in life and
rewards of
MASSACHUSETTS
enjoy the
success.
INSURANCE
MUTUAL
LIFE
COMPANY
Springfield, Massachusetts
Organized 1851
Bertrand J.
Assets, December 31, 1939
Perry, President
.
Liabilities
$661,589,637
Surplus to the Assured
(In addition, thereto,
$688,640,431
$ 20,396,794
Contingency Funds which
1940
7
The Financial Situation
press upon us
is of
none
which
deeper
For
course
Europe
that the
recent
It
.
own
last autumn, and
was
a
source
campaign
were
Stop!
de¬
a
The defeated, but
erted
toward
to many
ends
of
These
ex¬
the
involvement
whether
But
one
that the American citizen
care¬
ful advisement before the
time
comes
possible
when it is im¬
reshape
to
our
policies to avoid that which
and
which,
very
we
professes to want
one
no
as we
believe,
few really want.
If
If
of
not
to
eager
some
us
world
a
or
Senator
not
able
is
avoid
we
be
save
the
to
time
LOOK AND
our
get the better of another—
man
and done
fort
when
we
with little ef¬
so
conceal
to
come
to
or
dis¬
agree
acts
the
arrangements
sharing
and
power
for
productive
our
even our
exist¬
ing armor with Great Brit¬
ain
have used obvious
we
subterfuges
avoid the
to
stark
of
charge
unneu-
trality.
All of this
in
we
have done
setting which
a
the
offenses
aggra¬
appar¬
ently without thought of
which
must
In various
guise the fact.
of
STOP,
consequences.
has
pur¬
other things,
''of helping one belligerent
the
own
law, in the "bases-
pose, among
involvement, it will, however,
but
binding
own
principles of interna¬
vates
miracle
our
rate
We have
destroyer deal for the
us.
a
first
nothing of generally recog¬
nized
tional
one
of
treaty obligations, to say
are
concerning
have
been called sharp¬
standing.
flouted
as
whether
ago
belligerents
I
the
The
so-
in
ly into question by several
turn
:
not
American
of the
words
long
traveling.
now
believed that the rank
and file
the
would
cumstances,
out.
us
designs
of "those in command of us," or of other
groups allegedly designing to "take us in,"
no thoughtful
man can well doubt that the
European conflict, in a very real if figurative
sense, is approaching nearer and nearer to
our shores with each passing day.
We believe, therefore, that all thoughtful
men, whatever views they may hold concern¬
ing the rights and wrongs of what is going on
abroad, will feel themselves under an obliga¬
tion to Senator Johnson for this sharp, and,
it is to be hoped, effective warning about
the direction in which we, probably quite
without full appreciation or understanding
so far as many Americans are concerned, are
surprising
had better take under
keep
can
part of the game.
a
But
with
the
which, in ordinary cir¬
way
preposterous, let him consult
the World War memoirs of Mr. Lansing.
'
this trend is
not,
if not
called moral embargo
If such charges as these appear to
people would have it
do, of declining.
are
in the street
majority of the Ameri¬
can
or
in¬
growing,
Examine
employed
ently,
Listen!
object to is being eased in by
groups
who are deliberately hiding their
designs.
If they want war, and have the
people behind them, let them declare it and
stop this hypocrisy.
firmly believe
as we
miracle
politician
What
to be such that the
steadily
stead,
Look!
in.
us
developments
our
to
now seems
to precisely that.
perfectly mad
When it is propi¬
tious, from their point of view, they'll take
be
to
fore, that in recent weeks
danger of
come
Our Government has repeatedly,
the record.
Those in command of
is
It
dangerous.
the trend of
will
Boldly forthright, he continues:
to be
scarcely surprising, there¬
is
be in process,
profes¬
the fears of
the multitude to his own advantage, but of
Senator Johnson of California, the veteran
watchdog of the people, always alert to
dangers of foreign entanglements.
which
us
a
sional
has made it clear that his
seem
policies and attitudes, to say nothing
are
Only
candidate since the election
influence is still to be
worth
indefinite continua¬
an
development of them, which
going to get into it [war].
There
isn't any doubt in my mind.
We are edging
nearer and nearer to it every day.
powerful, Republican
appears
of further
gave
small
so
Certain is it that
tion of present
before
in effect,
are,
Germany and the
Yet if such is not the fact,
over
it that the difference is scarcely
near
so
debating.
even now
always altogether consist¬
We
highly
it is
of deep regret to them
of change in foreign
policy.
even
we
British victory
a
Powers allied with her?
an eye
In their
position taken by Mr. Willkie during the
elected) of
still
with
country.
today have anything in the nature
full realization that
a
underwriting
with serious hazard since the first shot
promise (even if he
gree
How many of us
of
our
of the Roosevelt Administration has
a year ago
that time.
attitude and
our
to the realists among us
concern
been fraught
in
Underwriting Victory
than those to
foreign relations have been of the
single to the welfare of their
view, the
concern
long while past
a
acts in the field of
utmost
war.
every
foreign policies give rise, and none more
our
urgent.
broader
or
the end of the
ments and undesired involvements at
THESE are days when vital questions andside, but
weighty
problems
from
The
quaran¬
tine utterance of the Presi¬
LISTEN.
"dagger-in-the-
people fully understood the
dent,
his
implications of what
back"
outburst, and other
we are
doing, and apparently
are
planning to do in the future,
wholly imprudent, not to say unprecedented, pro¬
from the
and, after careful consideration, had determined to
nouncements
could hardly do other than
reluctantly acquiesce in the popular will.
We are,
State and from many
pursue
this
course,
we
however, strongly of the view that such an under¬
by
some
the so-called democra¬
from
cies, notably Great Britain, and the something less
than
blinding
many
not escape
we
of
us
to truths which otherwise would
ado
we are
The result is,
deluding ourselves with the
virtual
both neutral and a
belligerent; take part, perhaps a deciding part,
in the
struggle
thought that
at
no
cost to
we can
now
be at
raging in Europe and elsewhere
ourselves, and
once
emerge
free of entangle¬
other
the only
planet,
semi-official,
ones.
Indeed,
a
visitor from
hearing what is being said
upon
day to day in official Washington, and for that
matter in the press
the
Washington
attention and recognition.
think, that
no means
are
candid pronouncements from
or
spokesmen of the Government are cases in point, but
standing does not exist in the United States, and that
strong emotional sympathy for
President, the Secretary of
other official,
from
one
end of the country to
other, could hardly fail to gather without further
that
we
were
actually at
war
with Germany.
It may well be doubted
really comparable situation
Italy, Russia and Japan.
whether in all history a
the only
could
be found—and of
exists
today lies in the fact that nations which nor¬
course
reason
it
mally would be offended are too much occupied with
their immediate difficulties of
one
sortjor another to
The Commercial & Financial Chronicle
3282
take the steps ordinarily to be expected as a result
of
Does
behavior.
our
any
this has not been noticed
one
abroad,
quickly forgotten or forgiven ?
son
of
would not confront
ours
naturally well
are
must say
we
it
but
have, whether
we
cisely this position, and would have been quite
gardless of
our
world conquest,
upon
destruction of
democracy
this
shared
never
share
it
be the personal at¬
Fuehrer, and
many
certainly not admirable, whatever
are
scarcely be defended,
can
of them
be the
may
nature of his behavior in recent years,
it
We have
however, and do not
Whatever may
now.
tributes of the German
idee fixe.
as an
opinion,
madman
a
megalomaniac with
a
and much of
find evidence of
we
a
great deal too much realism in the policies and the
practices of Germany to permit us to believe he
harbors ideas of any sort
sake
of
conquering
of world conquest for the
of
or
destroying
democracy
merely because he dislikes that form of government,
other kindred
or
ultimately to his
lines
of
certain
conduct
to
lead
certain of is this.
we care
past have been, and are
now
more
and
ourselves
Britain emerge
defeat.
This
the victor,
to
It
that
natural
of
case
not
now
of
consequences
German
a
times, and
when
we mean
past behavior in the
our
victory,
so
out of joint are the
should of
we
course
inconceivable.
be
fer of
ships,
but
This
we
escape
solemn
fact
given prayerful thought before
plunge recklessly into
whether it be
years,
far from the point where
very
be almost
would
British
unprecedented has been the conduct
so
be
a
we
be too late to escape the
virtually all countries in recent
cannot
Great
any
further involvement,
by further "releases" of armor, trans¬
or
by extension of Government credit
(for which read grant of Government funds).
some
Washington.
It is
more
of the recent intimations
quarter
are
intended
as
to test the currents of
than likely that
emanating from that
"feelers,"
or
"trial balloons"
popular thought.
That
some¬
a! task
are so
they
doing.
at most of
or
development, probably
British
to
are
policy and possibly
other
that
our
further
departure in
our
with the others who appear
of
idea
as
Outstanding figures in the
Johnson of California, and Taft of
given evidence of alarm about the situa¬
appears to be
patches from London
developing.
are
certainly of
Current dis¬
a
nature to
or
whether
for the American
prayerful thinking
people to do
on
this
some
careful
productive
is led to hope, that such leaders in the Senate
gentlemen
just mentioned
are
determined
"a
good credit
armament
our
or
too extensively with Great
power
These, without question,
moment, but they do not
go
matters of
are
to the root of the real
question which the American people should at this
time be
That
considering.
question
not matters of
but
money,
It is this.
concerns
single matter of much deeper import.
a
Are
to take
determined to
we
is crushed
many
for the moment at least
strategy or of our willingness to lend
direct and active
a
for that
purpose?
lay out
our
If
future
so,
necessary
need
give
no
for the
reached any
purpose
we
delay reach
definite
a
policies deemed
in hand.
such decision, and, for
do not believe that
one
In that event
serious consideration to the
very
hazards of involvement inherent in
necessary
us
must, naturally,
we
with that
purpose in mind and adhere to it.
we
for
part in the proceedings
then
course
to it that Ger¬
see
if it becomes
even
have, then
If
we
our our
we
have not
part, we
must without
final conclusion
position is in this regard.
as
to what
Our tendency has
been, and is today, to postpone decision, to hope
fondly and unrealistically that
we
can
be instru¬
mental, perhaps decisively helpful, in defeating Ger¬
and at the
many
same
time be safe, or relatively
safe, from actual involvement.
a
snare
and
from involvement
important to
If above
as
shall not
any
if
we
defeat of
or
everything else
We must reach
to
whether
we
wish to be certain,
a
world
war,
away
from
sums
our
aspects.
of
money,
as
the
good credit risk."
to
do
participation (real
in the present conflict, but
carefully reconsider
that that
or
only turn resolutely
acknowledged)
most
a
safety
Germany is the more
again become embroiled in
must not
all of its
large
as
is humanly possible, that we
as
and all plans to extend
not
This hope is in point
delusion.
us.
nearly certain
then
a
firm conclusion
one
subject, and,
is
in danger of unduly weaken¬
we are
defenses in "sharing"
our own
in
and
are
to be obsessed with the
whether Great Britain
risk,"
must
come
Even those who
permit themselves to be engrossed in questions
as
intimations in
Evidently the time has
either irrelevant
are
extending unlimited aid to Great Britain
such
aggravate uneasiness arising from developments and
Washington.
con¬
without thought of the possible consequences to our¬
selves
policy in relation
countries.
Senate, such
Ohio have
tion
some new
obviously
some
One difficulty which
secondary import.
definite and
people
realization
full
a
disposed to take issue with the Administration and
much doubt.
only being tested, but prepared for
irrevocably to the
praisal of the situation a^d of sound conclusions
of fact
not
without
is the intrusion of factors which
thing is brewing, however, there can scarcely be
The American
less
stantly stands in the way of a full and realistic ap¬
further
We naturally have no way of knowing what is
afoot at
such
undertake
that
our
Something Afoot
facts, conclude that they
more or
fully what is involved, and by no means should they
at the very least avoid
or
is, of course, what
may
long
daily, making it
that the United States is underwriting
say
victory.
of
essential
a
the
good, but they certainly should not reach
Britain.
We for
while
more
grips with these questions
such fateful conclusion without understanding
our
Making Our Own Bed Hard
But what
Question
Empire and undertake to» insure its survival,
well and
ing
utter destruction.
own
of all
wrish to tie themselves
any
the argument that Mr. Hitler is
upon
bent
re¬
>
If they finally, after careful
dangerous hopes.
course—that conclusion built
own
entire subject the airing
longer to delude themselves with pleasant
consideration
British
1940
decision, the American people
real
to
come
now
and refuse
not, been from the first in pre¬
or
Whatever its final
must
7,
long needed but never received.
The Real
per¬
of the current, and
aware
that it has
with its normal
us
wisely held, view, that
realized
we
rational
any
something approaching them?
consequences, or
We
Can
what they can to give the
that it will be
or
that with Great Britain defeated this
suppose
course
that all
suppose
Dec.
our
present course
As to lending Great Britain
it is of
course
perfectly obvious
country is not in the ordinary sense "a
The very fact that the Nation
is in such dire need of credit—if fact it be—is evi-
Volume
The Commercial & Financial Chronicle
151
deuce aplenty on the point.
If the situation is being
painted in unduly dark colors,
suspect, then of course the
respondingly
future years
past, to
as
weakened.
be
very easy
as
for the loans is
case
Moreover,
it
cor-
in
would
for the debtors,
as
in the
theirs, and consequently that
provided should be considered
as
part of
all, that is not the real point.
Many
contribution to
our
observers
some
out of our mouths that the war was
prove
much "our war"
the funds
as
But after
a
world
cause.
people in this country probably
in their
Treasury
ering the aggregate to. $2,195,400,000.
bond holdings fell $3,800,0'OO to $1,295,900,000, while
Treasury note holdings dropped $5,000,000 to $899,-
The Treasury deposited $48,485,000 gold
500,000.
certificates with the regional institutions, raising
their
of
holdings
such
instruments
$19,594,-
to
Other cash of the 12 banks was down, in
780,000.
view of the seasonal demand for currency, and total
advanced
reserves
would,
3283
778,000.
only
$24,592,900'
$19,880,-
to
Federal Reserve notes in actual circulation
increased $70,078,000 to $5,773,207,009.
Total de-
present state of mind, be willing to make Great
posits with the regional institutions fell $59,047,000
Britain
to $16,116,943,000, with the account variations con-
present of the funds in question, or what
a
is the
equivalent, the armaments needed, if by that
means
victory could be assured, and—the vital part
of
matter—if
the
these
loans
these
or
gifts
are
actually the be-all and the end-all of the matter.
Perhaps they would be if Great Britain is quickly
and
decisively victorious.
The
longer the conflict continues the greater the
our
involvement, and with these enlarged
ours
in the outcome and in the presence of
danger of
stakes of
these
But what if she is not?
belligerent acts of
ours,
that danger is doubled.
What, then if in the end Great Britain is defeated,
or
even
The
consideration apply respecting the
other unneutral acts
obviously,
are
by
our own
815,000 to $1,132,478,000, and an increase of other
The reserve
deposits by $43,839,000 to $575,976,000.
ratio remained unchanged at 90.8%. Discounts by
the regional banks increased $300,000 to $4,135,000.
advances were
Industrial
down
$47,000 to
$7,-
569,000, while commitments to make such advances
fell $601,000 to $6,505,000.
questions that
are now
being raised
aid to Great Britain" had best be deferred until
conclusions regarding these
far
we
more
fundamental issues.
„
small
,
.
week
plainly
Washington and elsewhere concerning "further
final
The New York Stock Market
various
Government. These,
people at this time.
reach
of the Treasury general account by $56,310,000 to
$254,916,000; a drop of foreign deposits by $20,-
the first considerations for the Ameri-
Most of the
in
decrease of member bank reserve bal-
a
by $138,381,000 to $14,153,573,000; an increase
if it becomes clear that defeat is imminent?
same
can
sisting of
ances
sessions
an
Federal Reserve Bank Statement
on
the New York Stock
aSpec^ 0f unrelieved dulness.
tban
The
spheres.
Exchange presented
Turnover
was
less
500,000 shares in several of the full sessions,
only
yearf?
a
little
over
that diminutive level in the
The sobering implications of another four
others.
^
market, which
mood to await fresh developments
a
in both the international and domestic
and
c
D
n
in
was
gains and losses were recorded this
the New York stock
on
of ^ New Deal thus begin to be refiected in
SEASONAL position made for ofdecrease, in and the financial eight
and other aspects the credit the unduly from markets, which already antagonism in
of continual have suffered
a
currency
years
weekly period ended Dec. 4, in the total of idle bank
Washington.
credit, but the change is not especially significant,
actual
The official
banking statistics reveal
a
decline of
$110,000,000 in member bank excess reserves
over
legal requirements, reducing the total to $6,820,-
000,000
the
as
of Dec. 4.
Gold continued to flow into
far
more
than offset by several other
Currency in circulation showed a seasonal
increase of
$104,000,000 to another record at $8,569,-
000,000.
The Treasury called for repayment of siz-
able
from
sums
depositaries, and this tended directly
member bank
reduce
to
deposits and enlarge the
Treasury deposit with the 12 Federal Reserve banks,
Non-member
some
deposits likewise were built up, and
further sales of Treasury
from the Federal Reserve
bate
A national de-
applied to the financial world, which reflects not
affairs but also those of business in
It is obvious, on the other hand, that
any
change for the better promptly would dispel such
ideas, much
as
the immediate post-election gloom was
relieved by the bright flash of
a
few active sessions,
The
tendency of the financial markets to await
developments is understandable, in view of the many
matters that await decision in Washington and the
desperate stalemate of the main theater of the
war
in Europe. The defense program begins to unfold
in this country, but the endeavor to hold down price
levels of commodities hardly comports with shortages
that
are
beginning to appear here and there,
control, and the actual trend of effective de-
"squeezes" that already loom, and it is obvious that
important.
The condition statement of weekly re-
porting New York City member banks for the week
to Dec. 4 indicates an increase of $17,000,000 in busiloans
to
$1,885,000,000.
Loans by the
banks to brokers and dealers on
fell
own
Much confusion prevails as to treatment of the
appears
mand doubtless will loom in the future as ever more
ness
poor
to be developing with respect to
now
credit
obligations occurred
portfolio.
the inevitable accompaniments of
are
general.
factors.
of
business, but they are of peculiar significance when
being $72,000,000, raising the aggregate to $21,827,resources was
current
financial firms, and of curtailment in all directions.
These
only its
But this influence for expanding credit
are
contemplated staff reductions in leading
or
country, the increase of the monetary holdings
000,000.
Once again reports
same
security collateral
$19,000,000 to $320,000,000.
eral Reserve banks shows a decrease
profoundly by the decisions
Questions of national
finances and taxation are similarly chaotic. The
problem of aid for Great Britain looms more importantly from day to day,
crease
as
of $8,800,000 in
obligations, low-
aerial bombings in-
the destruction being visited by Great Britain
and Germany upon each other.
The combined condition statement of the 12 Fed-
holdings of United States Treasury
business will be affected
that will have to be made.
Italo-Greek
war
The
course of the
heartened the markets to
a
degree^
but merely enough to offset the uncertainty preva-
lent otherwise.
Mere fractional gains and losses
The Commercial &
3284
thus
of
by
trading was overshadowed this week
The
sizable amount of new bond business.
a
of
rush
expeditiously, and underwriters were hopefew more weeks of activity would develop,
handled
ful that
a
States Treasury
United
municipal borrowing was
and
corporate
firm in the
obligations
steady to
market, and some inquiry appeared for
Speculative in-
grade listed corporate bonds.
best
were
quiry for some railroad obligations was noted, from
time to time.
Foreign dollar bonds were mostly
in the
easier, with Latin-American issues joining
general downward trend despite some progress in
lending program of the Roosevelt Adminis-
the vast
When
tration.
loan to Argentina was announced
a
the dollar bonds of that country
for
brief
a
leading grains somewhat easier in the pits,
with
irregular, partly because of the
Base metals were
unsettlement
as
to Washington
price and other poli-
Foreign exchange dealings were modest, and
cies.
actual position again was
the best indication of the
a
tended to improve,
Commodity markets were quiet,
period.
gold to the United States.
fresh inflow of
Stock
York
New
the
On
stocks
44
Exchange
touched
new
high levels for the year while 22 stocks
touched
new
low levels.
On the New York Curb Ex-
stocks touched new low levels.
:
'
33
York Stock Exchange re-
Call loans on the New
Stock Exchange the sales on
the New York
478,580
Saturday were 335,580 shares; on Monday,
shares;
on
Tuesday, 451,400 shares; on Wednesday,
651,170 shares; on Thursday, 597,600 shares, and on
Friday, 535,640 shares.
;
.
.
Curb Exchange the sales on
the New York
On
120,480
Wednesday,
Thursday, 144,710 shares, and on
Saturday were 106,505 shares; on Monday,
shares; on Tuesday, 157,525 shares; on
157,050 shares; on
Friday, 167,375 shares.
:
At the short session of the
stock market
on
Satur-
day of last week the modest recovery made in
ous
sessions
was
previ-
Starting in
brought forward.
a
position, stock prices made gains at the close
firm
of the first hour
ranging from fractions to one point.
Low-priced utility shares contributed in the initial
hour to swell the volume.
In the course of dealings,
leading steel issues such as United
Bethlehem
and
ties
fraction
a
group
Steel and
points, while other issues in this
On the day equi-
enjoyed fractional progress.
firm
were
and
closed
The market
position.
States Steel,
Crucible Steel advanced one
sufficient interest to
on
in
a
moderately better
Monday failed to arouse
bring about any noteworthy
Western Union closed yesterday at 19% against
20% on Friday of last week; Allied Chemical & Dye
at 167 ex-div. against 167%; E. I. du Pont de Nemours at 160% against 154%; National Cash Register at 12% against 12%; National Dairy Products
at 13% against 13%; National Biscuit at 17%
against 17%; Texas Gulf Sulphur at 36 against
36%; Loft, Inc., at 19% against 20%; Continental
Can at 36% against 37%; Eastman Kodak at 139%
against 143%; Standard Brands at 6% ex-div.
against 6%; Westinghouse Elec. & Mfg. at 103% exdiv. against 103%; Canada Dry at 13% against
13%; Schenley Distillers at 10 against 10%, and
National Distillers at 23% against 23.
W
In the rubber group, Goodyear Tire & Rubber
closed yesterday at 17% against 17% on Friday of
last week; B. F. Goodrich at 13% against 14%,
United States Rubber at 23% against 23%.
and
Railroad stocks came in for further downward
revision in prices this week.
Pennsylvania RR.
in themselves and were confined to
closed yesterday at 22 against 22 on Friday of last
to the dullest session in
meager
at 28% against 28%; International Harvester at
54% against 54%; Sears, Roebuck & Co. at 77
against 75; Montgomery Ward & Co. at 37% against
37%; Woolworth at 31% against 32%, and American Tel. & Tel. at 167% against 165%. \
month, and the gains made
improvement in either volume or prices.
were
General Electric closed yesterday at 33% against
on Friday of last week; Consolidated Edison Co.
of N. Y. at 21% against 21%; Columbia Gas &
Electric at 4% against 4%; Public Service of N. J.
unchanged at 1%.
mained
On
week ago.
high levels and 34
change 36 stocks touched new
1940
purposes was
equities.
Listed bond
7,
offset to a great degree by extra favorable year-end dividend disbursements. Interest on
Wednesday centered deeply in the battle for Great
Britain and traders, plagued by grave uncertainties
over the outcome, again kept to the sidelines. Selling concentration was focused on low-priced issues,
but this could hardly be interpreted as a sign of
weakness as the market worked in narrow channels,
At closing time the general list was firm though
mixed. Trading moved in aimless fashion on Thursday as transactions declined from the previous day's
total. Selling for tax-record purposes proved sufficient in itself to effect irregularly lower changes
on the day.
Low-priced shares, as on Wednesday,
commanded noticeable interest, and profit-taking in
shipping and shipbuilding stocks produced unfavorable changes. Stocks reflecting mixed changes ineluded chemicals, aircraft and airline shares. A
steady tone ruled in Friday's trading, but narrow
price changes persisted throughout on a volume of
business approximating 500,000 shares. While industrial issues grew more stable the market's progress was retarded by other stocks that failed to respond to the better trend.
Irregular changes,
mostly of a fractional nature, obtained the present
week, as may be seen by a comparison of yesterday's
closing prices with final quotations on Friday a
registered for the week, in most groups
were
Dec.
Financial Chronicle
a
It was next
thought of late is being given
week; /Atchison Topeka & Santa Fe at 16% against
by traders to increased taxation to offset defense
17%; New York Central at 13% against 13%; Union
Pacific at 78 against 78%; Southern Pacific at 7%
against 8%; Southern Railway at 12% against 12%,
scattered issues.
More
spending and its consequent effect on
profits.
stock
corporate
Individual transactions were small and
indecisive.
movements
At
the
close
prices were mixed following moderate gains.
market
on
Tuesday
was
the
day, and share prices
6% against 6%.
Steel stocks are moderately improved the present
week. United States Steel closed yesterday at 68
against 66% on Friday of last week; Crucible Steel
at 41% against 40%; Bethlehem Steel at 85%
closed irregularly
against 85%, and Youngstown Sheet & Tube at 40%
Move-
selling at this time of year for tax
and Northern Pacific at
pattern through-
ments were confined to a narrow
lower. ? The usual
The
highly selective as general
trading and investing groups remained aloof.
out
share
against 40.
'
^
Volume
The Commercial &
151
In the motor group,
good inquiry all week for British funds and other
gilt-edged issues, owing partly to heavy interest payments and reinvestment of the funds. Industrial
stocks were irregular, with changes too small to he
significant. The heavy excess profits taxation of
the British Treasury is causing perturbation in
British financial circles, and a lack of buying interest in equities. Trading on the Amsterdam market was less active than in previous weeks, and price
General Motors closed yester-
week;
Chrysler at 75% against 75%; Packard at 3%
against 3%; Studebaker at 7% against 8, and Hupp 1
day at 49% against 49% on Friday of last
"
Motors at
.
9/16 against 9/16.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 33% against 34% on Friday of last
week; Shell Union Oil at 10% against 10%, and
Atlantic
Refining at 23% against 23%.
swings also were less pronounced. But the Amsterdam exchange still reported sizable changes, generally on the upward side. Dutch East Indies and
American securities were the favored issues, with
gains of 4 to 6 points recorded in some sessions. The
Berlin Boerse was uncertain at the start and the
end of the week, but in the mid-week trading some
sharp advances were noted.
,
closed
week;
American Smelting & Refining at 42% against 44%,
and Phelps Dodge at 33% against 34%.
Among the copper stocks, Anaconda Copper
vesterday at 27% against 27 on Friday of last
In the aviation group,
Curtiss-Wright closed yes-
terday at 9 against 8% on Friday of last
week;
Boeing Aircraft at 17% against 18, and Douglas
Aircraft at
Trade
77% against 78.
industrial
and
reports
3285
Financial Chronicle
reflect continued
u
#
^
Debt
although a little /
^
Finland s
Steel
U1 INLAND has been for some years the only debtor
production for the week ending today was estimated
*
country that paid in full the obligations owed
by American Iron and Steel Institute at 96.9% of
on intergovernmental debt account to the United
capacity, against 96.6% last week, 96.0% a month
States, but it now appears that the small Scandiago, and 92.8% at this time last year.
Production
navian country likewise will defer payments. In
of electric power for the week ended Nov. 30 was
view of the devastation suffered by Finland in its
reported by Edison Electric Institute at 2,795,defensive war with Russia, this is hardly a matter
634,000 kwh., against 2,695,431,000 kwh. in the prefor surprise. The State Department in Washington
ceding week, and 2,538,777,000 kwh. in the similar
made public last Saturday an exchange of notes, in
week of 1939.
Car loadings of revenue freight for
which the Finnish Government emphasized its deterthe week ended Nov. 30 were reported by the Assomination to meet all obligations in full, while
ciation of American Railroads at 728,525 cars, a
accepting the invitation for postponement held out
good activity in most business lines,
wavering can be discerned here and there.
decrease of
4,963
from the previous week, but a
cars
gain of 43,029 cars over the
level reported at this
time last year.
As
indicating the course of the commodity mar-
kets, the December option
closed
for wheat in Chicago
yesterday at 89c. against 88%c. the close on
Friday of last week.
day at 59%c. against
last week.
December corn closed yester63%c. the close on Friday of
December oats at Chicago closed yester-
day at 37%c. against
39%c. the close on Friday of
last week.
The
spot price for cotton here
in New York closed
yesterclav at 10.23c. against 10.06c. the close on
Friday of last week.
The spot price for rubber
on
close
closed
yesterday at 20.87c. against 20.87c. the
closed
Friday of last week.
December copper
yesterday at 12c., the close on Friday of last week,
In London the price of bar silver closed yesterday
at 23 pence per
New York
against 22% pence per ounce
silver in
yesterday at 34%c., the close on
ounce
Friday of last week, and spot
the close on
closed
Friday of last week.
In the matter of foreign exchanges, cable transfers
on
London closed
Friday of last week.
$4.04 the close on
V V
•
,
yesterday at $4.04 against
; /
European Stock
Markets
,
by Congress in a resolution adopted last June. That
resolution indicated that Finland would not be held
in default if the usual payments on the debt were
lacking. In taking advantage of this suggestion
Hjalmar J. Procope, the Finnish Minister to Washington, mentions briefly the congressional debates
which seemed to express a "willingness on the part
of the United States Government for a more extensive consideration of the two debt agreements to
which the resolution refers." Despite the great difficulties faced by his country, Mr. Procope stated, "it
is the firm intention and desire of the Finnish Government to maintain her credit record and to keep
all her obligations in the same way as she has always
done in the past." Interest and principal due on
the Finnish debt next Dec. 15 totals $235,398. With
the exception of a very modest partial payment by
Hungary, all the other debtors on intergovernmental
accounts arising from the first World War, or from
the relief needs which succeeded that conflict, long
have been in complete default.
.
a
*
p «. '
merican
o icy
pUBLIC debate regarding the policies to be pur*
sued by the United States Government in the
present European crisis was sharply accentuated
thig
wee^? principally along
the line of financial
FIRM conditionsthe leadingthis week on financial! aid to is receiving the thorough airing that it unprevailed Europeian stock ex- already the British Government. This problem
changes in
centers, but no
great amount of business was
Notwithstanding the amazing
Albanian campaign,
seemed
obscure
to
tendency was to
done,
Greek successes in the
the war situation as a
whole
the
investors in Europe, and
sit on the sidelines.
Hardly any
public discussion has developed as to the eventual
effect of the tremendous outpouring of funds for
the war
can
costs, but this is a
neglect.
matter that no investor
The London market reported
fairly
questionably deserves. The discussion was precipitated, in good part, by the British Ambassador, Lord
Lothian, who stated on his return to the United
States recently that his country will approach the
end of its dollar exchange resources in 1941. There
is reason to believe that some Washington authorities were irritated by the comment, owing to the
large gold resources of Great Britain, and the actual
and potential dollar balances possessed by that coun-
The Commercial & Financial Chronicle
3286
Dec.
7, 1940
examined in de-
Dalton, as saying that he would like to see an in-
tail, and some suggestions were thrown out which
.creasing portion of American production set aside
But the matter promptly
try.
was
be intended to test public sentiment.
may
Administration
leaders
conferred
in
Nine
Washington,
Tuesday, on problems of financial and other aid to
Great Britain.
Included in the group were Secre¬
Great
for
Allies.
her
and
Britain
these matters
Sidelights
on
furnished this week by Joseph P.
were
Kennedy, who resigned his post as Ambassador to
England with the aim of helping the President "keep
United
States
of
out
tary of the Treasury Henry Morgenthau Jr., Secre¬
the
tary of War Henry L. Stimson,
Hiram Johnson of California, who declared that the
Knox,
Frank
Navy
Jesse H. Jones.
sion
not
was
Secretary of the
Secretary of Commerce
and
The precise course of this discus¬
made
known, but it
indicated
was
States is
United
basis that will
well
as
as
leading topic.
heading straight into war,
the current
two further incidents of
were
week, which bear
financial aid to Great Britain.
Under-Secretary
lips,
arrived
with
this
in
the
of
the problem of
upon
Sir Frederick Phil¬
the
British
country by airplane,
announced
of
aim
Treasury,
Wednesday,
discussing financial
problems with Mr. Morgenthau.
The British finan-
"
cial position never has been stronger than it is at
.present, according to the emissary, but he admitted
that there is at present a "technical exchange prob¬
lem in finding all the dollars we need for the pur¬
chase of supplies in North America."
thau explained
in;
the arrival of Sir Frederick Phillips
one-sentence announcement, to the effect that
a
would
he
Mr. (Morgen¬
"place
the latest available information
before the United {States Treasury."
No less im¬
portant than the arrival of the British representa¬
tive
statement
was a
by Secretary Jones,
day, that "Great Britain is
addition
In
office
of
his
to
indication
available
Administrator.
of
the
The
only
a
"when
they need it for the
interest
Marriner S.
ernors
some
is
the
days previously that
might be based
holdings
of gold
comments
and
financial aid to Great
the collateral of British
American
by Mr. Eccles
cussion of
System, had suggested
any
on
were
securities.
incidental to
American
these
on
and
on
other
on
more
Tuesday for
a
The
the
British Government
pears
able
only financial
has
new
placed orders in the
freight ships, and it
are
being offered for British
of-thumb for
United
American
a
50-50
States.
pilots
are
to the United
more
United
use.
New military
on
are
being
the President's rule-
delivery to Great Britain and
It
appears,
flying the
seems
aid than
States.
new
moreover,
,
that
upon
possibly will have
Of
that policy.
the presence
was
more
that
by
bearing
immediate significance
a
of Vice-President-elect Henry A.
Wallace, last Sunday, at the inauguration in Mexico
city of
^ newly.elec'ted Mexican President,
his
in
States,"
"pro-United
Americas
the
received
the
aim in
solidarity
the
of
be
the
international
impressions created by the jeers that greeted
his arrival in Mexico last week.
Mexican President is
considering
aim of
with
principal
would
cheers, which wiped out some of the unfor¬
him upon
be
Administration
In attending the inaugural Mr. Wallace
sphere.
tunate
his
that
address
Manuel
General Avila Camacho declared
Avila Camacho.
reported in
some
The
new
dispatches to
journey to Washington, with the
a
improving the defense arrangements of the
American
No
republics.
however, of
indication
able settlement of the American oil
claims
priation
is
available,
greater readiness to effect
a
than
was
a reason¬
property expro¬
manifested
by
former
President Lazaro Cardenas.
affairs
Argentine
received
Washington this week
close
attention
conversations with
as
gation from Buenos Aires neared completion.
the
it
a
in
dele¬
When
Argentine representatives arrived, in November,
was
intimated
that
increased
exports
United States
were
conversations
resulted, however, in the
control
currency
to
desired, rather than loans.
the
The
announce¬
$50,000,000 to Argentina for
from the $2,000,000,000
purposes
stabilization fund established from the
currency
devaluation in 1934.
Great Britain needs
currently is available in the
Wednesday
quoted British Minister of Economic Warfare, Hugh
"profit" of
Another advance to
Argentina of $50,000,000 from the Export-Import
Bank
was
all but
promised by Warren Lee Pier son,
President of the official
would "hate to
see
the
bank, who remarked that he
Treasury do better than the
bank." The stabilization fund advance
was
admitted
by Secretary of the Treasury Henry Morgenthau Jr.
to be
a
departure from the original concept of the
fund, but he added that the decision represented Ad¬
ministration
will
policy.
The financial aid to Argentina
help American business
in the South American
men
to sell their goods
country, which by this
means
provided with the dollar exchange necessary
for the purpose,
Mr. Morgenthau remarked.
Battle of Britain
American bomb¬
Notwithstanding these
London dispatches on
Roosevelt
will be
Kingdom.
arrangements, it
President
ap¬
that laid-up vessels which currently are avail¬
divided with Great Britain
even
food¬
even
Tuesday, that
airplanes produced in the United States
the
problem
immediate question of ship¬
disclosed in London,
United States for 60
con¬
The current tour of the West Indies
affecting
cruise in the
ping, airplanes, munitions and perhaps
was
Americas
important
nections.
would extend credits of
matters
of aid to Great Britain includes not
It
the
in
in evidence this week in several
ment, Thursday, that the United States Treasury
the cruiser Tuscaloosa.
aspects, but the
Neighbor" policy of the
Government
States
Washington of President Roose¬
velt, who departed
Caribbean
were
of the "Good
United
dis¬
foreign policy presumably will have to
await the return to
stuffs..
The
a
monetary problems.
Decisions
/"Tt
Of
Eccles, Chairman of the Board of Gov¬
of the Federal Reserve
Britain
purpose."
proper
disclosure, Wednesday, that
men
The Americas
remark that
policy is to lend Government funds to good risks
some
ers
same
loan."
capacity in which his
comments were made is contained in
his
a
portfolio, Mr. Jones holds the
Loan
Federal
the
on
good risk for
a
on a
materials.
A SPECTS
y
Highly indicative
.
Senator
require the sending abroad of
broadly that the financial situation of Great Britain
was a
war," and by
ALTHOUGH peace rumors were in the air this
Fx
of
week in
Europe, the
Great Britain
supplied
course
no
of the great Battle
hope whatever of
an
early end of the conflict which is now well into its
second year.
British airplanes pounded industrial
Volume
The Commercial <£.
151
3287
inancial Chronicle
described of the deaths and
objectives in Germany relentlessly, and occasional
harrowing
forays to Italian points also
German
the
suffering caused by the ruthless attack.
forma¬
the
case
bombers attacked towns in
tions, and
some
to the
answer
recorded.
were
England in
of the centers
were
mass
laid waste.
In
tight British blockade of the Conti¬
nent, German submarines and airplanes scoured the
and sank many
seas
tons of British and other ship¬
ping, rendering the position of the United Kingdom
admittedly
difficult,
more
if
not
precarious.
scenes were
of
destruction
been
had
wrought
on
fliers, and
occasions
of
number
a
industrial
the
to
Bristol and Liverpool were
equipment of the port.
raided
As in
Coventry, admission was made that some
by the German
occasional
Midlands came in for
the
attention.
The
of the
course
at
war
sea
noted with in¬
was
Against this background, not much attention was
creasing anxiety, for British shipping is finding its
paid to scattered reports from France, Switzerland
tasks
and
official claims of submarine
Portugal, Wednesday, that the European bellig¬
erents
being sounded by Portuguese authorities
are
to the
as
possibilities of
a
These
negotiated peace.
reports followed directly on the heels of an appeal
by Pope Pius for
destined
seems
a
London House of
Christmas truce, which also
receive little
to
response.
In the
Commons, Thursday, three Inde¬
pendent Labor party members joined in an appeal
for
clear statement of British war aims and for a
a
negotiated
peace,
since there is "no certainty of a
The House rejected the plea
great military victory."
by the British
air
forces
the admitted British
picked
in
tacks
German
sent
nearer
French
rines
are
assumed ever
were
bombed
again
and
British fliers attended to the
ports from which German subma¬
some
operating against British shipping.
naval works at Wilhelmshaven were
man
hit
Bremen
early in the week.
the
bottom
nouncement in
400
from
miles
Ireland.
auxiliary cruiser had been
An
in this raid.
official
an¬
Berlin, Wednesday, said that a single
submarine had accounted for six British merchant
of the
previous report. According to German spokes¬
U-boats
aerial
and
about
stated, the next day, that 15 British
sources
to
ently permitted flights deep into German territory.
while
Radio signals
ships which reported submarine at¬
area
an
merchant vessels and one
men,
again,
losses, but even the latter are
in New York, Monday, from a num¬
up
ber of British
greater prominence, as the weather conditions appar¬
Hamburg
sinkings much exceeded
large and anything but comforting.
were
German
beyond its great strength.
ships, this tabulation probably being a duplication
by the overwhelming vote of 341 to 4.
Raids
almost
Ger¬
reported
Flying cheerfully through
hereafter to hunt in packs, with
are
The sinkings of ships are held in
guidance.
England to constitute an even greater threat than
the
German
airplane bombings.
A brush between
and
German destroyers
occurred late last
British
week at the western
but
no
end of the English Channel,
great damage seems to have been suffered
London reported a Niza supply ship
by either side.
"filthy" weather on Thursday, British airplanes sent
torpedoed last Sunday by one of the swift British
bombs
"mosquito" craft, but admitted at the same time that
crashing for 12 hours on end upon the Ger¬
Rhineland
man
city of Duesseldorf, which is an im¬
the
submarine Triad,
had been
1,090 tons, was overdue and
given up as lost.
This was re¬
ported to be the longest sustained air bombing of a
single objective in the entire war. Flares and incen¬
diary bombs first were dropped, and when fires
made objectives clear high-explosive missiles fol¬
lowed.
Antwerp, Ostend and Calais also were sub¬
jected to attacks, and some British bombers ranged
clear down to Turin, the Italian center of war indus¬
WITH amazing perseverance the small this
poorly equipped Greek army continued and
Although the British are clamoring for more
Italy forced upon Greece has become a boomerang
tries.
of Reich industry.
center
portant
States, these attacks make it
aid from the United
clear
that
British
aerial
strength already is for¬
German numerical
superiority in the air remains
self-evident circumstance, on
intense
to
the other hand, for
punishment was meted out by Reich fliers
number of great
a
British ports and cities.
Lon¬
enjoyed relative calm throughout the week, as
don
reported upon the
capital. Over the south coast the Germans streaked
occasionally in daylight, and these ventures devel¬
oped into dog-fights which invariably ended in the
downing of some German fliers and the retreat of
only occasional air raids were
claimed in the past as
in every
British flights,
neither
the
Italians
against the nocturnal raiders.
Monday that a "south coast"
in
the
thrown
meanwhile
permitted by the British censors, late Monday, to
reveal some of the damage caused by the intense at¬
tack
the
against Southampton., It was indicated that
city had been leveled as by an earthquake, and
Italians began their
since.
forcing
There has been
no
forces
considerable
have
been
bania, and an apparent turn in the tide of battle
far
The Greeks obviously must be
the
after their long advance into
extended,
Italian lines in
Albania, and
even
the capture of siz¬
able amounts of Italian war stores
week
only for a brief period.
or
will supply the
Some readjustment
probably will take place in the next
two, but nothing ever can wipe out the
glory that Greek defenders of their homeland won
the
city had been attacked for a second time, and Ger¬
man official accounts revealed the city at the same
Press correspondents were
which
by the fascists into parts of northern Al¬
first
forces.
Southampton.
ever
possibly impends.
in
as
war
interruption of the Italian retreat for a month, but
London admitted last
time
The
October, and with the aid of British
back
of battle lines
adequate, defense
often has pro¬
aerial and land forces the Greeks have been
took place at night, and it is obvious
developed anything like an
armies of Italy
Greek "Evzone" battalions turned
sense.
Greeks
side has
invincible.
the tide of battle soon after the
The main German flights, like all the
the survivors.
that
drive before it the great
week to
which Premier Benito Mussolini so
invasion late in
midable.
a
Italo-Greek Conflict
area
has
The
six
weeks of
outlook
war
against aggressive
in the entire Mediterranean
changed in favor of Great Britain,
consequence
as a
of the developments, and there is
no
longer any fear that the great Middle Sea will be
turned into an Italian lake, over which supplies
from Africa and the
Near East might reach the Axis
Powers in abundance.
The Commercial & Financial Chronicle
3288
The Greek thrust
against Italian forces centered
chiefly this week in southern Albania, where im-
Dec. 7, 1940
seizing all pipe lines and accessories belonging to
every
oil company in Rumania, including American
be "reimbursed" with 3%
portant units of the Italian Alpine divisions were / concerns, the owners to
Athens dispatches stated day
stationed.
that advances had been
after day
reported from the front, and
London
jubilation reigned in Greek circles.
was
A further decree, also published Wednesday, expropriated all ships and barges
bonds due in 25 years.
owned by Jews.
Berlin announced at the same time
similarly heartened, and the view was expressed
the signature of an agreement whereunder Germany
in the British
capital, early this week, that "Musso-
will provide "extensive" credits to Rumania, in order
lini's blunder"
probably has opened the
to enable that country to execute a 10-year plan for
eventual land attack against
which the British must start
and
lasting victories
are
for that
the Rome-Berlin Axis
area
Italian
way
the best Italian divisions had been thrown into the
fray in southern Albania.
forces
were
no
who swarmed
In
single
a
over
Italians
equipment of the
engagement,
were
But these crack Italian
for the determined Greeks,
mountain tops and rendered use-
mechanized
the
less
match
this
early
aggressors,
week,
5,ODD
reported captured, and successive
re-
ports stated that groups of 500 or more Italians
had
been
wiped out.
Far Eastern Wars
to be won in the war.
prisoners revealed, Athens stated, that
war
the regeneration of Rumanian economy,
day if real
some
The key Italian debarkation
T^IGHTING became
*
active this week in the
more
Far Eastern
new
war
which has broken out
on
the border of French Indo-China, and international
The great undeclared
tension continued to mount.
being
conflict
waged
China
against
Japan
by
naturally remains the chief Avar, but it is hardly to
be doubted that the fresh struggle connects in variwith the older war of Japanese aggres-
ous ways
The incident suggests pointedly a turn by the
Japanese militarists toward the south, where the
sion.
point of Porto Edda, in southern Albania, was re-
rich Malay States and The Netherlands East Indies
ported occupied yesterday by Greek troops, and the
possibly beckon the Nipponese aggressors.
nearby town of Argyrokastron also seems to have
forces of Thailand (Siam) continued their efforts
fallen
were
the valiant
to
said in Athens
Greeks
Native Albanians
Evzones.
dispatches to have received the
enthusiastically,
which
possibly
explains
aspects of the momentous war developments,
some
Across the
were
at
little
Mediterranean, in Egypt,
more
minimum,
a
while
war
activities
warfare involved
sea
than unsubstantiated Italian claims of
damage to various British ships.
to
invade
a
Indo-China, where the Japanese
sizable foothold owing to demands
for aerial and naval bases which the French authorities
unable successfully to resist.
were
capital of Thailand, it
was
At Bangkok,
indicated early this week
that the struggle will be pushed with the aim of re-
gaining-territory absorbed into French Indo-China
Clashes between land and aerial forces
in 1907.
reported daily, but
were
Balkans and the Near East
French
already have
Military
ently
no
great progress appar-
Several French
made by either side.
was
FRESH diplomatic departures were not lacking naval of Thailand attempted to bomb theand the air
force craft are in Indo-Chinese waters,
ships. At
this week in the vast and troubled
Balkans and the Near
of the
area
East, but they differed radi-
cally from previous incidents in that
a
distinct vie-
tory finally was recorded for British power and
The British Government announced
prestige.
Wednesday
a
new
Anglo-Turkish financial
on
agree-
Tokio these developments were observed with keen
interest.
The major Far Eastern war between Japan and
the Chungking Nationalist Government of China
was
signalized last Saturday by the signing of a
Japanese militarists
ment, designed to increase trade between the two
"peace treaty"
countries and diminish the reliance of
and the Nanking puppet-regime headed by the rene-
the German economy.
were
not
ments
upon
Precise terms of the accord
disclosed, but British authorities made
of the
secret
affairs.
Turkey
Also
in
elation
no
gade,
Wang
this turn of
uted to sabotage by loyal Chinese, and the Chung-
were
public state-
king regime made matters additionally
Saturday, that Russia
as
a
is
"beleaguered
offering
a
statements
000,000 of
supplied further evidence, if any
needed, that Russia has
no
love
for
the
were
fascist
in Europe, and does not take kindly to
the recent Rome-Berlin Axis accords with
Hungary,
Rumania and Slovakia.
were
quelled this
week, but only after hundreds of deaths
were
started
upper
German
troops
no
spread rapidly.
less than
noted,
by the Iron Guards, who
and who
former supporters of King
were
considerable numbers to
which
were
hand in Rumania,
wreaked vengence upon
Carol.
called to Bucharest in
help put down the troubles,
Some dispatches stated that
60,000 Reich soldiers entered Rumania
early this week, and it is clear that the force
sufficiently strong to effect the
of terror lasted
it
was
purpose.
was
The reign
eight days, and ended Wednesday,
followed by a Rumanian Government decree
was
In Washington the immediate
reflected in arrangements for $100,-
additional United
loans to the Chungking regime.
States
Government
Announcement
was
made at the White House, last Saturday, that the
Export-Import Bank had opened
a
fresh credit of
$50,000,000 for China, to be covered by shipments
Riotous outbreaks in Rumania
the
clear by
reward of 100,000 Chinese dollars for the
capture of Wang.
reaction
hold
officials
Nanking
over
fortress," surrounded by irreconcilable enemies. The
110w
The
barely escaped a railway wreck, which was attrib-
they felt
Moscow, last
The disorders
Ching-wei.
the
highly indicative
regarded by the Soviet regime
aggressors
between
of metals to the United States
over a
period of
years,
while the other $50,000,000 would be made avail-
able by the United States Treasury from the.stabilization fund, for support of Chinese
new program,
currency.
The
according to the United Press, will
increase to $259,000,000 the credits extended by the
United States to China in the last nine years, much
of the
sum
American
having been repaid.
move
News of the latest
occasioned expressions of chagrin
and resentment in Japanese circles.
Russia's atti-
tude remains highly important, and it is significant
that Moscow advised Tokio on Thursday of
changed policy with regard to China.
This
an un¬
appears
Volume
to
Russian
that
mean
3289
The Commercial & Financial Chronicle
151
overland toward the
will
aid
continue
to
0.002% average discount, com¬
at
Chungking authorities.
and awards
were
puted
flow
annual bank discount basis.
on an
Call loans
Exchange held to 1% for
on
Discount Rates of
all
Foreign Central Banks
THEREdiscount no of
have been changes during the week in
the
of the foreign central
rates
banks.
Present
rates
any
the
at
leading
shown in the table which follows:
Rate in
Pre-
Effect
Rate
Date
vioue
Dec. 6
viout
Effective
Rate
Country
Holland
3
Aug
24
H ungary
4
7
India......
3
-m'emm
Italy
44
May
29 1939
34
Mar.
1 1936
Belgium...
2
Jan.
5 1940
Bulgaria...
6
Aug. 15 1935
Canada
24
Mar
Chile
3
Dec.
16 1936
4
Japan
Apr.
18 1936
7 1936
Colombia..
4
July
18 1933
5
Java
3
Jan.
14 1937
datings. v;■'
New York Money
6
July
7
64
15 1939
May 28 1935
*
Chechoslo¬
3.29
44
Stock
5
3.65
The market for time
and renewals.
loans
1 1936
34
Morocco
Danslg
4
Jan.
2 1937
5
Norway
...
44
Sept
22 1939
Denmark..
44
May 22 1940
54
Poland....
44
Dec.
17 1937
Eire
3
June 30 1932
34
Portugal
4
Aug. 11 1937
44
England...
2
Oct.
26 1939
3
Rumania
34
May
5 1938
44
Estonia
44
Oct.
1 1935
5
South Africa
34
May
15 1933
44
4
4
34
5
Finland
4
Dec.
3 1934
4 4
Spain
'
Mar. 29 1939
money
2
Jan.
4 1939
24
Sweden
34
May 17 1940
3
Germany
34
Apr.
6 1940
4
Switzerland
14
Nov. 26 1936
Jan.
4 1937
7
Yugoslavia.
6
Feb.
and 1%% for four to six months' ma¬
to 90 days
The market for prime commercial paper
turities.
has been less active this week.
The demand has been
good but the supply of high class paper has been very
2
6
Rates continued nominal at 1%%
quiet.
5
France
continues
up
Jan.
..
was
34
3
vakia
Rates
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
the
4
Lithuania..
1935
1%%
months'
ruling quotation all through the week for both new
2
Aug. 29 1935
Nov. 28 1935
Argentina..
11
days, and 1%% for four to six
are
Rate in
Date
Effective
transactions, and time loans again were
for 60 and 90
<
Pre
Effect
Dec. 6
Country
centers
the New York Stock
..
Greece
•Not
•4
Ruling rates are %@1% for all maturities.
light.
64
1 1935
Bankers' Acceptances
officially confirmed.
Foreign Money Rates
•""pHERE has been no change this week in the
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
ing has been slow with the demand in excess of the
1
on
as
were
Friday of last week, and 1 1-32%@1 1-16% for
on
three months' bills
against 1 1-32%@1 1-16%
as
Friday of last week.
Friday
Money
on
call at London
on
on
Dealers' rates as reported by the Federal
supply.
Reserve Bank of New York for bills up to
and in¬
cluding 90 days are %% bid and 7-16% asked; for
bills running
1%.
was
Trad¬
market for prime bankers' acceptances.
for four months, 9-16% bid and %%
asked; for five and six months, %% bid and 9-16%
Bank of
England Statement
asked.
'HE statement of the Bank for the week ended
Dec. 4 showed
note
expansion of £4,905,000 in
an
The bill-buying rate of the New York Reserve
Bank is
%% f°r bills running from 1 to 90 days..
Discount Rates of the Federal Reserve Banks
circulation, which raised the total outstanding
'HERE have been
£598,251,000, compared with £533,876,094 a year
to
increased for the seventh
consecutive week, this time by £79,706, and together
with the advance in notes, resulted in a loss of £4,Gold holdings
ago.
were
Gold holdings now total £1,275,143 compared with £1,348,568 a year ago.
Public deposits fell off £5*158,000 and other deposits
825,000 in reserves.
increased
£1,296,051.
liabilities
dropped to 18.4% from 20.1%
a
year ago
it
was
The proportion of
reserves
a
week
27.4%. Government securities
to
ago
in the footnote to
schedule of rates
of paper
£2,480,000 while other securities decreased £6,530,122.
Other securities comprise "discounts and ad¬
661
and
£3,446,461 respectively.
made in the
No change
Below
2% discount rate.
various items writh
we
in effect for the various classes
now
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Rate in Effect
Dale
Previous
Dec. 6
Established
Rale
Federal Reserve Bank
1
*14
was
♦14
14
New York..
COMPARATIVE STATEMENT
.
——
Dec. 5,
1940
Dec. 6,
Dec. 7,
1938
Dec.
14
14
Cleveland......
14
Richmond—
•14
Chicago.......
•14
St. Louis.....
•14
Minneapolis
Kansas
14
...
City
Dallas.
•
Advances on Government
8,
1937
Dec. 9,
1936
598,251,000 533,876,094 487,752,301 492,830,691 458,852,044
17,490,611
11,741,792
18,628,453
21,953,000 47,140,720
157,396,358 126,111,631 138,889,132 142,968,106 125,868,942
Other deposits
Bankers accounts
105,789,492 86,287,835 102,944,906 106,310,262 86,984,500
39,823,796 35,944,226 36.657,844 38,884,442
51,606,866
Other accounts
139,827,838 114,886,164 66,136,164 87,243,165 81,717,564
Govt, securities
39,373,568 30,595,535 29,071,325
24,304,293 28,761,921
Other securities
9,640,659
8,145,960
17,871,033
5,399,688
Disct. & advances.
3,858,661
Securities
20,445,632 23,362,233 21,502.535 20,954,876 20,925,365
33,023,000 47,472,474 69,861,644 54,748,147 50,462,796
Reserve notes & coin
1,348,568 327,613,945 327,578,838 249,314,840
1,275,143
Coin and bullion
Circulation
.
Proportion of reserve
liabilities—
18.4%
2%
—
Bank rate
168s
Gold val. per fine oz_
27.4%
2%
1688. 84s.
Chicago; Sept. 16,1939. Atlanta,
44.3%
2%
35.3%
2%
114d. 84s.
114d. 84s.
35.20%
2%
114d.
Market
DEALINGS sluggishNew York moneyrates again
in the this week, and market re¬
mained
carried
There
was
over
no
unchanged from previous trading.
perceptible increase of business in
bankers' bills and commercial paper.
in
2
2
2
2
2
2
2
2
Kansas City and Dallas; Sept. 21, 1939, St. Louis.
Course of Sterling
Exchange
BUSINESS in the foreign exchange market con¬
tinues extremely scant.
Thus the fluctuations
This applies to all the quotable rates,
are
limited.
only to sterling.
Free sterling ranged this week
between $4.03and $4.04 for bankers'
pared with
last week.
of between
The Treasury
Washington sold on Monday a further issue of
$100,000,000 "defense" discount bills due in 91 days,
$4.03% and $4.04%
Official rates
tinue
as
sight,
com¬
of between $4.03% and $4.04
The range for cable transfers has been
a range
$4.03% and $4.04% compared with
between
a
week
a range
ago.
quoted by the Bank of England
follows:
4.43-4.47
New York Money
were
2
...
Public deposits
to
14
14
2
obligations bear a rate of 1%, effective Sept. 1, 1939,
not
1939
Aug. 31, 1937
Sept. 3, 1937
1
-
Philadelphia
years:
'
*
Sept.. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3. 1937
Boston
show the
comparisons for previous
BANK OF ENGLAND'S
'
which contracted £3,083,-
shown
at the different Reserve banks:
San Francisco
vances" and "securities,"
banks;
are
The following is the
the table.
Atlanta......
rose
changes this week in the
Government obligations
recent advances on
£3,743,752.
which
The latter includes bankers' accounts,
decreased £5,039,803 and other accounts, which
no
rediscount rates of the Federal Reserve
con¬
New York, 4.02%-4.03%; Canada,
(Canadian
official,
90.09c-90.91c.
per
United States dollar); Australia, 3.2150-3.2280; New
Zealand, 3.2280-3.2442.
rates for
American commercial bank
registered sterling continue at 4.02 buying
and 4.04 selling.
In London
Italy,
or any
exchange is not quoted
on
Germany,
of the invaded European nations.
New York exchange is not
countries of Europe.
quoted
There is
a
on
In
the invaded
nominal quotation
The Commercial & Financial Chronicle
3290
for the official mark at 40.05 and for
around 12.40.
at
Italian lire
registered marks
Bill rates
bills,
at 5.05.
Foreign exchange traders find it
give much attention to the foreign exchange market
these
days,
countries
sterling and
as
all the sterling
in the few free currencies fluctuations
area
importance.
Most of the European units
are not
The attention of the
such
banking world is centered
affect the
as may
news
on
distant future.
more
It
plain to those who have given thought to these
questions that widespread currency reform must take
place after the war.
business and
from the
It is quite generally known that
foreign exchange had not yet recovered
are
taken from the weekly statement of the
Doubtless future his-
1939.
the economic
dealing with
aspect
of this
gold exports and imports, nov. 21 to 27, inclusive
./,&
ore an,! ^ bullion
Refined bunion and coin
At
_____
Britain's
necessitated by Great
British Treasury
officials with
view to extending
a
credits and other aid to Great Britain.
A conference
place in Washington on Wednesday between
United States officials representing the State, Treas-
Army, Navy, and Federal Loan departments,
ury,
motivated by the remarks
to have been
seems
Lord
of
Lothian, the British ambassador, and in
with Sir Frederick
Phillips, Under-Secretary of the British Treasury,
who is expected immediately to give a detailed aeanticipation
count
further talks
of
financial
Britain's
of
and
resources
future
requirements.
i
Secretary of the Treasury Morgenthau said that
Sir
UUU
"2^III
um^lay""
venezueiallllllllZIIIIIlIIIIIIIIIIZZillZIIII
i9iooo
IIII"
1,520^99;;
II13" II"."I!I"III!I
'a? uirFedera^^tenks
Frederick
coming to
was
continue
discussions
increased
was
during the week ended Nov. 27 by $24,118,973 to $1,768,217,656.
requirements and the talks in progress
war
Washington between United States authorities and
which
$3,455
Detail of Refined Bullion and Coin shipments—
present the financial world is watching closely
took
165
$59,575,942
r.
* Chiefly $131,529 Canada, $129,747 Chile, $147,587 Ecuador, $114,634
the vast volume of expenditures
at
«£o
57,584,673
,54ji7;362
Total
period will treat the two wars as stages of a single
Struggle.
cover
the week ended Nov. 27, 1940.
of 1914-1918 when the present conflict
war
started in September,
torians
The amounts of gold imports and exports which
follow
United States Department of Commerce and
quoted.
is
Two-months
discount of 12%%.
a
of minor /
are
follows:
1
any
pegged to the dollar-sterling rate and
are
as
1940
Canadian exchange continues steady, with hardly
variation in quotations. Montreal funds ranged
during the week between a discount of 13 3-16% and
to
unnecessary
unchanged
are
7,
1-32%; three-months bills, 1 1-16%; fourmonths bills, 1 3-32%, and six-months bills, 1%%.
quoted nominally
are
Dec.
Referring to day-to-day rates sterling exchange on
was $4.03%@$4.04 for bankers' sight
Saturday last
and $4.04@$4.04% for cable transfers.
On Monday
the range was $4.03%@$4.03% for bankers' sight
and $4.03%@$4.04 for cable transfers.
day bankers' sight
transfers
were
was
range
On
Tues-
$4.03%@$4.03% and cable
$4.03%@$4.04. On Wednesday the
was
$4.03%@$4.03% for bankers' sight and
$4.03%@$4.04 for cable transfers.
bankers' sight
fers
were
On Thursday
$4.03%@$4.03% and cable trans-
was
$4.03%@$4.04.
On Friday the
range was
$4.03@$4.03% for bankers' sight and $4.03@$4.04
for cable transfers.
Closing quotations
Friday
on
$4.03% for demand and $4.04 for cable
were
trans-
Commercial sight bills finished at $4.00; 60and 90-day bills are no longer quoted,
fers.
begun here last July concerning currency relations
Continental and Other Foreign Exchange
between the two countries.
On
his
arrival
Frederick said in
"The first
in
our
airplane
by
Wednedsay,
on
to newspaper
answer
interviewers:
thing to do is to discuss the present lacks
financial
I anticipate that Washing-
position.
ton will want to know the details of our
At
tion.
there
present
is
present situa-
technical
a
problem in finding all the dollars
we
exchange
need for the
purchase of supplies in North America.
have to buy many
we
Sir
formerly
France
from
got
We
now
supplies in North America that
and
Scandinavia,
exporting British gold in payment for them.
only technical difficulty is
I believe that
A London
we
one
The
of dollar exchange, and
will be able to arrange
that."
war
IN
ing
expenditure reached the record
of
new
the
importance
Continental
financial situation.
can
foreign
be said regard-
exchange
Financial comment
greater or less degree this applies also to
tion
from
the
financial
centers
and
emanating
from Berlin cannot be accepted at face value.
To
a
news
the
of
informa¬
German-
dominated countries, for evidently all such information has been colored in advance by the local representatives of the
from
news
Berlin authorities.
Sweden
somewhat the
same
and
Switzerland
influence.
The financial
is also
under
The economic situa-
tion of these two countries compels acceptance to
some
dispatch of Dec. 3 said that the previous
week's British
KTOTHING
extent of
Finland
policies originating in Berlin.
notified
Washington
at
the
end
of
November that the country was obliged to postpone
figure of £90,133,950, compared with the preceding
payment of the Dec. 15 debt instalment to the United
week's total of
States of $235,398.
£72,350,000.
The total to date for
the financial year
starting April 1
£21,149,918,499.
There
that
means
seems
was
estimated at
to be little question
will be found to establish British credits
here to whatever extent may be
required, but official
confirmation of anything of this nature
expected for months to
The
London
open
cannot be
market
change from last week.
money
Overnight
rates show
money
no
is frac-
tionally firmer, due in part to month-end requirements
and also to anticipation of year-end needs,
The loan rate this week
was
debt.
Finland
quoted at %% to 1%.
same
time Finnish
repre-
originally owed the United States
$8,281,926 and has repaid $5,891,291 in principal
and interest.
This is of passing interest only, and
has
no
bearing
markka is still
come.
At the
sentatives stated that Finland will not repudiate its
purely nominal,
on
foreign
exchange.
While
the
quoted in New York, the rate is
as
there is practically
no
business
moving between New York and Helsinki,
The
German
remains obscure.
financial
and
monetary
situation
The Reichsmark's rehabilitation,
backed by the Reich's military
successes
and
expan-
Volume
The Commercial &
151
sion in its economic "Gross Raum"
at
the end of
November by
virtual
equality of the
mark.
According to
a
was
emphasized
decree proclaiming
Reichsmark with the gold
wireless to the "New York
a
Times," after the last inflation it became common
practice in Germany to
assure a
3291
Financial Chronicle
creditor against risk
United
basic
products in sufficient quantities could solve Chile's
economic problems created by the European conflict.
National Council that the purchase by the
States of nitrates, iodine, copper, and other
He contended that the increase of Chile's exports
of these products over recent periods has brought no
actual funds returning to
Chile, and added that the scarcity of foreign exchange
gold or in a stable currency such as the dollar or
is still acute.
sterling, or finally by pegging the value of the
He pointed out in a memorandum published on
obligations to the prices of a commodity, notably
Dec. 3 that "Chile has asked for and will continue to
wheat, coal, or potash. While commodity loans have
ask for economic support wherever she can find it
disappeared or have been forbidden, the law has
honorably." He said this was "in order to subprovided that whenever the amount of an obligation
stantiate the development of her production and
has been fixed in terms of the gold mark or fine gold,
establish the basis of an economy that will assure
the Reichsmark repayment should be effected on the
her an independent and prosperous future, provided
basis of the Reichsmark's equivalent in the London
that in acceptance of such foreign economic support
gold price published regularly in the Reich's Official
Chile always avoids submitting to financial condiGazette. The new decree provides that the contracttions that are inconvenient to her general interests."
ual equivalent of fine gold should be determined not
It is certain that the mere buying of South Ameriby the London gold price, but by the Reichsbank's
can products, many of which are in direct competition
buying rate for gold, which now is 2,790 marks per
with goods of American production, cannot be suffikilogram.
The "Times" dispatch goes on to say
cient to improve either the economic or the foreign
that this measure officially was motivated by the
exchange position of these countries,
fact that the Reichsmark has proved to be more
The agreement signed on Nov. 28 between the
stable than gold.
United States and 14 coffee producing countries in
Exchange on the European invaded countries is not
the western hemisphere, designed to stabilize the
quoted in New York. The German official mark is
coffee industry and bolster the economic defenses of
nominally quoted in New York around 40.05, while
the Americas, has given great satisfaction in these
registered marks are quoted at 12.40. Italian lire
republics.
are nominally quoted in
New York at 5.05.
The v The agreement divides the United States and world
Swedish krona in limited trading is around.23.853^,
coffee markets on a quota basis among Brazil,
of the Reichsmark's
depreciation by providing alter-
native repayment in an
@23.21}^,
Finland
are steady around 23.21
23.21@23.21j^.
Exchange, on
2.05 (nominal), against 2.05.
Swiss francs
against 23.86.
against
closed
at
Greek exchange is no longer
quoted.
Spanish pesetas
Colombia, Costa Rica, Cuba, the Dominican
Repub-
lie, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Mexico, Nicaragua, Peru, and Venezuela.
This agreement is most vital only to
Brazil and
Colombia.
nominally quoted at 9.25, against 9.25.
are
equivalent increase in
equivalent quantity of fine
The
—«
Brazilian
finance
minister,
Sr.
Arthur da
EXCHANGE steady, due for the most part to the °f 8°ldCosta, stated exceedingly good exchange posion the Latin American countries Souza and is in an Recently that Brazil has 52 tons
continues
local
on
exchange controls.
the whole firm,
high levels of
transfers
may
was
a;
The Argentine free peso is
though somewhat lower than the
few weeks ago.
Currently cable
around 23.60 and the relative firmness
are
be judged by the fact that a year ago the rate
23.00.
On the whole there is
a more
the Latin American currencies,
hopeful undertone in
which is doubtless due
largely to the prospect that these units will
greater support
administrative
with local South American interests.
It
seems
find
through the efforts of United States
authorities working in cooperation
.
entirely probable that many of the South
American exchange
problems, especially in Argentina
find solution through the use of the
United States Stabilization Fund of $2,000,000,000,
and Brazil, may
which has been
war
in
inapplicable since the outbreak of the
September, 1939 to the European purposes for
which it
was
On Thursday
originally established.
make a $50,000,000 loan to Argentina for the purpose of stabilizing its currency.
The money will come from the
Treasury's gold stabilization fund, Secretary MorWashington announced a decision to
genthau said.
The attitude of the South
illustrated
a
American authorities was
few days ago when the
Chilean minister
Sr. Marcial Mora, in discussing criticisms
and statements of the "National Council of Foreign
of finance,
Commerce stated that he did not agree
with the
tion. "In 10 years our aim has been to build up our
credit internally and externally. We are paying on
our foreign debt, having resumed payment in August,
1939 when the world was at war." Frozen commercia^ credits, Sr. Souza Costa said, are practically
liquidated. There remains to be paid only $1,484,547. The peak was $30,000,000.^
Regarding the revolving credit which the ExportImport Bank of Washington recently granted the
Banco do Brazil to equalize exchange, the Finance
Minister declared that transaction would greatly
stimulate trade by aiding in exchange stabilization.
He also said that the coffee quota agreement signed
in Washington on Nov. 28 helps all concerned. The
question of the purchase of Latin American products
by the United States will in all likelihood be the
subject of increasing discussion during the next few
months.
It is difficult to visualize the loss which has been
sustained by South American trade because of the
in Europe. The problem resolves itself into the
question of how the loss of a market embracing 150,000,000 can be offset by the acquisition of a market
serving only 32,000,000. Investigators assert that
Latin American warehouses are bulging with raw
materials, especially farm products, that cannot find
their way to market. Thus, it becomes increasingly
evident that the United States Stabilization Fund
must be made available for steadying these exchanges.
war
The Commercial & Financial Chronicle
3292
Colombian
The
a
stabilization
fund,
Commerce from the American
France
was received June
7; Switzerland, Oct. 25; Belgium, May 24; Nether¬
lands, May 17; Sweden, May 24; Denmark, March 29: Norway, March 1; Ger¬
many, Nov. 29
•
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of England
statements for March I, 1939, and since have carried the gold holdings of the
Bank at the market value current as of the statement date, instead of the statutory
price which was formerly the basis of value.
On the market price basis (108s.
per fine ounce) the Bank reported holdings of £1,275,143, eaulvalent, however,
to only about £644,840 at the statutory rate (84s. 11 «d. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with
former periods as well as with the figures for other countries In the tabulation,
Embassy at Bogota,
provide exchange in December to
tions
Department
merce
The Com¬
explained that the
Colombian
classify imported merchandise in four
regulations
for exchange
groups
Articles in group
purposes.
have been provided with Bank of
articles
the
in
other
three
is
groups
for
group
for group
four.
■
For details of changes, see footnote to this table in Issue of July 20, 1940.
provided
1.795
at
at
The Argentine official
long been held at 29.78.
5.15, against 5.15.
The
peso
mendable
Chilean exchange is nominally
Peru is nominal at
his
20.80, against 20.80.
own
thinking under his
,,
men"
EXCHANGE on the Far Eastern countries in
general shows
developments from those
previous months.
For the most part these units
pegged either to the dollar
The
ling.
showing
Chinese
are
firmer
the recent extension
of
$100,000,000.
supplied
are
the
by
on
only currencies
by the United States of
the
credit
new
Federal
Loan
a
over a
period of
The remain¬
years.
ing $50,000,000 is proposed to be made available
the
Chinese
Government
from
the
United
Stabilization Fund for the support of
to
States
not
or
In reporting on the loan covering metal
exports from China, Jesse Jones, the Federal Loan
Administrator, stated that China is up to schedule
in its delivery of materials with which it is
repaying
the
$50,000,000 loan of two years ago.
The new
will bring to a total of
$186,000,000 the
financial help extended to China
by the United States
As such he
of
In¬
endowed
by
their
rights," including the
living
as an
employee of the city
he renders necessary services in exchange,
and
and for
terms
compensation
the
or
objections of other
f7 A
.
Apparently, there
this
whether
men
they happen to be employed upon similar
principle, for
chairman
of
some
week
a
the
are
of
;■
Mr. John H. Delaney,
ago
Board
■'%
who choose to deny
Transportation which
operates the rapid transit lines, found it necessary
advise
Mayor
cur¬
rency.
hat.
Declaration
"are
society
work.
to
Chinese
own
the
"unalienable
his
earn
as
the consent
is
Chungking to make shipments to the United States
of certain metals
com¬
satisfactory to himself, and wholly irrespective of
.
at
in
with
under conditions
credit
Administrator
long
so
$50,000,000
designed to enable the Chinese Central Government
of
man
including its bold doctrine that "all
living
tinue to
the whole, due no doubt to
Of the
a
given practical effect to guarantee his right to con¬
pound ster¬
noticeable fluctuation and this week
any
these units
units
to the
or
mechanic in
a
right to "liberty and the pursuit of happiness."
Moreover, he believes that this doctrine ought to be
no new
are
principles of
dependence,
Creator"
of
as
department of the New York
originality and independence who does
the
accepts
is quoted at
peso
maintenance
car
City Transit System, is evidently
Brazilian milreis closed
The Mexican
Right to Work
Joseph MacDonald, employed
the
quoted at 5.17, against 5.17.
16.00, against 16.00.
1939 and 1940 Include
March 7, 1940, there are per British statutory pound about 349 francs;
1940, there were about 296 francs per pound, and as recently
September, 1936, as few as 125 francs were equivalent; to the statutory pound.
'
•
as reported in
prior to March 7,
two, 1.87 for group three, and 1.95
23.70, against 23.60.
has
Gold holdings of the Bank of Germany
tuted
as
The Argentine unofficial or free market peso closed
at
show English holdings In the above In statutory pounds.
*
Exchange
through the Colombian stabilization fund
pesos
we
•'deposits held abroad" and "reserves in foreign currencies."
y The BaDk of France gold holdings have been revalued several times In recent
years: on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc). Insti¬
one
Republic exchange
without delay, at 1.755 pesos to the dollar.
for
applica¬
cover
approved in August and September.
1940
as
are
cable received by the United States Department of
will
7,
regular reports were not obtainable from Spain and Italy, figures for which
of April 30, 1938, and Mar. 20, 1940, respectively.
The last report from
war,
according to
Dec.
Workers
LaGuardia
that
the
Transport
Union, affiliated with the Congress of In¬
dustrial
Organizations,
augurate
a
threatening
was
"sit-down strike" of
some
in¬
to
four hundred
shop employees to enforce their contention that the
credits
City of New York, cannot be permitted to employ
in the last two years.
of that
Closing quotations for yen checks yesterday were
23.45, against 23.45 on Friday of last week. Hong¬
kong closed at 23.80@23 13-16, against 23%@23.65;
Shanghai at 634 against 6.00; Manila at 49.80,
against 49.80; Singapore at 47%, against 47%; Bom¬
bay at 30.31, against 30.31; and Calcutta at 30.31,
against 30.31.
Gold Bullion in
ll%d. per fine ounce)
European banks as of respective
dates of most recent
statements, reported to us by
special cable yesterday (Friday); comparisons are
shown for the
corresponding dates in the previous
four years:
England
Germany
Spain
Italy
1939
1938
1937
1936
£
£
£
£
£
*644,840
x.
*681,971
327,613,945
242,451,946
3,871,350
63,667,000
10,602,000
France y...
328,602,728
3,839,700
63,667,000
23,400,000
86,641,000
103,068,000
92,392,000
34,828,000
6,500,000
295,811,223
Netherlands
97,714,000
Nat. Belg'm
132,857,000
Switzerland
84,758,000
41,994,000
6,505,000
6,667,000
Sweden
Denmark
.
,
.
Norway
Total week_
697,732,136
697,691,828
Pre v. week.
—me
from
many
war
in
Europe
3.007,350
63,667,000
25,232,000
123,418,000
98,457,000
115,590,000
32,857,000
6,536,000
8,205,000
6,666,000
2,509,500
87,323,000
25,232,000
115,138,000
96,054,000
77,646,000
20,065,000
6,547,000
6,602,000
249,314,840
482,869,937
1,906,850
87,323,000
42,575,000
47,491,000
106,207,000
82,500,000
24,321,000
6,553,000
6,603,000
750,286,399 1,100,394,118 1,080,863,876 1.137,664,627
751,135,153 1.099.847,563 1.084,325.514 1,045,487,000
nas
maae
it
impossible to obtain
of the countries shown In this tabulation.
327,578,838
310.168,538
Even
continuously employed
since the year
ever
on
1922, beginning during
period of corporation operation and remaining
the
same
same
work
place
after
still existed,
pany
of
employment
and
upon
the
municipal operation superseded.
he
was
not
up-to-date reports
before the present
he
was
coerced
and the union having
shop" contract under which,
not
retain
a
member of the labor
his
a
into
joining, the
com¬
greed upon a "closed-
as
he
was
told, he could
employment except by becoming
a
union member.
Last June, when municipal
MacDonald
1940
—
paid in accordance with its regulations.
this work
in
member
union, but in 1937, while the corporate.management
British statutory
rate, 84s.
in the
principal
oj
his dues
Mr. MacDonald has been
the
a
union, in good and regular standing with
For fifteen years
European Banks
THE following table indicates the amounts of gold
bullion (converted into
pounds sterling at the
Banks
workman in these shops who is not
any
operation began, Mr.
stopped paying dues to the union, be¬
lieving that the municipality would not discriminate
against
or
any
citizen
ciation.
the ground of his membership
on
non-membership in
any
private
or
voluntary
port Workers Union
and Mr. MacDonald, or that
union and the City of New York, there is
as
to wages or
the only
seeking
family
asso¬
It will be observed that between the Trans¬
hours
or
issue raised
to
in
earn
a
or
issue
suggested is whether
livelihood
mechanical
no
conditions of emplovmeut,
for
himself
emplovmeut
iu
and
one
his
connection
Volume
with
of
one
retain
The Commercial &
151
the
such
demand of
City's
enterprises, must, to
many
employment, affiliate himself, at the
a
of his fellow-workmen, with an
group
association that
to that organization a
over
pay
Mr. MacDonald
part of the wages he receives.
that he does not wish to
says
belong to the union, that he
joined only under the duress of a threat to take
his
away
of obtaining a living, and that he
means
will pay no more
sent 441 other
State,
among
says
government, local.
a
permitted
be
to
discriminate
its law-abiding and qualified citizens, en¬
forcing
their
Can
plain.
Federal,
or
similar work,
on
stop work.
is
issue
employed
men
he must pay or
The
dues; the union, claiming to repre¬
requirement that some of them against
a
judgment and will, shall unite with others in
organizations of which the latter approve, although
the former do
not, enforcing such discrimination by
dismissing from its service satisfactory employees
who decline such
a
membership?
In other words,
principle of the "closed-shop"?
to the
as
legal situation of the City of New
York, that these questions must be answered in the
The "Times" reports that both the Mayor
negative.
and the Board of
the
Transportation "hold the view that
City cannot lawfully force any of its transit
employees to join the union, remain members, or to
Furthermore, the Mayor is
their dues."
pay
record
on
having declared over eight months ago,
as
also in connection with transit
operations, that
no
right to strike against the municipal government
can
be admitted.
ever
bit
A
nounce
of
history
sound rule
the
connection
may
with
re-enforce those who
against
public
a
"closed-shop" in
Thirty-eight
work.
the entire controversy between the advocates of
the
"closed-shop" in industry and those who believe
in
individual
freedom
Strike
was
examined
by
Commission, headed by the late
Appeals;, and appointed by Presi¬
Theodore Roosevelt.
dent
against
declaring
mously
The
Commission, unani¬
the
principle
of
the
"closed-shop." either in public or private industry,
and
industry, broadly laid down the rule-—
no
person shall be refused employment, or in any
discriminated against on account of membership in
any
labor organization, and that there shall be no dis¬
crimination against or interference with any employee who
"that
way
such
a
of
the
member of any labor organization by members of
setting
third
sion discussed the
asserted the
judgment of
The great men who sat upon the
parties.
joined in the quoted statement of
commission and
principle, in addition to Judge Gray, were Carroll
D.
Wright, then United States Commissioner
of
Labor; General John M. Wilson of the United States
Army; the Right Reverend John L. Spalding, Bishop
of
Illinois; Edgar E. Clark, then head of the Order
of
Railway Conductors and later a member of the
Interstate Commerce
kins,
W.
Commission; Thomas H. Wat-
independent coal operator and Edward
an
mining expert of the United
Parker,
States
Geological Survey.
A few months later,
President Theodore Roosevelt
eral
service,
an
as
of the Fed¬
employee in the Government
Printing Office, an individual who, like Mr. MacDonald, refused to accept union membership under
compulsion of his associates who, thereupon, at¬
the
tempted to penalize his refusal by excluding him
his
from
President Theodore Roose¬
employment.
velt, writing, under date of July 13,1903, to a mem¬
ber of his
Cabinet, Mr. George B. Cortelyou, referred
foregoing extracts from the re¬
the first of the
to
port of the Anthracite Strike Commission, comment¬
ing as follows:
approved of this award and judgment of the
appointed by me, which itself included a
labor union.
This Commission was dealing
Commission
member
of
a
working for private employers.
elementary decency to require that all
the Government departments shall be handled in accordance
with the principle thus clearly and fearlessly enunciated."
labor
organizations
It is, of course, mere
Thus, in decreeing that every productive establish¬
of the Federal Government should be con¬
ment
ducted
as an
"open-shop," in which there must be no
discrimination among
of
race or
creed
or
American citizens on account
labor-union affiliation, that great
rights and liberties, the first Presi¬
friend of human
Roosevelt, gave the full weight of his endorse¬
dent
ment to the
principle for which Mr. MacDonald now
as
only
in
one
a
and
independence.
to be
It is a principle that ought not
questioned among free men or those desiring
to reassert or to
the foregoing rule, the Commis¬
settled,
principles involved and strongly
settled,
right of every American individual to
large group, many of
whom, it may be presumed envy him his courage
retain their freedom.
It is unfortunate that such
up
controversy was one
far-reaching ever determined by vol¬
most
untary submission to the impartial
organizations."
Before
labor controversy under any sub¬
any
mission to arbitration and the
stands out
refusing to apply it in the anthracite mining
is not
distinguished group of Americans who ever
investigated
the
George Gray of Delaware, a Justice of the Federal
Circuit Court of
foregoing was the deliberate utterance of the
The
most
with
years
ago
Anthracite
land."
"I heartily
an¬
government,
deny to them the personal liberties which are guar¬
anteed to every citizen by the Constitution and laws of the
and to
had to deal with an effort to force out
Fortunately, Mayor LaGuardia, appears to hold,
at least
control those who have
governing agency, to
join its ranks and to consent to its
refused to
can
just government enforce, as to its own activities,
the
distinct
and
they choose to maintain and call a
labor-union, and
3293
Financial Chronicle
as
this
but
whenever
was
must
there
matters, once rightly
in 1902 and 1903, cannot remain
be
re-considerd and
arises'a
new
re-argued
generation to whom
considerations
accept satisfactory terms of employment without
the ancient settlement and the sound
obtaining permission from trades-union leaders or
upon
members of any
greater continuity there could be greater and more
The following is from the
grade.
report:
"The
which it was founded are unknown.
Witli
rapid progress.
non-union
assumes
man
which results from his being
the
whole
responsibility
such, but his right and privi¬
non-union man are sanctioned in law and
morals.
The rights and privileges of non-union men are as
sacred to them as the rights and privileges of unionists.
The contention that the majority of the employees in an
lege of being
The Stockholders9 Dilemma
a
Some years ago
the proprietors of one of America's
associating themselves in a union,
of
corporations, doing around $1,000,000,000
business a year, published a large advertisement
acquire authority over those who do not so associate them¬
selves is untenable.
It should be remembered that
in
which they
industry, by voluntarily
...
the trade union
and
is subordinate to the laws of the land,
regulations in contradiction
Yet it at times seeks to set itself up as a separate
cannot
thereof.
...
make
rules
or
largest
vate
income
ducted only
stated that, after corporate and pri¬
taxes
and
estate taxes
had been de¬
about six cents of every dollar earned
The Commercial & Financial Chronicle
3294
by their corporation actually would
to their
accrue
estates.
;
The case,
admittedly,
was
was
a
sign of the times, and it pointed, specifically, tois
what
ward
holder of
happening to the American stock-
today, large
tlie stockholder becomes
ten man,
and in this
fate has been
him
on
revenue acts
corporation incomes;
on
sharp further increase in such taxes is
a
pected to
next
of the next Congress
come out
Spring.
merely
on
entirely.
which
after
time
some
the big and
profitable but impersonal corporations.
of fact
ex-
The public and probably Congress, too,
consider that these taxes fall
ter
forgot-
they
taxes
are
a
mat-
a
stockholders, almost
on
The only part of
As
corporation's
revenue
belongs to the stockholders is its net income
taxes, and the only
holder
can
hope for
which the stock-
revenue
stockholder consists of divi-
as a
dends which must in the end
come
out of such net
corporate income.
The
present taxes
Ik?
profits taxes
the
or
30%.
case
typical large corporation able to take adon
base, income and
excess
over
invested capital
In the
will take up
exempt
profits taxes will take
62% of all 1940 profits
vious years.
as an
of
case
a
over
a
those of pre-
few corporations they
to 72%, according to the National In-
dustrial Conference Board's recent statement.
For
other corporations, however, which will
earn
many
no more
than in
previous
the tax increase will
years,
By and large it
be said that present
may
cor-
porate taxes have put a ceiling on net corporate inavailable to
come
of
cases
stockholders, except in
very rare
And the stockholder is the marginal
being
ury—are
It is hardly surprising, therefore, that the stock'
to be in a downtrend while business
market
seems
is in
uptrend.
an
more
This, however, is only
circumstances
than the stockholders
can
are
part of the story of how
one
closing in
on
stockholders.
advantage of the defense
A
the part of
program
for
demands for wage
prices
They
generation—ever
a
considered the barometer of business,
were
because they were the barometer of
were so
stockholders' equities, present
holders' equities went
But they
are no
prospects
longer
or
future and stock-
and down with business,
up
because while business
so,
steadily
are
improving,
named above.
increasing, because, after taxes have
paid, they do not show
an increase, and befurthermore, labor tossed out the other side
wages were not related to
dropped
even
by insisting that
to be that, on account
of taxes and other Gov-
trend; and this general impression
naive than its opposite f if ten
seems
corporate earnings, and
a
new
thing.
recent years.
It is merely sharper than in
The story of the
steadily increasing
keep down the cost of living, which
that it is
him is
pressure on
the story of rising corporation taxes in recent years,
It is also the story of such injustices as the refusal
of Congress from 1033 to 1939 to permit the
over
the
of losses from previous
the
capital
heavily
than
goods industries,
straight
the
carry-
Corporations in
years.
prince-and-pauper class, which
of
includes most
much
income
more
tax
pay
rates
indicate.
The occasional year
for the lean
up
over
years
of good earnings has to make
of red ink, but without carry-
permission, the Treasury took the usual
per-
centage out of the good years without adjustment
over
a
whole
poor ones.
spell of
Thus in exceptional
poor years,
cases
when
are
the tax
averaged out
on
that year of
period.
Though
preparing to put the heat
this
is
exceptional,
the
Machinery and Allied Industries Institute recently
estimated that the
capital
goods industries have
been paying almost 30% of their year-in-and-yearout earnings in income taxes though the year-by-year
was
only half that.
equity will of
course
This cut in the stockholders'
be
even
greater under the
new
And Congress had hardly, in 1939,
reinstated the two-year carry-over privilege for the
income tax
when, in 1940, it passed
an excess
profits
tax without such privilege, except for corporations
earning $25,000
or
A similar burden
in
Moreover the Government is
to
much less
years ago.
The squeeze-play on stockholders today, however,
is not
when corporate earnings
dropping into the red.
its efforts
a
ernment policies, they are in a permament down-
tax schedules.
must not be
was
in
were
Today the general impression
permament uptrend.
earnings
of that argument in 1937 and. 1938
reasons
In the optimistic 'twenties it
naively thought that corporate earnings
rate
are
stockholders'
prospects are steadily deteriorating, for the
increases. They cannot be justiby increases in the cost of living, and they
cannot be justified on the
ground that corporate
fied
means
than
more
good earnings wipes out the average earnings for the
formidable movement is under
way on
labor to take
were
For
since the stock averages were first compiled—stock
for the
taking substantially
cause,
and more favored by the Wash-
more
ington administration.
the occasional year's good earnings
already
hope to get out of their investments.
been
period when three of the other four
beneficiaries—labor, the customers, and the Treas-
corporations with phenomenal profit incases
cus-
a
The Government is in" most
creases.
its
beneficiary in
reduce the net after taxes to below the level of recent
years.
workers,
stockholders.
In addition the
imposed that in the
are so
vantage of the 8%
shade
They have been
from 18 to 24%, and will probably
put up next year to 27%
excess
of
corporate income.
on
raised this year
beneficiaries—its
separate
seems
public is already familiar with the size of
1940
tomers, its management, its Government, and its
rapidly.
even more
Congress passed two
year
the
more
of national emergency his
heavily increasing the taxes
and
Year after year
and
more
year
closing in
During this
small.
or
7,
A corporation is a revenue-producing agency for
five
extreme, but it
Dec.
less.
on
the stockholder is contained
Congress' refusal to permit consolidated earnings
in the calculation of corporate income for normal
income tax purposes.
This
means
that in
a
system
cor-
of companies the tax is imposed on the earnings of
porations to steady their sales prices for finished
those that earn, without allowance for those that
goods,
run
wages
to
even
be lifted.
catch
nether
though
raw
materials
rise
and
Thus the defense program bids fair
corporations between the
millstones of
prices-—and that
may
on
means
able to the stockholders.
upper
and the
rising costs and level selling'
smaller net incomes avail-
in
the
red—meaning
a
larger
average
rate
assessed against the stockholder,
There
other ways in
are
equity is hit.
the
revenue
which the stockholder's
There is, for instance, Section 102 of
act, which heavily penalizes "unreason¬
able accumulations" of
earnings by corporations. By
Volume
and
The Commercial
151
reasonable accumulations.
to what are un-
is that
And the theory
corporation withholds the money for the stock-
holder's sake
fetched
for
that the latter will not have to pay
so
income
personal
is
in lower prices to the consumer or higher wages to
the workers.
And of course the stockholder suffers double taxa-
large, under present court rulings, the Bureau
of Internal Revenue has the say as
the
& Financial Chronicle
two
on
tax
The
it.
on
-
the corporation income tax, and then when he gets
dividends they too are taxed in his personal income
tax—and at a higher rate than "earned income."
The common stockholder used to be one of the
principal sources of new money for fresh industrial
venturing. The money was paid out to him in dividends, and reinvested by him in stock purchases,
is far-
theory
grounds—first because the tendency
personal income taxes to rise, so that the
longer the money is kept in the business undistributed, the more the stockholder will ultimately
have to pay on
it; and second because if it never
has
gets to the stockholder at all that is because it
"plowed back" into the business and dissipated
been
The
month reached
of
new
1928, excepting only 1936.
The
so well, however, against
be over-
total of $392,624,870, but it must not
October's
the October
that
exceptional, being the
total
was
since
June,
departing
banking business."
The largest individual public offerings last month were
the Indianapolis Power & Light Co. $14,059,100 issue of
preferred stock and the Atchison Topeka & Santa Fe Ry.
$10,000,000 equipment trust issue. The latter carried a
coupon of only 1}4% and was awarded to the bankers at a
net interest cost to the company of only 1.15%. This is
the lowest rate, it is said, at which this type of issue has
ever been sold.
Last September the Duluth Missabe &
Iron Range Ry. disposed of an equipment trust issue at
nearly as low a rate. Other equipment issues sold in November were also placed at very low interest cost to the railroads,
The Vanadium Corp. last month sold $2,000,000 debentures and $999,985 common stock, and $2,375,000 of the
proceeds were designed for the purpose of paying off bank
loans contracted early this year. Since the bank loan proceeds were used to retire debentures and convertible notes
of the company, the repayment of the loans is a refunding
operation. It is interesting to note that $375,000 of longterm debt is thus being refunded through the issuance of
common stock, which is a very rare transaction,
Farm Loan and Government Agency financing aggregated
drawn from the
November record.
Among other issues so placed, was the
$140,000,000 debentures of American Telephone and the
total amount sold privately during the month amounted to
$189,034,985, including 12 separate issues of long-term
obligations and one of common stock.
The total represents
no less than 72% of the month's placements, and even if the
Telephone company issue is excluded from consideration, the
$101,465,000 last month, including $67,000,000 Federal
Home Loan Bank consolidated debentures, the first public
financing carried out by the banks since 1938. Municipal
issues placed last month aggregated $76,475,390, two-thirds
of which was for new money. In October municipal issues
totaled $177,757,181, and in November, 1939, $80,095,136.
Below we present a tabulation of figures since January,
1938, showing the different monthly amounts of corporate
of
greatest
any
month
Disregarding
of
1937.
October, last month's aggregate was the second largest
October,
In further extenuation of the decrease from
1940.
it may be
noted that, since 1919, November's flotations have
October's in only seven years—and
above
risen
recent
was
the most
1933.
by a
Co.'s $140,But for this issue,
More than half of last month's total was contributed
„
single issue, American Telephone & Telegraph
2%%
000,000
the year.
debentures.
30-year
total would have been one of the smallest
November's
The
same
last month's "new
capital" aggregate at
a
for putting
higher level than
month since June, 1938, and than any November
any
of
issue, proceeds from which are entirely
designed for plant expansion, was responsible
with
since
1929.
The amount, $168,699,139, compares
age per
month in the first 10 months of 1940 of slightly under
The
$50,000,000.
month
month
taken second
<
"new
capital"
this year
place.
October's financing record lent encouragement
Whereas
■
to
issues last
making
that "refunding" issues have
of
volume
an aver-
nearly double the "refunding" volume,
was
second
the
•
investment
bankers, to address an appeal on Nov. 29 to members of the
I. B. A. to foster a system of competitive bidding for new
issues. This, Otis & Co. contends, is the solution of the
private placement problem, which the banking house describes as "the greatest threat to the future of the investment
'month's record does not show off
looked
November
The A. T. & T. issue aroused Otis & Co.,
security issues last
aggregate of $261,185,785, the greatest
an
November since
any
(Continued on page 3300)
Capital Flotations in the United States During the Month of
and for the Eleven Months of the Calendar Year 1940
Corporate financing through
I
tion of a most obvious kind. His equity in the corporation's earnings is taxed at the source, through
the notion
that private financing
might be
a
phenomenon, no such conclusion can be
in
more
private issues comprised only 14.25%
In October
and
financing as revised to date. Further revisions of the 1939,
as well as the 1940, figures will undoubtedly be necessary
from time to time, particularly as additional private financing is brought to light in annual reports and other places.
than 40% of the total,
of the total,
September 28.32%; September was about average
private issues represented
for the first nine months.
OF CORPORATE
FIGURES BY MONTH8.
■'
■
•'
:
v
New Capital
%
%
Total
New Capital
Refundino
$
%
$
%
May_.._._>.
80,638,295
195,189,960
281,828,255
111,211,719
125,008,990
230,220.709
246,278,652
171.947,430
78,200,042
181,769,350
161,502,000
251,798,424
259,909.392
00,750.000
25,691.650
283,039,488
11,683,361
37.574,800
202,315,995
98,791,000
78,433,361
63,260,450
301,106,995
695,069,774
726,251,323
251,574.156
191,232,650
442,806.800
679,027,515
185,820,831
339,404,500
150,072,841
452.100,403
563,430,731
82,660,300
21,740,443
9,339,328
Second quarter
months
July
—
August
November...
December
Fourth quarter.
Twelve months
Revised.
131,181,549
44,989,450
67,938,134
829.390,685
225,622,950
111,493,638
1,093,278.621
—
217,819,844
49,703,366
25,894,844
16,019,150
270,612,400
179,431,672
68,006,465
Third quarter
Nine months
529,841,890
62,464,785
130,471,250
180,934,049
September
October
111.615.808
377,290,222
263.887,936
'
Six
102,276,480
31,241,004
152,651,668
June
%
23,833,072
66.879,191
134,326,541
192,353,442
Total
50,505.990
103,076,500
82,038,213
256.245,040
53,925.210
89,287.130
April
S
4,141,400
62,224,690
58,643.000
111,336,268
First quarter
S
46,364,596
40,851,910
23,995,213
30,527.491
45,404,059
March
Refundino
159,948,072
105,667,851
6.920,032
February
New Capital
10,380,300
130,116,000
48,688,660
172,864,550
35,404,718
*1938
Total
137,459.832
210,841,581
103,799,050
January
♦
Refundino
1940, 1939 AND 1938
♦1939
•1940
•/
:=
=
■
=================
SUMMARY
399,581,273
580,515,322
,
10,312,332
183,242,443
790,259,734
1,008,079,578
302,785,875
310,241.040
180,669.959
230,373,325
343,357,485
95,214,150
130.275.506
84,937,241
55,545.325
211,140,930
65,136,600
317,462,641
79,195,000
128,263,570
677,327,600
668,944,900
343,470,317
331,821,855
675,298,172
91,617,360
1,367.587.334
1,677,024,538
706,262,192
648,063,495
1,354,325,687
157,474,063
90,834,833
195,817,168
177,771,459
112,475,208
226,345,215
03,921,610
274,237,144
43,520,873
59.644.275
237.143.300
338,158,754
151,222.073
290.787,575
444,821.985
1,228,971,958
1,673,793,943
309,437,204
47,278.100
168.699.139
345,340,770
392,624,870
20.297,396
92,486,646
261,185,785
21,640,376
30,528,057
107,701.800
72,465,828
444,120,054
616,591.882
167.086,758
619,082,244
780,109,002
381,903,032
1,811,713,388
2,193,610,420
873,348,950
1,267,145,739
2.140,494,689
The Commercial & Financial Chronicle
3296
Dec.
7,
1940
Ireaaury Financing for the Month of November, 1940
Amount
Amount
Applied for
Accepted
Date
The Treasury confined its financing operations in Novem¬
ber to the refunding of its weekly maturities of Treasury
the
highest
month
was
101,450,000
101,944,000
a
Nil
100,544,000
a
Nl!
days
100,500,000
a
Nil
30
91 days
383,907,000
100,907,000
1
10 years
52,220,676
52,220,676
6
91
days
9
91
days
11 Oct.
16
91
days
higher, and
Oct.
18 Oct.
23
91
Oct.
25 Oct.
Oct.
or
bank discount basis.
on a
31.._ Oct.
Except
Oct.
month, the Treasury designated bills
of the "National Defense Series."
92
days
91
days
Nov. 22 Nov. 27
91
days
10 years
100,130,000
50,079,932
Nov.
The
this designation is that the present authorized
for
7 Nov. 13
236,456,000
285,555,000
280,833,000
298,636,000
Oct.
Nov.
Nil
a
75
*2.90%
557,565,676
total
30 Nov.
Nov. 15 Nov. 20
reason
Nil
1-
only 0.004%,
as
100
372,466.000
600,748,000
92
2
4 Oct.
Oct.
for the first issue of the
sold in November
Yield
475,559,000
413,289,000
Sept. 27 Oct.
yield of the four issues sold during the
average
Price
%
%
Oct.
prices averaging 99.999
at
were
Due
All the
bills, amounting each week to about $100,000,000.
issues sold
Dated
Offered
days
b
b
100,411,000
99.999 +
100,302,000
99.999
99.999
75
101,256,000
*0.003%
*0.003%
*0.004%
*2.90%
1-
debt is divided into two classifications, viz., $45,000,000,000
30... Nov.
of every type
Nov.
1
50,079,932
•
:
of obligation, for all
purposes,
and $4,000,000,"
y., ■:
total.
452,178,932
t
000 notes,
certificates and bills for defense
the amount of
Total 11
With
purposes.
debt issuable under the general authority
*
months
8.276,230,311
Average rate on
Infinitesimal
par;
rapidly nearing the limitation ($44,432,859,575 outstanding
a
bank discount basis,
a
Slightly above
par.
b Slightly under
yield.
USE OF FUNDS
of Oct.
as
31), the Treasury finds it advisable to transfer
bill issues to the "defense" category,
amount of
new
thereby increasing the
Total Amount
Type of
Security
Dated
New
Accepted
Refundino
%
tion to the extent that
No
new
issues refund maturities.
First six months
large maturities, except bills, have to be met by the
July
July
Treasury until next March 15, when $676,707,600 l%%
July
notes fall
July
July
due; in addition,
issued last month, the
result of
as a
a
on
91-day
91-day
91-day
91-day
which did not accept
total
A
of
Aug. 21..,
Aug. 28
the exchange offer of last September.
This
serious problem to the Treasury, however,
Sept. 18
relatively
near
future.
Sept. 25
7
Oct.
and, in fact, should enable it to cut down its interest charges
materially, considering the current record (or
near
Sept.
record)
Nov.
on
and
23..
Oct.
30
Oct.
considerable
influence
1
a
rates.
1,172,506,544
1,125,384,900
101,450,000
101,944,000
100,544,000
100,500,000
100,907,000
101,450,000
101,944,000
100,544,000
100,500,000
Treas. bills
Treas. bills
Treas. bills
Treas. bills
Treas. bills
91-day Treas. bills
U. S. Savings bonds
October total
Nov.
Nov.
1
November
......
47,121.644
47,121,644
100,907,000
"52,226:676
52,220,676
to tal.
505,345,000
100,130,000
100,411,000
100,302,000
101,256,000
50,079,932
100,130,000
100,411,000
100,302,000
101,256,000
452,178,932
91-day Treas. bills
92-day Treas. bills
91-day Treas. bills
91-day Treas. bills
U. 8. Savings bonds
Nov. 13...
It
53,858,894
53,358,894
402,099.000
50,079,932
8,276,230,311
6
Nov. 20..
scarcity value to exist¬
744,316.925
557,565,676
Nov. 27
interest
future
on
might possibly tend, also, to lend
100,100.000
100.120,000
100,298,000
100.019.000
724,847.900
Treas. bills
...
92-day
91-day
91-day
91-day
9
16.
Oct.
7, financing carried out this month and perhaps
Congress to make all future issues of Federal, State
local securities subject to taxes.
This would, of course,
have
2
Oct.
be the last to include the tax-exemption feature
Treasury issues.
The Secretary said he would ask the
next
100,100,000
100,120,000
100,298,000
100,019,000
724,847,900
47,121,644
Treas. bills
2% Treasury bonds
Oct.
announcement of Secretary Morgenthau
next may
of
400,635,000
bills
U. S. Savings bonds
1
Oct.
an
100,372.000
100,071,000
100,166,000
100,026,000
bills
Treas. bills
September to tal
low yields.
According to
91-day
91-day
91-day
92-day
Sept. 4
Sept.11
must therefore be met in the
should present no
"72,997:075
100,372,000
100,071,000
100,166,000
100,026,000
53,358.894
bills
bills
August total.
$1,234,061,350 of maturities, other than bills,
671,319:850
1*00,098",666
501,607,000
U. 8. Savings bonds
1
Aug.
Treas.
Treas.
Treas.
Treas.
786,066,240
100,407,000
100,424,000
453.993,894
7
Aug.
cur
100,294,000
100.384,000
1,245,923,925
July total...
month, the small amount ($12,483,700) of 13^% notes
100,294,000
100,384,000
671,319,850
100,098,000
100,407,000
100,424,000
72,997,075
91-day Treas. bills
91-day Treas. bills
U. S. Savings bonds
Aug. 14
rent
S
3,607,995,100
91-day Treas. bills
91-day Treas. bills
214% Treas. bonds
91-day Treas. bills
...
%
4,394,061,340
total.....
24
31
1
July
the
3%% bonds not otherwise due until
There is also to be refunded, on the 15th of the
1943.
3
10
22
17...
July
redemption notice
Treasury is obliged to refund
date $544,870,050
same
Indebtedness
obligations issuable under the general classifica¬
6,543,066,000
1,733,164,311
52,220,676
50,079,932
ing tax-free issues.
Total
Secretary Morgenthau also,
Congress early next
$60,000,000,000
year to
care
1942.
declined
of
Nov. 7, said he
He
said
this
*
predict requirements beyond
'
••
.
..i'
\
}'
.
-
INTERGOVERNMENT
•'
'
-
■
V
••
•
•
FINANCING
.
;
'
t
"
,
»
•
Issued
'
Retired
Net Issued
year
$
that
First six months total..
S
%
2,422,565,000
1,879,071,000
543,494,000
38,000,000
90.969,000
25,500,000
25,000,000
65,969,000
128,969,000
50.500,000
78,469,000
'
July—
Sales of
baby bonds last month, aggregating $50,079,932,
October, when $52,220,676
sold, and November, 1939, when sales totaled $56,-
Certificates.............
July total
313,496.
In the tabulations which follow
financing activities in the
August—
Certificates
we
outline the
Treasury's
.....
Amount
Offered
Dated
First six
months
Due
Amount
Applied for
Accepted
10,782,000
80,348,000
5,000,000
161,040,000
23,500,000
12,937,000
166,040,000
36,437,000
129.603,000
10,000,000
6,827,000
31,000,000
14,040,000
55,040,000
16,827,000
38.213,000
113,000,000
300,000
112,700,000
33,000
6,823,000
x6,790,000
113,033,000
7,123,000
105,910,000
2,976,777,000
_
September total
Price
x4.652,000
91,130,000
41,000,000
Notes
Dale
To",782:666
2,000,740,000
976,037,000
September—
Certificates ....... ...............
1940
85,000,000
6,130,000
August total
UNITED STATES TREASURY FINANCING DURING THE
FIRST ELEVEN
12,500,000
85,000,000
Notes
current year:
MONTHS OF
......
Notes
in smaller volume than in
were
:
1940
time.
were
•.
level
borrowing needs through the fiscal
to
mos
wohld ask
raise the statutory debt limit to
$65,000,000,000.
or
would take
He
on
11
Yield
*
xl8.500.000
148,103,000
October—
$
June 28 July
July
4
July 11
July 12
July 19
July 26
July
July
July
July
July
July
17
24
31
July
1
91
days
91 days
337,958,000
100,294,000
287,791,000
16 years 6,605,071,550
91 days
247,377,000
91 days
259,942.000
91 days
237,621,000
100,384,000
10 years
100,098,000
100,407,000
100,424,000
99.996
100
*0.024%
*0.017%
......
....
October total....
2tf%
....
*0.008%
Certificates
99.998 +
99.999
*0.006%
*0.004%
Notes...
72,997,075
75
total......
...
*2.90%
Total 11 months
91
days
91
days
91 days
days
208,956,000
156,332,000
211,381,000
235,835,000
100,372,000
100,071,000
100,166.000
100,026,000
10 years
53,358,894
53,358,894
99.999
99.993
*0.004%
*0.007%
*0.021%
*0.028%
75
*2.90%
99.998
99.995
Comprises sales
of
special
series
certificates
and
notes;
certificates
sold
to
Adjusted Service Certificate Fund and Unemployment Trust Fund, and notes to
Old Age Reserve Account, Railroad Retirement
Account, Civil Service Retirement
Fund,
Foreign Service Retirement Fund, Canal Zone Retirement Fund,
Railroad Retirement Fund, Postai Savings
System, and
Corporation.
Augu st total.
7,213,000
November—
99.998
*
Aug. 16 Aug. 21
Aug. 23 Aug. 28
Aug. 11
671,319.850
99.994
1.245.923,925
91
31... Aug.
Certificates
Notes
November
72.997,075
total...
2 Aug.
7
9 Aug. 14
Aug.
$
4,394,061,340
1-
31... July
Aug.
3
10
22
total
*
Alaska
Federal Deposit Insurance
Excess of retirements.
453,993,894
~
4
91
days
6 Sept. 11
13 Sept. 18
91
days
Aug. 30 Sept.
Sept.
91
Sept
days
92 days
Sept. 20 Sept. 25
7 14 2-3 yrs.
Sept. 25 Oct.
Sept. 130... Sept.
Sept.
1
10 years
total
212,900,000
255,518.000
283,273,000
322,058,000
724,847,900
47,121,644
In the comprehensive tables
100,100,000
99.991
100,120,000
100,298,000
99.990
99.992
100,019,000
99.997
724,847,900
100
47,121,644
1,172,506,544
75
*0.036%
*0.038%
*0.032%
*0.013%
2%
*2.90%
compare
for the
thus
on the succeeding pages we
the November and the 11-month figures with those
corresponding periods in the four
affording
a
years
preceding,
five-year comparison.
Following the full-page tables,
we give complete details of
capital flotations during November, including every
issue of any kind brought out in that month.
the
CO
to
CO
O
ft*
750, 0
241,$60 12,895.0 9.342,50
264,0375 23,506: 28,450 64,85.702
1
Refundi g
1936
7,2 3: 06 2,84 ,0
14,80927
3
1
1
1
1
iii
1
154,926507 23,56: 6 28,450 15,98240
1
t
ill
1
1
1
III
II
III
l
III
III
1
«
II
f
1
1,20 27",6 : 6 4, 1 ,290
1937
36,08 76 25,6"0 6 42.894,8
12,650 4,0 ,0 19,780. 4,752,673
Refundi g 85,26 50 4,0 ,0 18,436.0
107. ,80 40, 0 21",76:0 5,12651 1fA\1nA
$
Total
Capit l
New
1938
A
YGFoftverhrandommgunicp.lleysFENOIATMFVSURTIHNBSASHREED
YFENOTIFMAVIAHLRFAUBONSCERRPDGLM
Capit l
37,84.50 1.34,70 4,752,673
New
43,520873 60 :60 152,37:54
5,405,80
12,47508 25,86: 80,95.136
103,6950 3^7 85
$
Total
'
Refundi g ,270 2,5 7,63
SS
Capit l
New
Total
7
—
15,48.30 "816:2 5 5,405,80
OSUMFARY
64,750 2,0 ,0 25,9 36 416,250
Refundi g
"
——
863,704 2,079,435
New
CONOGRRPEUFWAPTIE
92,486 59.46 24,08 150
168,913 42.0 ,0 52,395240
263.0947
_J
ACHANRDTE
Corpate—
2, 50, 0 37.20876
2,50 5,038,768 96,44709", 2,30:6 27108: 28 24,05 0
Grand
Can dian Other Loan
Farm
These
*
*
United
4,0 ,0 13,780 20 ,0 10,2 673
"4o",6
70,0 0
4,0 ,0
40,0 0
000
40",
1,20
2, 50, 0 36.08 76
240, 0
24,532673 84736", 6,20,0 1,07 63 5,670, 0 40, 0 462,0 37256:0 15,2 673
462,0 0
18,436 0 "540,536 0 4,65*,356 40,o "60 107, 80
13786",0 4,"65 ,30
20 .0
276: 6
2,50, 0 4,768,768 5,629: 40 2,3~"0,6 1,83 :82 24,05 0
364,37
70,0 0
5
103,6950
Refundi g 74,28 50 7,6 ",6 5,6 ",0 1,94",70
8,27 0
06 6,09 37 2l",8450 6,20 0 6,41 37 5,670 240, 0 "462",60 37250",65 43,520873
"462",
1,52,50 8,79,708 9,52,0 79.025,13 750, 0 7,0 ,0 "769,1575 027 405", 1,52,50 12,475.08
2,5 7,63 4,69,57
2,5 7,63
2,5 7,63 76,840,13 7,60 :6 5,6 ",60 1794",70
90,834 3
15,4830
4,69 ,57
1,52,50 6,2 ,075 9,52 .0 2,185,0 750, 0 6,907,5 "750",30 1,52 ,56 21,640375
25,169.0 150,47 0 2,750 25,1 0 3761",0 3",l6 .6 230, 1 0
2.0 .0 2,0 ,0 14,6"59~l6 9 ,985 7,54 ,70
6",350".6 28,95478 25,169.0 164.52910 23.749 S5 32.670, 3761.60 1,4506 261,85.7
Refundi g 1,3290 9,37 0 2,750 24, 50 3,5926 3,60 6 64,750
2".6 0 2,0 0 14,05910 375,0 6,03 296
5.41.250 26,01 64 1,329.0 23,4810 23,150 30,46129 3,592,6 10,54"250 92,486
Capit l
9,52,0 2,185,0 750, 0 2, 08. 0 "7350'0 ,
New
'
1940
50,0 0
9,52 0 76,4750 750, 0 7,0 ,0 7",208",6 2.745,6
Total
1939
1,83 28
629, 40
20 ,0 0
21,84.50 6,0 ,0 1,05 0 5,60,0 3,250, 0 37,8450
270, 0 856: 6
Total
Capit l 23,840 14,09
To ",0 0
70 ,0 0 "25,0 0
New
624.985
165.7 0
25,656
50 2,943.19 23,840 14.09, 624.985 2,094
1,5094
"80 7
~
908,756 168,9.13
bSatoneydis NOVEMBRNotes— &cop,manufctres manufctrig &holdcing, Notes— &coper,mnuftacesori.manufctrig &holdcing, &coper,manufcts manufctrig h&oldcing, ' &cop,manufct.res manufctrig h&oldcing, securit
OFNOVEMBR bonaontedss. stock stock bonanotdes_s stoc-k stock foreign— bonaontedss. stock stock corpate Go forgeoveringmnt Gaancisd., PSosteaiens toal fiudnficglduoorseets
&Municpatl—_S,
LtDomesic— ong-term Short-em Pref red Com on Candi — Long-term Short-em Pref red Com onOther Long-term Short-em Pref red Com on Total
$
•
201,857 10.465: 0 76,45390
Capitl 165,7 0
MONTH
New
21,640375 67,29516
8
1940
270, 0
31,20
O
90,834 3 25,86: 12,85620
230, 10 2,0 ,0 26,45910 2,495,685
$
850, 0
40, 0 85,26.50 4,6 6
Refundi g 45,26 50
Capital
25~,
7
1939
2,108 2
6,50. 6,0 ,0 1,05 0 5,60,0 20 ,0 40, 0 3,250, 0 12,650 4",6 ",6o
Total
If
40,0 0
$
57o"6,06 2",30:6 0246,606",
$
OAK
$
FGOOCVREREPNIGMNATT,,
Refundi g
15,2 673 40, .0 25,0 0 21,70. 0 157,8 25 COOAQT
New
31,20
850, 0 629: 40
1
flit
31,20 "450:65 4,318.768
Capit l
50,0 0
"856",06
850, 0
5"tb06: 2736: 247o6:
$
Total
till
III
$
1938
New
79,20 84,70
7"9 ,26 84,70
"412:6 5,724,5 0 "16 :6 5,726: 12, 045 9,654,0 7, 69,7 3 32,6 0 1,60 0 5,974,5 0 97529:6 41,726: 109.7,243
750. 0
750. 0
1
•
II
ill
$
14,80927
till
lit
Refundi g ~856: 60 "276: 60
%
37,208.76 52,0 0 47,306174 136.54,92
III
1937
5,16: 0 10, 730 6,725,0 10,56720 18,09 0 5,429,0 415,30 10 ,0 17,510 5,10 , 0 154,926507
"273:6 6 4,329:6 415,30
9,429:6 36",0 :6 96,20.793
Capit l 8,904 0 7,69,73 32,540 1,60 0 '256: 6
109,7243 48,7328
New
Total
Refundi g 6,725,0 10,56720 17,460 l,6 ", 6 '16 :6 6 17,5 .0
$
1936
1111
850, 0 450, 0 4,58 ,768
$
79,20
50 ,0 0 10 ,0
10,53 0 "16 :6 0 16,820:6 2,37 50 16,3790 109,370 50,6850 1,60 0 1,40350 27,10. 0 46,820 264.03750
50 ,0
1
»
750. 0 5,62 . 0 6,498,250
31,20
1
1
-
111
Capit l 96,20 793
1
1
111
1
15,6290 109,370 50, 0 1,60 0 1,350 27,0 0 36. ",06 241,06
Total
79",20
"685:6
.
Total
750, 0
750, 0
10 ,0
$
Boands and &c trading, utiles sctoeall,,Equipment aacensodri indausntridl b&uildcngs, ttrraudsintg,,Miscelanous utiles sctoeall,,Equipment aacensodri indaustrl b&uildcngs, ttrraudsitng,,Miscelanous. corpate
Boands acesori and &c trading,
MOFTNO H Long-Term
Railroads util es cstoeall,,Equipment Moatnords industrial buildngs,Rub er. Ship ing trust ,Miscelanous Short-Tem Railroads util es sctoeall,,Equipment Moatnords industrial buildngs,Rub er Ship ing trust ,Miscelanous
Total
Public Iron,
Other
OU
Land,
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Total
Stocks— Railroads Public
Total
Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Total—
Total
Railroads Public Iron,
Motors Other Land,Rub er Ship ingInv.
Oil
4,063,4648.0 ,0 78,50 0372,5 601.02,356.843,25,0 5.2876.530
,f0285,20 248,60324173,0 28 38.0 ,0 i5",~ob 6
Total
3,476
Refundi g 2,756.138,04735,76250 169,3 5018,51743 30. 0, 0
3.09,28 048.0 ,0 78,50 0350,620 3 .409,7621,750, 0 3,821.60 82
Capit l 719,64.75319,457 0 79,46.734154.8 ,539 8,0 ,0 15,0 6
1936
96,74 526 21,906". 668,94682 1,57,0 1,70 6,348
83.290 458,913. 283,650237
822,36 .368 ,250 134,0 0415,04 0 817.04,92 4.80,0 3,825 1,60
$
New
1.540,79 0
Total
Refundi g 798.16,85137,63920263,57906 8.412,840
1,872,6785,0 0 134,0 0258,0140 175,42651,50,0
Capit l 742,§17 9 45,61 08 195,3406519,237 9
3,250, 0 157",0* 6 41,321473, 0 , 0
Total
t
1938
f79,16,79652,10,34.0 5,835.251,28964
~~
6*2 56
6.758,0 19.63 10 531,254
Refundi g 1,03.74,085
60 ,0 0
Capit l 24,7158 83,4956914,5824 4,096,50 39.8 *24 23,9580378,327,0 9,429,0 192,5 430 72,964.753 15,70 1,250. 0
New
759,10 6 3,582,0 36.19,25 14,75840
62,50
$
8,250, 0 172,856094 1,50 , 0
1,829.03
1,6589230 1,5830,25
Capital 259,6183 4,510, 0 2,4937 65,173 19
351,749559,20 924,30" 862,9 461 2,19843, 6
%
New
Total
$
2,037 0 21,8460 197,3029 71, 08
450, 0
35~,9b"6o 45,61 08 5,608* 2 40,6 54304,650 12.734,53210,87 1 46,18037 2,49 ,490 9 *6 71.4 ,179 390,571462 26,70. 15,47839 130, 96043.724.65018.49,53 0.65942 194,35 79,678,0 3,14,90 3*49.6 145,7 69
1*940*6
~~
"
40,0 0
25,930 1,06 4 ,195 159,07 136,20^6 216.0, 18,36950 135,0 0 4~,b o~6 6,04.0 1,762 9, 5 6"bo,600 750, 0 "150",0 01,40 , 0 2~.ob~.6 10,34 0 17,321451,56,92 46,82b"045 932,50 .6 10 .0 0 3,984.520 71,87419 25.930 16,823.9 17,80 45 218.932,50 18,409.50 135,0 0 462,0 04.10,0 12.04,520
1,08971.620
750, 0
Refundi g 10. ,0 805,6 35 4,5 2,0 388,29851",32,689305 12,47860 97,82 0 "890*6 6 1.03,74 85 4~6O~6 *120*6 6 21 ,0
1,67~6O 6,758,0 13~,78b"6o 6,370*654
35,,1170462760489
CIOTUSRNPHIAEED
7090, 004",1,03 58.13 5,325,0 4,15 9,731
2,37.604598
30,6 0 40,0 0
Capit l 15,930 260.84, 0154,9 0 911.72 85*.183,90655,890, 037,130 4",b "6o5.10, 0 759,10 6 2~,b"o~6
1, 89,0
$
*32 *6 3,582,0 3,541", 25 1,56 ,92
New
1,7840,691
462
~
~
^
20*36 20,17 354 10, .0 823,45 5,302, 0 45,71"89 32,90.35 12,47860 97,82 0 2,587,306
1,84370'
1,03 2.439
40, 9" 1 932,50 "462",0 10 ,0 3,964,20 51,07 65 15,93.0 26,34 265 156,219 "807,1316 186.032,195 5,930,90 37,130 462,0 0 4,10,0 9,437,20 813,70465
-
1,96721,0567,50 0 "24,325,960"1,03578,51,950, 0
365,18
37,63920 86,31025 4,9109 162,850 62,3*46,581 12,06.75 "6*82*56 26,391*859 351.9 ,06 125.09, 0654.32,985 9,067149 162,8504.934,60 10,823469 148.5,76 23,780 682,50 29,52*359
1.872,67
$
Refundi g 1,3 471 74,30 0 130,28 95 79,50 0
$
1939
80 *6
~
813,70465 25",oO "6 425.80 84,156.390 5.236,0 2,13947,065
1,5907 , 078,10 152,739865,38907 79,50 0
r
650, 0
60 ,0 0
Capital 2 ,420 137,0941878,089503,420, 05,765,40 87,48612147,8950 9,678,0 "2~50~6 38, 4.50 742,17.49 4,350, 0 2,76,08
1938
3.09,28 0
35.90"6 83,290 91, 834 95, 1753 467.50 12,7345327,1 398 167,52480 3~,1*769 '"9 *6 697,83 08 742,563 8 351,869.0 80,1 .34 29,076 533,87,50 23,4 53402,8 9 342,7032 3,056 0 3,826.90 *3~49*6 175,368.0 2,36. 2,368
New
$
21661506, 351.42,35 924,527 0.73,450 523,90 23,90452 58, 521,372.0 17,510 3,509, 0 79,46",0
19,457 0 2,768",357,01,726 7,462,40 4,0 ,30 147,9 25 15,643294 50 ,0 0 10 ,0 0 l".~925~6 51,89362 249,32 73 240, 15 87,51429 148,29 74 1,58950 4,0 ,30 187, 6539 41,83 1 9,072,0 9,529,0 60 ,0 01,9250 24, 3.05 96.74 526
123
Total
746,82 90 1,729 4,63392,74 2632,8 40 4,564,20 41,72 13 0,72.34 20,4 0 27,10 04,109.301.925,0 32.869,53 4,460 3.
2,740*6
,§490 532,89 134,076 50 4*934*60 3S.67 8 27,3480 23.78,0 3~.2b~.506 798,16 51 1,450, 035,42390
Refundi g
1937
SSfFGrtmtauaooehnvigcdeprndlsmeaysl.FETMLNFOA3VODRT0HRS.
FGLFAMTIONUEVMAEOLRHCNNDPMVDRLGT,S
Total
60 ,0 0
650, 0
346,09 069, 30 132,850 3,420, 010,7 0 126,5 0 175,24 0 3,056 0 ~25b~6 41.58 0 1.540,379 0 5,80,0 38,20 0
Total
FYEIVARS
NF3YOEIV0AR.S
Capit l
$
7~, 5b~6 35,762,50 42, 6 28 6.471,0 523.90 7 ,5023 6 1 ,5 904 3*.509*3 6 40,276 3 187,2 73
2, 12*50 245,0 0
$
1,84370.1440. 0 25,0 .0 1,07.9,0 958,47.8905.236,0 3,9428,04
1,03 2,43940, .0 64,97^0 14,3150
$
v
New
1,983.26, 8
1,7840,691
New
8,1*25*6 5, 0 , 0 245,0 0 7~, 5b"6 5 ,2 0, 0 45,2*152631 ,5427 67.462,40 4,564,20 25,41963 32. 0 ,34 50 ,0 010 ,0 03,509,3 0 92,169 53 436,10.546
1,9250
60 ,0 0
716.072901,682. 40 37.20, 024,820, 0 178, 6*5 264,0 . 019,69,0 27.0 ,0 "059,320 0 3,514.20,8 30,75 0 1,850. 02.0 ,0
2419.491,§0 3151,5 8,74 236,0175 0,723,450 138,27 56240, 19631,3720 17,510 31*42057 2,786 3,047 15,0 .0 60 .0 02,0 ,0 8,12*56 2,87,50
Refundi g
1936
1.8420 .32
-
$
1937
$
Total
Total
$
5 0, 0
10.98,0 1,058263,0 104,250 10,9 0 69,7,206217,0 12,840 21,05*6 5,7 0 1,670.29 9,50,0 7.260, 0
9",~O " ,6
9,b"o ,6
Refundi g 31, 80 1,0 7,428 94,0 0 7,0 ,0 32",07 16 16,72 53 8,218, 20 19,05*6 45,92 0 1,4097,1 9,50 , 0 5,80 , 0
$
1939
Capit l 78,960 47,256372 9,350, 0 3,90,0 37",950184 5,37 47 4,621,80 2,0* 6 19,850 259,6183
t
52,~0"O,6 78,10 134,7*3 2,0 ,0 2,680*6 64,971.59 1,275,0 10 ,0 213,90 12,837*981 218,52 0 19,580 106,8 .0 10,9 0 2,680, 0 134,9871 27,350 12,940 213,90 21,05*6 13, 2981
1,96753
1.967,2105
so,b "0 74,30 0 128,705"429
1,460* 6 5 0, 0
408,1 3
"5~3,l
571 130,64913 40,6380 94,0 0 7,0 ,0 32,45*129 170,2653 8,218, 20 19,"0~ 5.6 97,460571
1,45 287
1,6589,230
2,50 ,6 4,510, 0 53,40684",2,0 ,0 2,"6*8065 64,53478 1,275,0 10 ,0 0 213,90 1 ,302*410 87,603 92 78,960 54,18 67 1,90 0 3,90 , 0 2,680, 0 56,48 7 4,721,8 0 213,90 2,b ",6 3,652410 351,7495
102,5362
New
*
8
Total
35,290 914,830 39,805 138.5bTo5 17,30. 12,30 "053,10 0 158.40, 2,037 0 5,0 ,0
910, 0
"
936*5
bo"
0 0 21,8460 120,94.61 2,934,985 5,40",0 81,4 364 875,0 0 i,"40*6 3,629,780 159."46, 268,41298 360,259 0 1,03697.10 342,79 85 5,40",0 20,57364 18,750 12,30. 1,40.0 3,629,780 1,350, 0 25.896,15 2,37604,598
15,
52
2,4087.1 GAONRNEUPFDWI Refundig
OCFOORRPEFIGANT,
boannodtess. stock. stock, boannotdess. 1 stock stock foreign— boannotdess. stock stock corpateGovernmt. governm Gaancitds,.&Municp_atl—eS,sPos in fdbiuncnoltoadyineset NE3NOD0V. NBoteosa—nds &ccoopaelr,, manuft acesor-i Inmadanuunsftcrdtirilg &buildcngs, h&toralddciinngg,, — BNotoeasn-ds manufctres oi Inmdaanuunsftcrdtirilg &buildcngs, — manuf;ctres oi inmdaaunusftcrtirilg „&buildcngs, — manufctres. oi indmaaunsunftrcditrlig b&uildcngs, csoercpuritate
EN3NOD0V.
&ccoop—al,, h&toracldd—iinngg,, &ccoopa—l,, h&torCaldd-ii—nngg,, &ccoopa_l,, h&troalddciinngg,,
Refundi g 1,50 8 370 10,8360 146,3 792 3,683,21
1,6 805.374
Capit l 531,485930 1,0 0 50,875498 67,42796
1940
60,7924 460",7 0 628,03 76 2.15.0 ,63.90
$
$
New
SUM ARY
MONTHS
11
3029, 07". 403,52 397 3.20 . 0
Total
C
Farm
*
Staes
United
%
2 ,83260 682,309 34,10 97",62 735105, 0 1,09720 52,467930 1,508 370 5,0 ,0
CHAR TE Capitl, 132,4639823,62397 5,705,0
1,751
Long-term Short-em. Pref red Com on Long-term Short-em Pref red Com on Long-term Stheorrmt- Pref red Com on
orpate— Domestic— Candi— Other CandianOfortehigern Loan
1940
toal fTighueresse
Grand
*
%
New
MONTHS Long-Term Railroads utiles ste l,Equipment and
11
io~," o,6 1,0 0 26.85,641 2,59,85 4,094,0 48,36 831 875,0 0 1,40',0 2,09,780 32,05 2 18,30 294 132.46,398 260.458 3S 8,264.985 4",094.0 8,91 0 12.6750 1,032,80 1.40,0 2,09,780 1,350. 0 148,0712 60,79 24
2406.5257",1,80 0 1,03280 1,350,60 105,982.07 531,48930 "9010"0, 10 ,6 c
"
trust ,Miscelanous Short-Tem Railroads util es ste l,Equipment and
Public Iron, Motors Other Oil_ Land,Rub er Ship ingInv.
030*6 6
27,83260 75,63927 34.750 10,3060",13,5623105. ,0 1,09720 7,89*037 1,6 805,374
5",bo ",0 10,8360 93,408369 375,0 0 1,306* 6 3 ,07 .52S 10,5300", 210.40217". 150, 804
"836",0
Total
Ship ing trust ,Miscelanous Stocks— Railroads util es ste l,Equipment and
Total
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Public Iron, Motors Other Land,Rub er
Oil
Ship ing trust ,Miscelanous
Inv.
Total
Total—
utiles
Railroads Public Irsoten,l,Equipment Moatonrds Other Land,Rub er. Ship ingItnv.ur st ,Miscelanous
Oil
Total
DETAILS OF NEW CAPITAL FLOTATIONS DURING
NOVEMBER, 1940
LONG-TERM
BONDS
AND
(ISSUES
YEARS)
NOTES
THAN
FIVE
LATER
MATURING
LAND, BUILDINGS, &c.
$540,000 Buck Hill Falls Co. 1st mtge. serial 4% bonds, due 19411955.
Purpose, refunding.
Price (on application).
Offered
by E. H. Rollins & Sons, Inc.
630,000 Dc Paul Hospital, St. Louis, Mo., 1st & ref. 2-2)4-2 94%
bonds, due Feb. 1, 1941-Nov. 1, 1947.
Purpose, refunding.
Price on application.
Offered by Dempsey-Tegeler & Co.
RAILROADS
$10,000,COO Atchison
Topeka
certificates,
chase
3299k
The Commercial & Financial Chronicle
Volume 151
new
series
&
Fe
Santa
Ry.
1)4%)
equip, trust
75,000 Northwest Nazarene College, Nampa, Idaho, 1st mtge.
4Y-4 9t% serial bonds, due 1941-1950.
Purpose, refunding.
Price on application.
Offered by Dempsey-Tegeler & Co.
due Dec. 1941-1950.
Purpose, pur¬
Priced to yield from 0.20% to 1.50%,
D,
equipment.
to maturity.
Awarded on bid of 100.5437 and
reolfered by Harriman Ripley & Co., Inc.; Blyth & Co.,
Inc.; Drexel & Co.; Goldman, Sachs & Co.; Alex. Brown &
Sons; R. L. Day & Co. and Washburn & Co.
according
62,000 St. Engelbert's Roman Catholic Church, St. Louis, Mo.,
1st & ref. mtge. 2, 2)4, 3% serial real estate bonds, due
1941-1949.
Purpose,
refunding.
Price
on
application.
Offered by Dempsey-Tegeler & Co.
& Ohio RR. 1H% equip, trust certificates,
series
K, due Dec. 1,
1941-1950.
Purpose, pin-chase of
equipment.
Priced to yield from 0.25% to 1.85%, according
to matuiity.
Offered by The First Boston Corp.; F. S.
Moseley & Co.; Kean, Taylor & Co*, and R. W. Pressprich
4,750,000 Baltimore
& Co.
113,000 St.
2,400,000 Dayton Union Ry. gen. mtge. bonds, series B, 3)4%, due
Dec. 1, 1965.
Purpose (see under series A).
Price 101 )4
and int.
Offered by Morgan Stanley & Co. Inc. and Kuhn,
Loeb & Co.
3,000,000 Erie RR. 1%% serial equip, trust certificates, due 1941-1950.
Purpose, purchase of new equipment.
Priced to yield from
0.20%
to 1.95%.
Offered by Mellon Securities Corp.;
Lazard Freres & Co.; Kidder, Peabody & Co. and E. W.
Clark & Co.
Catholic
Church,
St. Louis, Mo.,
1st &
3% serial real estate bonds, due 1941-1950.
refunding.
Price
on
application.
Offered
by
Dempsey-Tegeler & Co.
Purpose,
'
•
1,500,000 Dayton Union Ry. gen. mtge. bonds, series A (int. rates
ranging from 0.375% to 2.25%), due serially, 1941-1950.
Purpose, payment of indebtedness incurred in connection
with
track elevation and extension
program.
Price, 100
and
int.
Offered
by Morgan Stanley & Co., Inc., and
Kuhn, Loeb & Co.
George's
ref. mtge. 2, 2)4,
227,000 St. Joseph's Hospital, Alton, 111., 1st mtge. 2, 2)4, 2 94 %
real
estate
bonds,
due
1941-1947.
Purpose, refunding.
Price on application.
Offered by Dempsey-Tegeler & Co.
25,000 St.
,
Peter's Evangelical
Lutheran Church of Philadel¬
due 1942-1950.
on
application.
phia 1st mtge. 4)4-4 94% serial bonds,
Purpose,
completion of building.
Price
Offered by Dempsey-Tegeler & Co.
"
195,000 Sisters of Divine Providence (St. Elizabeth Hospital)*
Granite City, 111., 1st & ref. mtge. 2, 2)4, 3, 3)4% seria
bonds,
due
1941-1952.
Purpose,
refunding.
Price
on
application.
Offered by Dempsey-Tegeler & Co.
1,750,000 Sisters of Mary. St. Louis, Mo., 1st & ref. mtge. 2, 2)4, 2 94*
3, 3)4% serial bonds, due 1941-1955.
Purpose, refunding*
Price on application.
Offered by Dempsey-Tegeler & Co.
$3,617,000
1,329,000 Fort Street Union Depot Co. 1st mtge. 3*4% bonds, due
Dec.
1,
1965.
Purpose, refunding.
Price 100 and int.
Offered by Morgan Stanley & Co. Inc.
*640,000 Lehigh & New England RR. 1%% equip, trust certificates,
series L, due 1941-1950.
Purpose, purchase of new equip¬
ment.
Awarded to Evans, Stillman & Co. on bid of 103.668
and placed privately.
1,550,000 Wheeling & Lake Erie Ry. 1% serial equip, trust certifi¬
cates, series G, due Nov. 15, 1941-1950.
Purpose, purchase
of equipment.
Priced to yield from 0.20%
to
1.55%,
according to maturity.
Offered by Mellon Securities Corp.;
Lazard Freres & Co., Kidder, Peabody & Co. and E. W.
MISCELLANEOUS
$3,000,000 Atlantic Co. 1st mtge. 5% sinking fund bonds, due Dec. 1,
1952.
Purpose, refunding.
Price, par and interest.
Offered
by A. C. Allyn & Co., Inc.; Courts & Co.; The Equitable
Co.; R. S. Dickson & Co., Inc.; Equitable Securities Corp.,
and The Robinson-Humphrey Co.
100,000 Marshall's U. S. Auto Supply, Inc., 15-year 6% sinking
fund debentures, due Dec. 1, 1955.
Purpose, expansion, &c.
Price, 100 and int.
Offered by James A. Ross & Co.
$3,100,000
SHORT-TERM
Clark & Co.
BONDS AND NOTES (ISSUES MATURING UP TO
AND INCLUDING FIVE YEARS)
MISCELLANEOUS
$25,169,000
V
PUBLIC
UTILITIES
Co. 1st mtge. 3% seriai bonds, due annually,
1941-1945.
Purpose, refunding.
Price, par and
interest.
Offered by A. C. Allyn & Co., Inc.; Courts & Co.,
and The Equitable Co.
$2,000,000 Atlantic
'
Telephone & Telegraph Co. 2%% 30-year
Purpose, provide new capital for plant ex¬
Placed privately with Aetna Life
Price, 98)4.
Insurance Co.; Connecticut
General Life Insurance Co.;
Connecticut
Mutual
Life
Insurance
Co.;
Massachusetts
Mutual Life Insurance Co.; Mutual Benefit Life Insurance
Co.; New England Mutual Life Insurance Co.; New York
Life Insurance Co.; Penn Mutual Life Insurance Co.; Phoenix
Mutual Life Insurance Co.; Provident Mutual Life Insurance
Co., Prudential Life Insurance Co.; Sun Life Assurance Co.;
Travelers Insurance Co.; and Union Central Life Ins. Co.
Dec.
*140,000,000 American
debentures.
pansion.
*50,000 Everett Water Co. 4%
1st mtge. bonds, due 1965.
Pur-
ohn
Sose, Hancock Mutual Life Insurance Co.Sold privately to
refunding. Price, 102 and int.
852,000 Fontana Union Water Co. 1st mtge. & coll. trust 4s, due
1960.
Purpose, refunding.
Price, 100 and int.
Offered by
Dean Witter & Co. and Blyth & Co., Inc.
648,000 Fontana Union Water Co. 1st mtge. & coll. trust 4s, due
serially, 1941-1950.
Purpose, refunding.
Price, 101.97 to
104.98, according to maturity.
Offered by Dean Witter
& Co. and Blyth & Co., Inc.
200,000 La Cumbre Mutual Water Co. 1st mtge. 5s, due 1960.
Purpose, refunding ($86,000), expansion, building new reser¬
voir.
Price, 101.
Offered by M. H. Lewis & Co. and
Lester & Co.
*2,950,000 Michigan
1970.
Price,
Associated
Telephone
Co.
3)4%
bonds,
due
Purpose, refunding, $2,800,000; new money, $150,000.
Placed privately with nine insurance com¬
104.92.
panies through Paine, Webber & Co.; Mitchum, Tully & Co.,
and Bonbright & Co., Inc.
*1,770,000 Ohio Associated Telephone Co. 3)4%> bonds, due 1970.
Purpose,
refunding.
Price,
106.
Placed privately with
four insurance companies through Paine, Webber & Co.;
Mitchum, Tully & Co., and Bonbright & Co., Inc.
*3,000,000 Sierra Pacific Power Co. 1st mtge. 3)4%> bonds, series A,
Dec.
1,
1970.
Purpose, refund
outstanding bonds
($2,173,000), retire property purchase obligations ($59,428),
bank loans ($350,000), construction, improvements,
additions, &c.
Price, 103.
Sold privately to John Hancock
due
retire
Life
Mutual
Insurance
Co.
and
Massachusetts
Mutual
Life Insurance Co.
*1,000,000 Upstate Telephone Corp. 3)4% 1st mtge. bonds, due 1970.
Purpose, refunding.
Price, 106)4Placed privately with
Massachusetts
Webber
&
Mutual
Life
Co.; Mitchum,
Insurance
Tully &
Co. through Paine,
Co., and Bonbright &
Co., Inc.
$150,470,000
IRON, STEEL, COAL, COPPER, &c.
*$8,500,000 General Cable Corp. 1st mtge. 3)4% sinking fund bonds,
series
par
C,
due
Oct.
and interest.
1,
1950.
Purpose,
refunding.
Price,
Sold privately to two insurance companies.
7,500,000 Revere Copper & Brass, Inc., 1st mtge. 3)4% sinkingfund
bonds,
due Nov.
15,
1960.
Purpose, refunding.
Price,
102 Yt and int.
Offered by Blyth & Co., Inc.; Smith, Barney
& Co.; Harriman Ripley & Co., Inc.; Kidder, Peabody &
Co.; Hayden, Stone & Co.; Hemphill, Noyes & Co., and
Kuhn, Loeb & Co.
*2,000,000 Vanadium
Corp.
of
America
10-year 294%)
convertible
Purpose, retire bank loans (issued early in
refund debentures and notes).
Price, par.
Sold
debentures.
1940
to
privately to Air Reduction Co., Tnc.
*4,750,000 Woodward Iron Co. 1st mtge. bonds, series A 2)48, $800,000
due 1946-47; series B 3^s, $3,450,000, due Nov. 1, 1955,
and series C 3^s, $500,000 due Nov. 1, 1955.
Purpose,
refunding.
Placed
privately
with
12 institutions.
Sale
negotiated by Kidder, Peabody & Co. and Ward, Sterne & Co.
$22 ' 750 ' 000
OTHER
INDUSTRIAL AND MANUFACTURING
*$21,000,000 Continental Can Co., Inc., 25-year 3% sinking fund de¬
bentures,
due
Dec.
1,
1965.
Purpose, refunding.
Sold
privately to three life insurance companies through Gold¬
man,
STOCKS
(Preferred stocks of a stated par value are taken at par, while preferred
par value and all classes of common stock are computed at
their offering prices.)
pUBU0
UTI
stocks of no
$14,059,100 Indianapolis Power & Light Co. 140,591 shares of 5M%
cum. pref. stock (par $100).
Purpose, refund 6% and 6)4%
pref. stock.
Price, $107.50 per share.
First offered in
exchange to holders of 6 H % and 6% pref. stock; unexchanged
amount
underwritten and offered
by Lehman Brothers;
Goldman, Sachs & Co.; First Boston Corp.; Glore, Forgan
& Co.; Blyth & Co., Inc.; Harriman Ripley & Co., Inc.;
Lazard Freres & Co.; Stone & Webster and Blodget, Inc.;
A. C. Allyn & Co., Inc.; Bacon, Whipple & Co.; Bear, Stearns
& Co.; A. G. Becker & Co., Inc.; Blair, Bonner & Co.; Blair
& Co., Inc.; Bonbright & Co., Inc.; Bosworth, Chanute,
Loughridge & Co.; H. M. Byllesby & Co., Inc.; Central
Republic Co.; City Securities Corp.; Paul H. Davis & Co.;
Far well, Chapman & Co.; Field, Richards & Co.; Francis,
Bro. & Co.; Graham, Parsons & Co.; Hallgarten & Co.;
Harris, Hall & Co. (Inc.); Hayden, Stone & Co.; Hemphill,
Noyes & Co.; W. E. Hutton& Co.; The Illinois Co. of Chicago;
Indianapolis Bond & Share Corp.; Jackson & Curtis; Kidder,
Peabody & Co.; Kiser, Cohn & Shumaker, Inc.; Knight,
Dickinson & Kelly, Inc.; Lee Higginson Corp.; W. L. Lyons
& Co.; Laurence M. Marks & Co.; F. S. Moseley & Co.;
G. M.-P. Murphy & Co.; Otis & Co.; Paine, Webber & Co.;
Gavin L. Payne & Co., Inc.; Arthur Perry & Co., Inc.;
Piper, Jaffray & Hopwood; Riter & Co.; E. H. Rollins &
Sons, Inc.; L. F. Rothschild & Co.; Schoellkopf, Hutton &
Pomeroy, Inc.; Schwabacher & Co.; Shields & Co.; I. M.
Simon & Co.; Smith, Barney & Co.; Stein Bros. & Boyce;
Stern Brothers & Co.; Stern, Wampler & Co., Inc.; Stifel,
Nicolaus & Co., Inc.; Tucker, Anthony & Co.; Union Securi¬
ties Con).; Wells-Dickey Co.; Wertheim & Co.; White, Weld
& Co.; Dillon, Read & Co. and Kuhn, Loeb & Co.
IRON.
OTHER
and
one
university.
Sale
435,000 Chefford Master Mfg. Co., Inc., 72,500 shares of common
stock (par $4).
Purpose, repay RFC loan ($36,572), bank
loans, &c., additional working capital.
Price, $6 per share.
Offered by Duryea & Co.
231,200 Russell Manufacturing Co., 18,496 shares of capital stock
(no par).
Purpose, working capital.
Price, $12.60 per share.
Offered first to stockholders; unsubscribed portion offered by
Tobey & Co. and Aldrich & Co.
475,000 Superior Tool & Die Co., 200,000 shares of common stock
(par $1).
Purpose, expansion and working capital.
Price,
$2,375 per share.
Offered by Baker, Simonds & Co.
302,000 Standard Aircraft Products, Inc., 40,000 units consisting
of 40,000 shares of cum. conv. pref. stock (par $7.50 per sh.)
and 20,000 shs. of common stock (par 10c.).
Purpose, pur¬
chase of constituent company, working capital, &c.
Price,
$7.55 per unit (each unit consisting of 1 sh. of pref. and J4 sh.
of common stock).
Offered by Hill, Thompson & Co., Inc.
2,500 Standard Aircraft Products, Inc., 25,000 shares of com¬
mon stock (par 10c.).
Purpose, working capital, &c.
Price,
10c. per share.
Sold by Hill, Thompson & Co., Inc.
6,000,000 Westvaco
Products
Corp.,
60,000
shares
of
pref. stock and underwritten by F. Eberstadt & Co., Inc.;
Eastman, Dillon & Co.; Lee Higginson Corp.; Coffin & Burr,
Inc.; E. H. Rollins & Sons, Inc.; Riter & Co.; G. H. Walker
& Co.; Jackson & Curtis; Milwaukee Co.; Wisconsin Co.;
Ames, Emerich & Co., Inc.; Laurence M. Marks &
Co.;
Equitable Securities Corp.; Francis, Bro. & Co., Stern Broth¬
ers & Co.; Alex. Brown & Sons; Merrill Lynch, E. A. Pierce
& Cassatt; Moore, Leonard & Lynch; Schwabacher & Co.;
Starkweather & Co.; Spencer Trask & Co.: Whiting, Weeks
& Stubbs, Inc.; Stix & Co.; Boettcher & Co.; Bankamerica Co.;
Brush, Slocumb & Co.; Davis, Skaggs & Co.; W. W. Lanahan
& Co., and Stein Bros. & Boyce.
negotiated
1,750,000 (L. C.) Smith & Corona Typewriters, Inc., 2%-3% 10-year
debentures,
due
1941-1950.
Purpose, refund out¬
standing debentures ($1,050,000), pay bank loans ($600,000),
general corporate purposes.
Priced to yield 0.75% to 3%,
according to maturity.
Offered by F. S. Moseley & Co.:
Riter & Co.; Hemphill, Noyes & Co.; White, Weld & Co.;
Coffin & Burr, Inc., and Bioren & Co.
serial
Chlorine
$4.50 cum. pref. stock (no par).
Purpose, refunding.
Price,
$100 per share and div.
Offered in exchange for old 5%
through Hemphill, Noyes & Co. and Putnam & Co.
$25,125,000
INDUSTRIAL AND MANUFACTURING
$100,000 Arizona Brewing Co., 10,000 shares of 7% cum. pref. stock
(par $10).
Purpose, retire mortgage loans ($36,296), taxes
and bank loans ($29,963), working capital.
Price, $10 per
share.
Offered by Dahlberg, Durand & Co.
Sachs & Co.
companies
STEEL, COAL, COPPER, &c.
*$999,985 Vanadium Corp. of America, 28,571 shares of common
stock (no par).
Purpose, retire bank loans (issued early in
1940 to retire debs.) ($375,000), enlarge and improve manu¬
facturing facilities.
Price, $35 per share.
Sold privately
to Air Reduction Co., Inc.
*2,375,000 Hartford Times, Inc., serial 94 %-3)4 %> notes, due to 1950.
Purpose, refunding.
Sold privately to three banks, four
insurance
1,
$7,545,700
The Commercial & Financial Chronicle
3300
MISCELLANEOUS
$360,000 La Salle Industrial Finance Corp., 35,000 shares of class A
stock
(par $2).
Purpose, refund pref. stock
($41,250),
working capital.
Price, $10 per share.
(The 35,000 shares
35,000 shares of common stock [par $1]
offered in units of 1 sh. ot each at $11.50 per unit, but
of class A stock and
were
only proceeds of class A (or $10 per sh.]
was
of
company.)
Offered by Heinzelmann,
Inc., and Floyd D. Cerf Co.
offered in behalf
Ripley & Co.,
6,000,000 McCrory Stores Corp., 60,000 shares of 6% cum. pref.
stock (par $100).
Purpose, redeem 6% pref. stock ($5,500,000), working capital.
Price, $105 per share (with common
stock purchase warrant to purchase 2H shs. of common stock
for each share of preferred).
Offered first to stockholders.
Unsubscribed shares offered by Merrill Lynch, E. A. Pierce
& Cassatt; Kidder, Peabody & Co.; Goldman, Sachs & Co.;
Hemphill, Noyes & Co.; Hornblower & Weeks; Lehman
Brothers; Baker, Watts & Co.; A. G. Becker & Co., Inc.;
F. 8. Moseley & Co.; Fuller, Rodney & Co.; Ferris & Hardgrove; Folger, Nolan & Co., Inc.; Johnson, Lane, Space &
Co., Inc.; Mitchum, Tully & Co., and Stern, Wampler & Co.
Dec.
vate investor of medium
or
much money.
runs
Therefore,
to be taken away
'H';■;>v/'I-
ernment—on the broadest
FARM
LOAN
AND
GOVERNMENT
AGENCY
That there is
that it is
a
33,165,000 Federal Intermediate Credit Banks *A% consolidated
debentures, due $14,615,000 9 months and $18,550,000 12
months.
Purpose,
refunding.
Price,
slightly over par.
Offered by Charles R. Dunn, New York, fiscal agent.
500,000 Denver Joint Stock Land Bank 1*4% Farm Loan bonds
dated Dec. 1, 1940, due Dec. 1, 1944, optional 1941.
Pur¬
pose, refunding.
Price, 100*4.
Offered by R. K. Webster
& Co., Inc., and Boettcher & Co.
800,000 Virginian Joint Stock Land Bank of Charleston, W. Va.i
1% Farm Loan bonds dated Dec. 1, 1940, due Dec. 1, 1944>
optional Dec. 1, 1941.
Purpose, refunding.
Price. 100.
Offered by Lee Higginson Corp. and E. H. Rollins & Sons, Inc.
$10L465,000
the argument, it ought
possible interpretation of
than accident behind it ail-
more
program
and not merely an impersonal
trend—may be gathered from the current Washing¬
ton talk of further
further taxes
on
time that
very
ISSUES
large income, "saves" too
the word "investment."
y
$67,000,000 Federal Home Loan Banks consolidated debentures, dated
Nov.
15, $15,000,000 series F y2%, due Apr. 15, 1941;
$52,000,000 series G %%, due Apr. 15, 1942.
Purpose,
$25,000,000
refunding;
$42,000,000
new
capital.
Price,
series F, to yield about 0.20%; series G, to yield about 0.45%
Offered by Everett Smith, New York financial
representative^
1940
from him and invested by the Gov¬
corporate taxation—which
stockholders.
ing about the need for
$6,350,000
7,
city
tax
more
far, that "we didn't spend enough" in
previous years.
The budget-balancing argument is
being groomed for
of
use
against stockholders in the
taxes, but is kept in the closet when
new
the vested interests of farms, relief
the modern horde of Federal
being heard.
are
at the
revenues
of the idea-men in the capital
some
concluding, from the results of the defense
are
program so
form
means
Washington is talk¬
recipients, and
beneficiaries
revenue
On the other hand the pump-prim¬
ing argument, which is fetched out to justify heavy
Government
expenditures year in and
out, is
year
'
mentioned
never
ISSUES NOT
REPRESENTING
NEW
$166,400 Boston Edison Co., 5,200 shares of capital stock (par $25).
Price, $32 per share.
Offered by F. 8. Moseley & Co. and
The First Boston Corp.
331,500 Central Fibre Products Co., Inc., 13,260 shares of 6%
Eref. stock& (par $25). Price, $20 per share. Offered by
railsford
Co.
198,608 Central Fibre Products Co., Inc., 24,826 shares of common
stock (par $5).
Price, $8 per share.
Offered by Brailsford
& Co.
60,750 Chefford Master Mfg. Co., 10,125 shares of common stock
(par $4).
Price, $6 per share.
Offered by Duryea & Co.
52,500 La Salle Industrial Finance Corp. 35,000 shares of com¬
mon stock (par $1).
Price, $1.50 (but see above).
Offered
by Heinzelmann Ripley & Co., Inc., and Floyd D. Cert Co.
142,875 Liggett & Myers Tobacco Co., 1,500 shares of common
stock class B
(par $25).
Price, 95*4.
Offered by Shields
& Co.
"
i
when
fresh
taxes
under
are
con¬
FINANCING
i
70,000 (G. C.) Murphy Co., 1,000 shares of common stock (no par)*
Price, $70 per share.
Offered by Shields & Co.
sideration, though the quickest
pump"
increase the Treasury deficit—if that is
or
wanted—would be to lower
taxes, not raise them.
The net result is that every
outlook is
crease
expenditures
cut.
to increase taxes.
or
And the
and
power
change in the national
capitalized by Washington either to in¬
is
ever
to "prime the
way
more
for
money
steadily less for the
Neither
upshot of that is steadily
more
Washington—and
stockholder, be he rich,
common
middle-class.
poor or
574,500 Owens-Illinois Glass Co., 12,000 shares of common stock
(par $12.50).
Price, 47Offered by Wertheim & Co.
and Lehman Brothers.
The
274,336 Pennsylvania Forge Corp., 29,658 shares of common stock
(par $1).
Price, $9.25 per share.
Offered by E. H. Rollins
2,712,500 Standard Oil Co. (Ind.), 100,000 shares of capital stock
(par $25).
Price, 27M.
Offered by Dillon, Read & Co.
4,368,000 Terminal RR. Association of St. Louis, ref. & impt. 3%%
series B bonds, due 1974.
Price, 105.
Offered by Halsey,
Stuart & Co., Inc., and Otis & Co., Inc.
•
both
for
refunding
is that both
The Stockholders9 Dilemma
today,
higher.
the earnings available for dividends
as
taxed away,
shrink, this
and dividends correspondingly have
source
available,
But
If
a
of
"capital is
fresh
on
strike,"
either
or
advisers
are
they
or
will
that "private
run
step in and put
through RFC loans,
ernment investment.
the
fail,
equity investment have
the Government will
of
care
problem all thought out.
sources
argue
sources
dry."
up
Then
the money,
through direct Gov¬
Already the Administration's
using the defense
program
to widen
through which Government investment
gap
flowing into private business.
is
over
are
that
So far the Govern¬
by the time the defense
the Administration will have
con¬
the Government into many other in¬
dustries, such
as
In
so
chemicals, metal-working, iron and
as
this argument doesn't
work, another
argument is being sharpened up to wield
stockholder.
It is
as
Gov¬
1940 highs this week,
new
fractionally higher.
or
registered
%
advanced
small
122;
to
gains.
Terminal
well
lower-grade rail
as
issues
Northern Pacific 4s, 1997,
Atlantic Coast Line 4s, 1952, gained 1%
junior and division liens of Erie RR.
no
being argued that he,
on
as a
the
pri¬
interest
great
has
developed
High grades fluctuated in
been little affected
the easy
sold off
money
a
in
very
any
particular
narrow
1960.
group.
and have
range
by recommendations to the effect that
era
be brought to
an
Lower
end.
moderately, but later recovered, with
developments to account for such action.
mand
no
grades
significant
Considerable de¬
developed for Third Avenue Railway 4s and 5s, due
New
financing
was
limited
to
the
one
offering of
$53,000,000 Boston Edison Co. mortgage bonds, which, how¬
ever, aroused
interest, since the bonds bore the lowest
rate of any long-term utility
coupon
issue publicly offered to date.
Mixed changes have been observed among industrial bonds
week,
but they have been
the down side favored.
steel
company
have been
primarily fractional, with
Fractional declines occurred among
obligations,
generally steady.
and petroleum company
issues
In the meat packing company
classification, the Wilson & Co. 4s, 1955, have been off frac¬
tionally, but the convertible 3%s, 1947, gained 1
a
price
of
103%.
Retail
selling
company
on
the week
obligations
have been weak; the Childs Co. 5s,
28%.
tures
so on.
far
1960,
an¬
Defaulted rails have been higher, with must inter¬
est in the
at
trived to put
steel, and
69%.
this
gone into private business in a big way
only in housing, insurance, and hyrdo-electric power.
But the indications
be
The prevailing sentiment
have
in active trading.
advanced 1% to 73.
at
is
ment has
program
offering,
to
Price movements in utility bonds have been irregular and
far-seeing Government is taking
capital
new
money,
bond issue will be offered.
bonds
Medium-grade
scored gains
''v;:.''.
Its idea-men have the
private
that
of funds will be less and less
>
4%s,
large
Railroad Association of St. Louis 4s, 1953, at 110% were %
{Concluded from page 3295)
that.
a
a
additional
have been firm
High-grade railroad
Pennsylvania
to
note and
a
and corporate®
are
for
nounced probably within a week.
Indicates issues placed privately.
But
and
ernment bonds have advanced to
$8,951,969
*
Course of the Bond Market
The Government bond market faces
& Sons, Inc.
\
1943, lost 1% points at
In the amusement classification the Paramount Pic¬
conv.
back %
3%s, 1947, following
Among foreign
upon
a
gain last week, dropped
to 96.
bonds
Argentine
the announcement of the
loan from this country;
issues
new
rallied
currency
strongly
stabilization
other South American loans have
Volume
been
The Commercial & Financial Chronicle
151
weaker,
issues continued
changed.
German
PRICES
U.
S.
All
120
Govt.
All
120 Domestic
'
Averages
Corp.
Corporate by Groups
Indus.
Baa
RR.
3.36
4.47
4.04
3.12
3.36
2.71
2.91
3.36
4.47
4.04
3.13
2.93
3.37
2.71
2.92
3.36
4.48
4.05
3.13
2.93
3
3.37
2.71
2.92
3.36
4.48
4.04
3.13
2.93
2.
Indu*
92.28
99.31
117.07
121.27
6— 119.00
112.05
126.37
121.72
112.05
92.28
99.31
116.86
121.27
5—
118.95
111.84
126.37
121.49
112.05
92.12
99.14
116.86
121.27
4
3__ 118.86
111.84
126.37
121.49
112.05
92.12
99.31
116.86
121.27
4
P.
120 Domestic
by Ratings
2.91
U.
112.05
A
120 Domestic Corporate
2.71
RR.
121.72
Aa
AVERAGES
3.36
Baa
126.37
Aaa
yield averages
tic
112.05
Corp.*
prices and bond
Domes¬
Corporate by Groups *
J
6._ 118.98
Averages
Dec.
120
1940
tic
by Ratings
5%s and
(Based on Individua Closing Prices)
120 Domestic Corporate *
Domes¬
Bonds
stronger
some
the Taiwan
Development Co.
MOODY'S BOND YIELD
t
Daily
1940
as
given in the following tables:
are
(Based on Average Yields)
Daily
with
irregular,
such
issues
Moody's computed bond
erately, while Italian 7s gained about 3 points; there has
MOODY'S BOND
continued
utility
the
those of the Oriental
off mod¬
sold
issues
bonds
in
spots
Australian
depressed and Canadian loans have been
fractionally
slight improvement in Danish and Norwegian loans.
a
Japanese
suspended to free
funds for the purchase of essential goods here.
only
been
notably Chilean issues, following the declara¬
tion that amortization of bonds would be
3301
Dec.
6—
•
Aaa
A
Aa
P.
V.
2.93
2— 118.82
111.84
126.37
121.49
112.05
92.12
99.31
116.86
121.27
3.37
2.71
2.92
3.36
4.48
4.04
3.13
2.93
Nov.30._ 118.84
111.84
126.13
121.49
112.05
92.28
99.31
116.86
120.59
Nov. 30
3.37
2.72
2.94
3.36
4.47
4.04
3.13
2.96
29— 118.80
111.64
126.13
121.04
111.84
92.28
99.14
116.86
120.82
29
3.38
2.72
2.94
3.37
4.47
4.05
3.13
2.95
28.. 118.85
111.64
126.13
121.04
111.84
92.12
99.14
117.07
120.59
28
3.38
2.72
2.94
3.37
4.48
4.05
3.12
2.96
27- 118.96
111.64
125.90
121.27
111.84
92.28
99.14
117.07
120.59
27
3.38
2.73
2.93
3.37
4.47
4.05
3.12
2.96
26- 118.86
111.84
125.90
121.27
111.84
92.59
99.31
117.07
120.82
26.
3.37
2.73
2.93
3.37
4.45
4.04
3.12
2.95
25.. 118.74
111.64
125.90
121.04
111.64
92.43
99.14
117.07
120.59
25
3.38
2.73
2.94
3.38
4.46
4.06
3.12
23— 118.67
111.64
125.90
121.04
111.64
92.28
98.97
116.86
120.59
23
3.38
2.73
2.94
3.38
4.47
4.06
3.13
2.96
j22— 118.67
111.64
125.90
120.82
111.64
92.28
98.97
116.86
120.69
22
3.38
2.73
2.95
3.38
4.47
4.06
3.13
2.96
21
Stock
Stock
21-
Exchan ge
Clos ed
Exchan ge
2.96
Clos ed
20- 118.67
111.43
125.66
120.82
111.64
92.28
99.14
116.64
120.59
20-
3.39
2.74
2.95
3.38
4.47
4.05
3.14
2.96
19- 118.65
111.64
125.90
120.82
111.43
92.43
99.14
116.64
120.59
19
3.38
2.73
2.95
3.39
4.46
4.05
3.14
2.96
18— 118.57
111.43
125.66
120.82
111.43
92.43
99.14
116.64
120.37
18.
3.39
2.74
2.95
3.39
4.46
4.05
3.14
2.97
16- 118.49
111.43
125.66
120.82
111.43
92.28
99.14
116.64
120.14
16
3.39
2.74
2.95
3.39
4.47
4.05
3.14
2.98
15— 118.63
111.43
125.42
120.82
111.43
92.28
99.14
116.64
120.14
15
3.39
2.75
2.95
3.39
4.47
4.05
3.14
2.98
14.. 118.61
111.43
125.42
120.82
111.23
92.28
98.97
116.43
120.14
14
3.39
2.75
2.95
3.40
4.47
4.06
3.15
2.98
13- 118.55
111.23
125.19
120.82
111.03
92.28
98.80
116.43
120.14
13
3.40
2.76
2.95
3.41
4.47
4.07
3.16
2.98
12- 118.67
111.23
125.19
120.69
111.03
92.12
98.80
116.43
119.92
12
3.40
2.76
2.96
3.41
4.48
4.07
3.15
2.99
11—
Exchan ge
11
Stock
9
3.41
2.77
Clos ed
3.42
2.97
4.48
4.08
3.16
3.00
Stock
L
Clos ed
118.35
111.03
124.95
120.37
110.83
92.12
98.62
116.21
119.69
8— 118.29
111.03
124.95
120.37
110.83
91.97
98.46
116.21
119.69
7— 118.08
110.63
124.72
119.92
110.63
91.81
98.28
116.21
119.47
6- 117.19
110.43
124.72
119.69
110.24
91.20
97.95
115.78
118.81
9
Stock
5-
Exchan ge
Exchan ge
8
2.77
2.97
3.42
4.49
4.09
3.16
3.00
3.43
2.78
2.99
3.43
4.50
4.10
3.16
3.01
6
3.44
2.78
3.00
3.45
4.54
4.12
3.18
3.04
5
Clos ed
3.41
7
"■■•y
Stock
3.45
2.79
3.01
3.46
4.54
4.12
3.19
3.04
Exchan ge Clos ed
119.47
110.04
91.20
97.95
115.57
118.81
4
124.48
119.69
110.24
91.35
97.95
115.78
118.81
2
3.44
2.79
3.00
3.45
4.53
4.12
3.18
3.04
124.48
119.69
110.24
91.35
98.11
115.78
118.81
1
3.44
2.79
3.00
3.45
4.53
4.11
3.18
3.04
4- 117.06
110.24
124.48
2- 117.02
110.43
1— 117.00
110.43
Weekly—
Weekly—
110.24
124.72
115.78
118.81
26
3.45
2.78
3.00
3.46
4.54
4.13
3.18
3.04
19.. 116.85
110.24
124.72
119.69
109.84
91.20
97.61
116.00
118.81
19-
3.45
2.78
3.00
3.47
4.54
4.14
3.17
3.04
11— 116.64
109.84
124.48
119.03
109.44
90.75
97.28
115.78
117.94
11-
3.47
2.79
3.03
3.49
4.57
4.16
3.18
3.08
5- 116.83
109.84
124.48
119.25
109.44
90.75
97.28
116.00
117.94
5
3.47
2.79
3.02
3.49
4.57
4.16
3.17
3.08
Sept.27— 116.67
109.44
124.02
119.25
108.85
89.99
96.61
115.78
117.60
Sept. 27
3.49
2.81
3.02
3.52
4.62
4.20
3.18
3.10
20.. 116.54
109.24
123.79
119.47
108.66
89.55
96.11
115.57
117.72
20
3.50
2.82
3.01
3.53
4.65
4.23
3.19
115.57
117.29
13
3.52
2.83
3.02
3.53
4.70
4.26
3.19
3.11
Oct. 26— 116.92
97.78
91.20
110.04
119.69
Oct.
3.09
13.. 116.17
108.85
123.66
119.25
108.66
88.80
95.62
6- 116.17
109.05
123.56
119.69
108.85
89.10
96.78
115.67
117.72
6
3.61
2.83
3.00
3.62
4.68
4.25
3.19
3.09
Aug. 30.. 115.70
23.. 115.56
108.46
123.33
119.03
108.46
88.36
95.13
115.14
117.29
Aug. 30
3.54
2.84
3.03
3.54
4.73
4.29
3.21
3.11
108.27
123.33
118.81
108.46
87.93
94.81
114.93
117.29
23
3.55
2.84
3.04
3.54
4.76
4.31
3.22
3.11
16.. 115.14
108.08
122.86
118.81
108.08
87.49
94.65
114.72
116.64
16
3.56
2.86
3.04
3.56
4.79
4.32
3.23
3.14
117.07
9
3.54
2.86
3.02
3.54
4.76
4.28
3.22
3.12
2
3.55
2.85
3.02
3.55
4.76
4.28
3.23
26
3.56
2.87
3.01
3.57
4.78
4.29
3.24
3.15
19
3.65
2.87
3.01
3.57
4.76
4.29
3.23
8.15
12
9.. 115.45
108.46
122.86
119.25
108.46
88.07
95.29
114.93
2.. 115 68
108.27
123.10
119.25
108.27
87.93
95.29
114.72
116 86
July 26.. 115.56
108.08
122.63
119.47
107.88
87.64
95.13
114.51
116.43
115.63
108.27
122.63
119.47
107.88
87.93
95.13
114.72
116.43
12.. 115.66
107.88
122.40
119.47
107.69
114.93
116.43
19-
July
3.13
87.49
94.65
3.57
2.88
3.01
3.58
4.79
4.32
3.22
3.15
5- 115.68
107.69
122.63
119.25
107.69
86.50
93.69
114.72
116.43
5
3.58
2.87
3.02
3.58
4.86
4.38
3.23
3.15
June 28— 115.21
106.92
122.17
118.81
106.73
85.52
92.75
114.09
115.78
June 28
3.62
2.89
3.04
3.63
4.93
4.44
3.26
3.18
21— 115.37
106.17
122.17
118.38
106.36
84.28
91.81
113.48
115.57
21
3.66
2.89
3.06
3.65
5.02
4.50
3.29
3.19
14.. 114.73
105.04
121.27
117.50
105.41
82.66
90.44
112.45
114.72
14__
3.72
2.93
3.10
3.70
5.14
4.59
3.34
7.. 113 15
103.93
119.47
116.43
104.48
81.87
89.40
111.43
113.27
3.78
3.01
3.15
3.75
5.20
4.66
3.39
3.30
5.22
4.67
3.41
3.33
5.20
4.64
3.41
3.36
3.33
3.23
7
May 31.. 113.14
103.56
118.60
116.21
103.93
81.61
89.25
111.03
112.66
May 31
3.80
3.05
3.16
3.78
24- 113.06
103.56
118.81
115.57
104.11
81.87
89.69
111.03
112.25
24
3.80
3.04
3.19
3.77
4.97
4.47
3.23
17- 113.73
105.79
120.37
117.72
105.79
84.96
92.28
112.66
114.72
17
3.68
2.97
3.09
3.68
10- 115.51
108.46
123.33
119.25
107.88
88.36
94.97
114.72
117.72
10
3.64
2.84
3.02
3.57
4.73
4.30
3.23
3- 116.36
109.24
123.79
120.37
108.66
88.95
95.29
115.57
118.81
3
3.50
2.82
2.97
3.53
4.69
4.28
3.19
3.04
116.18
108.85
123.79
120.14
108.08
88.51
94.81
114.93
118.81
Apr. 26
3.52
2.82
2.98
3.56
4.72
4.31
3.22
3.04
19- 116.94
88.07
4.75
Adt. 26—
3.09
108.46
123.56
119.92
107.30
94.33
114.51
118.38
19
3.54
2.83
2.99
3.60
4.34
3.24
3.06
12.. 116.38
108.27
123.56
119.69
107.11
87.93
94.33
114.30
118.38
12
3.55
2.83
3.00
3.61
4.76
4.34
3.25
3.06
117.10
108.66
124.25
119.92
107.30
88.51
94.81
114.51
118.81
5
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
Mar.29— 116.87
107.88
123.66
119.25
106.92
87.49
93.85
113.89
118.38
Mar. 29
3.57
2.83
3.02
3.62
4.79
4.37
3.27
3.08
21.. 116.36
107.69
123.66
119.03
106.36
87.49
93.85
113.68
117.94
21
3.68
2.83
3.03
3.65
4.79
4.37
3 28
3.08
15- 116.74
107.49
123.33
118.81
107.17
87.35
93.69
113.68
117.50
15
3.59
2.84
3.04
3.66
4.80
4.38
3.28
3.10
8— 116.03
107.49
123.10
118.38
106.17
87.21
93.69
113.07
117.72
8
3.59
2.85
3.06
3.66
4.81
4.38
3.31
3.09
1— 115.-42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
117.07
1
3.61
2.87
3.06
3.68
4.82
4.39
3.32
3.12
Feb. 23.. 116.32
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
Feb. 23
3.60
2.85
3.05
3.68
4.83
4.37
3.33
3.12
16- 116.48
107.49
123.33
118.81
105.98
87.07
94.01
112.86
117.60
16.
3.69
2.84
3.04
3.67
4.82
4.36
3.32
3.10
9„ 115.44
107.30
122.86
118.81
105.98
86.92
94.01
112.66
117.29
9
3.60
2.86
3.04
3.67
4.83
4.36
3.33
2
3.62
2.87
3.05
3.70
4.84
4.38
3.34
3.13
27__
3.62
2.87
3.06
3.70
4.85
4.38
3.35
3.13
6-
3.11
2.. 116.43
106.92
122.63
118.60
105.41
86.78
93.69
112.45
116.86
Jan. 27- 115.54
106.92
122.63
118.38
105.41
86.64
93.69
112.25
116.86
105.41
86.21
93.21
112.25
116.43
20
3.64
2.88
3.08
3.70
4.88
4.41
3.36
3.16
Jan.
20- 115.66
106.54
122.40
117.94
13- 115.96
106.73
122.40
118.16
105.60
86.50
93.53
112.25
116.64
13
3.63
2.88
3.07
3.69
4.86
4.39
3.35
3.14
6- 116.03
106.92
122.86
117.72
105.60
87.07
93.85
112.45
116.64
6
3.62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
3.19
3.78
5.24
4.68
3 42
3.36
High 1940 119.00
112.05
126.37
121.72
112.05
92.59
99.31
117.07
121.27
High 1940
3.81
3.05
1940 113.02
103.38
118.60
115.57
103.93
81.35
89.10
110.83
112.05
Low 1940
3.36
2.71
2.91
3.36
4.45
4.04
3.12
2.93
112.05
116.43
High 1939
4.00
3.34
3.55
4.10
6.26
4.76
3.76
3.64
104.30
106.64
Low 1939-
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
3.70
2.95
3.16
3.76
4.92
.4,4 7.
3.40
3.23
3.95
3.09
3.43
4.02
5.27
4.83
3.63
3.40
Low
106.92
1
122.40
118.60
105.22
87.78
100.00
High 1939 117.72
Low 1939 108.77
94.33
112.45
108.27
98.28
81.09
87.93
105.41
Dec. 6 '39 114.39
120.82
104.30
85.65
92.28
111.23
114.72
Dec. 6, 1939
99.66
116.21
80.96
86.92
106.73
111.23
Dec. 6, 1938
2
2 Yrs.Ago
100.88
Dec. 6 '38 112.38
*
level
Year Ago—
1
Yr. Ago
117.72
110.63
Years
Ago—
yields on the basis of one "typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
These prices are computed from average
or
the average
jrieid averages, the latter being the truer picture of the bond market.
t rhe latest complete list of bonds used In computing these indexes was
published In the Issue of July 13. 1940. page 160.
Indications of Business
■—
THE
STATE
TRADE—COMMERCIAL
OF
—
,
■
■
EPITOME
Friday Night, Dec. 6, 1940.
■
.
Activity
i
..
labor will be heard in many quarters
working
on
where companies are
rush orders from the Government.
This pros¬
expand after its slight
setback last week
Thanksgiving Day holiday.
The "Journal of Commerce" index rose to 114.5 as compared
pect, together with the great uncertainties connected with
the European war, especially in its present stage, undoubt¬
Business and
industrial reports generally were highly favorable, but they
produced no appreciable effect upon the stock market, which
appears in the doldrums.
While news from the seat of war
has been somewhat depressing, especially as concerns the
high rate of destruction of British shipping, it has not been
without
its encouraging side; this having reference, of
course, to the wonderful success of the Greek forces in
their struggle with the Italians.
However, there is a great
sponding in a vigorous way to the bullish trade and indus¬
Business
activity
continued
due to the
105.5
with 111.5 a week ago and
cloud
looming
in
the
to
domestic
apprehension in many quarters.
labor
trouble
brewing
in
many
a
year ago.
picture
that
is
cause
fox-
There are indications of
lines.
Settlement of the
Vultee strike did
anything but solve the problem, and there
is
to
every
reason
believe
that
increased
demands
from
edly is doing much to prevent the stock market from re¬
trial reports.
Recurrent talk of the
no
possibility of
a
steel shortage finds
substantiation in the steel industry itself or among its
of the
customers, the "Iron Age" says in its current survey
industry, issued this week.
A careful check has failed to
reveal a single instance of importance in which either a
defense
plant or a non-defense plant has been affected in
its operations
by lack of steel, the review declares.
On the
contrary, nearly all steel consumers are now comfortably
situated as to inventories, and while deliveries are ex¬
tended
on
nearly
all
products,
complaints
of
steel
com¬
panies' service are no more common than would occur under
normal conditions.
The Commercial & Financial Chronicle
3302
delays there may be in the national defense
"Whatever
not the result of the inability of the steel
industry to furnish its products as required, but are due to
other conditions, such as frequent changes in designs and
are
program
specifications for ordnance material,"
.'.x''
industry frankly
tinues.
steel
"The
does
Dec.
22 to 37; Cleveland, 15 to 30; Detroit,
64 ; Savannah, 38 to 67; Kansas
20 to 31; Cincinnati,
19 to 27; Charleston, 40 to
City, 39 to 62; Salt Lake City, 29 to 53, and Seattle, 44 to 52.
the magazine conbelieve
not
that
the
Car
Loadings Total 728,525 Cars in Week Ended Nov. 30,
"1940
■
but even if that were likely to be the case it does*
advocate the building of new capacity but rather the
Loading of revenue freight for the week ended Nov. 30
program,
not
Obstacles to an abso¬
lute maximum output of steel lie in supplies of pig iron,
coke and scrap, rather than in melting capacity, which is
held to be sufficient if used in the most efficient way."
Production by the electric light and power industry of
the United States reached another new all-time high during
the week ended Nov. 30—the sixth such recording in two
months—when 2,795,634,000 kwh. were produced, accord¬
utilization of existing capacity.
released this week by the Edison Electric
ing to figures
Output for the latest reporting period
Institute.
was
100,-
203,000 kwh. over the 2.695,431,000 kwh. recorded in the
preceding week, and 256,857,(K)0 kwh, or 10.1%, above the
2,538,777,000 kwh. for the week ended Dec. 2, 1939.
Loading of revenue freight for the week ended Nov. 30
totaled 728,525 cars, according to reports filed by the rail¬
roads with the Association of American Railroads and made
This was a decrease of 4,963 cars below the
preceding week this year, 43,029 more than the correspond¬
ing week in 1939, and 79,991 above the same period two
years ago.
This total was 118.51% of average loadings for
the corresponding week of the 10 preceding years.
Engineering construction awards for the week, $110,503,000, top their values for the fourteenth straight time.
They are 91% higher than a year ago and 24% higher than
a
week ago as reported by "Engineering News-Record."
public today.
The increased volume of defense construction is responsible
Public awards top last week by 59% and
last year by 144%, while private awards are 39% and 4%%
lower than a week ago and a year ago.
The week's awards
bring 1940 construction to $3,699,042,000, an increase of 29%
over the 40-week period last year.
Private construction is
for the
gains.
Public awards are 29% higher than a year ago
287% gain in Federal work.
Jesse H. Jones, Secretary of Commerce, predicted today
that this year's volume of Christmas business will break
all previous records.
Despite prevailing lower prices, the
up
27%%.
as a
result of the
dollar value
totaled 728,525 cars,
announced
on
Dec. 5.
the Association of American Railroads
This was an increase of 43,029 cars or
6.3% above the corresponding week in 1939 and an increase
of 79,991 cars or
12.3% above the
Miscellaneous freight loading totaled
cars
current business
picture, He pointed out that factory pay¬
rolls are now higher than at any time since 1929, while
income payments will reach a new high for the year in this
last quarter.
tributed
are
Christmas savings club funds
now
being dis¬
greater than those of 1939.
slight tapering off in car and truck production was
reported by Ward's Reports, Inc., today, in its weekly sur¬
vey of automobile factory activity.
Estimating this week's
assemblies at 124,790 cars and trucks, compared with 128,783
last
week
and
115,488 this week a
year ago,
Ward's said
that
"virtually all manufacturers have reached the peaks
fourth quarter output quotas."
It added that
although most producers will continue their manufacturing
steady at topmost levels of the year, minor taperings in
of
their
others would
cause a slow reduction of the industry-wide
operations in forthcoming weeks.
Freezing weather covered the entire country, except the
<
Loading of merchandise less than carload lot freight totaled 149,915 cars,
an
Increase of .9,696 cars
cars
above the preceding week, and an increase of 405
above the corresponding week in
temperatures
northeastern
central
area
Illinois
reported from
were
a
the
and
southeastern
Iowa.
In
as
more
minimum
north-
8 degrees to more than 20
from extreme northern Illinois north-,
temperatures from
zero
ward and northwestward.
Among the lowest reported on
Crosse, Wis.,
the morning of Dec. 3 were 26 degrees at La
and 29 degrees at Rochester, Minn.
The
bitterest
cold
of
the
originating in northby whistling northwest winds,
came to New York
City Tuesday evening and brought a
record low for the date when the temperature descended
to 13 degrees at 11 p. m.
The previous record for Dec. 3,
established in 1906, was 15 degrees.
Many parts of the
central Canada
season,
and carried
tier of northern
States from Lake Michigan to New York
under heavy snow. There was a fall
ranging from 13
to 16 inches in western and central
Michigan.
Twenty
inches fell at Jamestown, N. Y., in 24 hours.
The five de¬
were
a
substantial fall of
The weather was fair and cold
week In 1939.
Grain and grain products loading
cars,
an
increase of
products loading for the week of Nov. 30 totaled 19,853 cars, a decrease of
163
cars
below the preceding week, but an Increase of 2,645 cars above the
corresponding week in 1939.
the preceding week,
X''-'''y7xXX^Xi/X
■
•XXXV
amounted to 15,739 cars, a decrease of 80 cars below
Live stock loading
but an increase of 2,185 cars above the corresponding
week in 1939. In the Western districts alone, loading of Uve stock for the week
11,776 cars, a decrease of 545 cars below the preceding
of Nov. 30 totaled
week, but an increase of 1,909 cars above the corresponding week in 1939.
Forest products loading
totaled 38,521
cars, a
decrease of 562 cars below
the preceding week, but an increase of 3,757 cars
Ore
above the corresponding
X:
week in 1939.
'■
loading amounted to 17,684 cars, a decrease of 22,438 cars below the
preceding week, but an increase of 6,052 cars above the corresponding week
in 1939.
Xx- v,xxxx■ x"
vv"
x/xxx xy;
xy
■
Coke loading amounted to 12,687 cars, an increase of 488 cars above the
preceding week, and an Increase of 940 cars above the corresponding week
in 1939..;
X
X
:''X-;X XX';."V X
compared with the corresponding week
-"V..
All districts reported increases
•
■
■
in 1939 except the Allegheny and all districts reported increases over
except the Southwestern.
:y.,y
2,555,415
2,486,803
3,122,556
2,494,369
2,712,628
3,534,564
2,825,752
3,718,350
3,135,330
3,269,452
794,797
778,318
745,295
y
733,488
728,525
Four weeks of April....
Four weeks of May..—
....
—
Five weeks of August
—
..
Four weeks of October..
Week of Nov.
2
Weekof Nov.
....
9
—
Week of Nov. 10...
Week of Nov. 23
Week of Nov. 30..
Total...........
.....
...
31,349,937
2,256,717
2,155,536
2,746,428
2,120,471
2,185,822
2,759,658
2,272,941
3,040,100
2,288,730
2,282,866
2,976,655
2,225,188
33,635,702
Four weeks of February
Five weeks of March.
Four weeks of July
1938
1939
1940
Five weeks of June—.
1938
.
Four weeks of January
2,303,099
3,127,262
2,632,236
3,387,672
3,102,236
3,355,701
801,108
781,588
766,987
673,113
685,490
2,595,482
2,842,632
672,967
630,446
057,066
561,658
648,534
28,158,45 S
The first 18
major railroads to report for the week ended
a total of 343,385 cars of revenue
freight on their own lines, compared with 338,717 cars in the
preceding week and 330,954 cars in the seven days ended
Dec. 2,1939. A comparative table follows:
Nov.
30,
1940 loaded
REVENUE FREIGHT LOADED AND RECEIVED FROM
CONNECTIONS
(Number of Cars)
-X;.X':V;\
Loaded
Xyy;:'"'
on
Own Lines
Received from Connections
Weeks Ended—
Nov. 30 Nov. 23 Dec.
snow
1940
1940
New York Central Lines........
17,416
34,173
22,298
17,789
21,390
15,894
3,183
1,505
3,900
14,081
44,583
N. V. Chicago A St. Louis Ry...
Norfolk A Western Ry.........
0,129
21,518
Pennsylvania RR..............
Pere Marquette Ry....
.....
Pittsburgh A Lake Erie RR.....
Southern Padfio Lines..........
66,499
Atchison Topeka A Santa Fe Ry.
Baltimore & Ohio RR
Chesapeake A Ohio Ry.........
Chicago Burl. A Qulncy RR....
Ohio, Mllw. St. Paul A Pac. Ry..
Chicago A North Western Ry...
Gulf Coast Lines.—.
...
International Great Northern RR.
Mlssouri-Kansas-Texaa RR..,
Missouri Pacific RR
Wabash Ry.......
Total..-.
0,780
7,541
33,263
5,434
........
Weeks Ended—
.........
19,301
32,780
22,364
10,775
20,107
18,115
3,419
1,814
4,201
15,075
42,502
5,561
19,796
68,108
5,941
7,688
30,061
5,109
2, Nov. 30 Nov. 23
1939
17,992
34,186
22,010
15,396
18,829
13,780
2,825
1,479
3,871
14,192
40,454
5,965
19,086
71,749
5,430
7,202
29,825
Dec.
2,
1940
1939
6,325
17,881
10,559
6,871
8,000
11,553
1,422
7,210
18,426
10,274
2,162
2,218
2,753
9,277
41,264
10,995
6,142
43,671
5,670
3,011
5,163
15,873
10,060
7,567
7,574
10,268
1,262
2,066
2,471
8,464
41,408
10,573
4,717
41,788
5,557
6,390
8,324
8,565
1940
5,683
0,907
9,628
9,437
9,966
8,510
12,080
1,418
10,449
43,447
11,574
5,069
47,258
5,689
6,943
9,819
9,764
343,385 338,717 330,954 209,517 223,125 198,090
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended—
Nov. 23, 1940
Dec. 2,1939
22,709
33,247
13,492
23,048
33,287
14,440
21,317
30,709
12,245
69,448
71,375
64,331
Nov.
30,1940
and
Illinois Central System——
Friday
totaled 33,689
In the Western districts alone, grain and grain
corresponding week in 1939.
Chicago Rock Island A Pacific Ry.
on
above
366 cars above the preceding week, but a decrease of 4,533 cars below the
grees below zero in Chicago set a record there for the date.
Real wintry weather prevailed in the New York
City area
during the past week, with
low temperatures.
cars
western
Mississippi Valley and the upper Lake region, with
degrees below
increase of 1,788
preceding week, and an increase of 11,609 cars above the corresponding
considerable
and in the Midwest as far south
sections temperatures as low as zero occurred only locally
in northern Rocky Mountain districts.
At the close of the
week a mass of very cold polar air had overspread the
upper
1939.
Coal loading amounted to 143,746 cars, an
south Atlantic and Gulf districts and Pacific coast sections.
Sub-zero
increase of 5,779
cars, an
1939.
week in
corresponding
Four weeks of September...........
A
316,544
above the preceding week, and an increase of 23,154 cars above the
of goods
bought by holiday shoppers will be
Mr. Jones based his fore¬
heavy Christmas buying on many factors in the
of
week in 1938. Load¬
same
ing of revenue freight for the week of Nov. 30 was a decrease
of 4,963 cars or 7-10ths of 1% below the preceding week.
The Association further reported:
close to the 1929 mark, he said.
cast
36; Oklahoma
City, Mo., 43 to 57; Springfield, 111., 29 to
supply of steel will be a serious bottleneck to the defense
full
7, 1940
temperatures
Partly cloudy tonight
Saturday night is
the forecast.
The thermometer tonight is expected to drop
to 28 degrees in the city and 22 degrees in the suburbs.
Overnight at Boston it was 2 degrees below to 29 degrees
as
ranged from 19 degrees to 34 degrees.
St. Louis-San Francisco Ry......
Total
and Saturday, followed by rain or snow
above; Pittsburgh, 18 to 34; Portland, Me., 7 to 20; Chicago,
In the
following
undertake to show also the loadings
ended Nov. 23,
increases when
compared with the same week last year.
we
for separate roads and systems for the week
1940.
During this period 93 roads showed
The Commercial & Financial Chronicle
Volume IS 1
3303
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1940
Eastern DistrictAnn Arbor-.
1939
1940
1940
582
527
1,122
7,862
1,386
1,424
1,260
198
243
7,862
6,132
11,421
11,172
1,343
1,395
2,398
1,993
_
Central Indiana
Central Vermont———
505
1,259
1,351
13
44
48
1,365
1,457
1,059
2.343
2,295
4.879
4,418
3,495
7,337
8,430
8,291
6,948
16
—
Delaware A Hudson
Delaware Lackawanna A WestDetroit A Mackinac
Detroit Toledo A Ironton
Detroit a Toledo Shore Line-
24
8.406
8,950
7,846
477
545
431
117
141
2,594
2,360
1,915
291
246
12,609
12,069
4,224
10,136
3,947
13,539
5,318
148
103
127
1,805
1,703
2,175
1,405
8,365
8,564
2,934
1,213
6,726
Western—111—I
Lehigh A Hudson River.
I^hlgh A New England
Lehigh Valley...
-
Central.........__
3,194
12,522
7,519
2,041
1,675
6,673
2,458
8,211
7,935
2,219
2,184
IIIIIII
2,913
4,475
1,719
2,251
1,807
30
24
Lines I IIIII
43,344
37,403
30,893
42,605
37,858
N. Y. N. H. A Hartford
New York Ontario A Western.
10,918
10,208
7,663
14,103
12,831
844
1,105
2,022
4,248
11,574
1,764
9,871
1,509
1,391
I
Monongahela
Montour...
Central"
New York
1939
from Connections
Southern District—(Cond.)
Mobile A Ohio z
1,632
2,294
Nashville Chattanooga A St. L.
3,549
2,689
Norfolk Southern
1,098
1,103
912
453
394
325
Piedmont Northern.
Richmond Fred. A Potomac
1939
1940
1938
.....
2,536
1,150
1,284
3,109
1,237
1,346
5,080
5,850
16,474
4,998
5,087
15,074
800
384
308
253
10,099
22,243
8,219
20,475
7,672
16,867
Tennessee Centra!
481
378
331
731
Winston-Salem
146
160
169
827
809
107,192
96,598
86,011
78,348
68,912
16,377
13,913
12,240
2,412
19,834
4,339
2,164
16,698
3,579
12,080
3,558
10,519
2,082
7,771
3,486
Seaboard Air Line
Southern 8ystem_............
....
1,329
328
1,307
3,644
—
Maine
1938
J
„
Chicago Indianapolis A Louisv
Erie..
Grand Trunk
1939
Tolat Loads Received
Total Revenue
Freight Loaded
Railroads
I.
——
Bangor a Aroostook
Boston A Maine—.
CARS)—WEEK ENDED NOV. 23
1,060
5,561
4,932
355
N. Y. Chicago a St. Loul«
N. Y. Susquehanna A Western.
350
I*
272
228
3,317
4,786
8outhbound—.
|
Total
Northwestern District—
Chicago
Chicago
Chicago
Chicago
A North Western.....
Great Western
I. R
Duluth South 8hore A Atlantic.
12,686
2,415
18,412
4,172
4,460
518
571
314
438
362
Elgin Jollet a Eastern
Ft. Dodge Des Moines A South.
9,452
8,468
5,838
8,505
7,064
342
402
331
165
164
14,423
11,575
10,573
3,368
2,739
588
532
522
573
585
Mllw. St. P. A Pacific.
St. P. Minn A Omaha.
Duluth Mtasabe A
...
Great Northern
Pittsburgh a Lake Erie
7,685
7,322
4,760
6,946
5,699
Pere
Green Bay A Western........
Lake Superior A Ishpemlng
5,941
5,664
4,820
5,689
5,343
Minneapolis A St. Louis
586
672
236
33
56
Marquette
...MM*.
Pittsburgh A Sbawmut
Pittsburgh Shawmut A NorthPittsburgh A West Virginia—
486
441
326
271
751
1,020
907
1,837
1,535
Rutland..
580
609
471
961
1.003
5,109
5,073
4,452
9,764
3,523
603
161
283
1,330
544
50
72
1,802
4,684
1,458
4,176
2,240
2,512
1,693
2,466
9,704
2,244
1,669
...;
8,£10
9,006
3,669
3,529
8,377
....... ...—
Wabash..
Wheeling A Lake Erie
201
3,604
2,936
3,568
3,389
143,911
116,062
175,723
159,415
544
Alleghany DistrictAkron Canton A Youngs town.
Baltimore A Ohio.
Bessemer A Lake Erie—I III
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New
3,538
152,349
Total.
417
408
843
838
31,474
22,537
18,426
16,399
5,163
32,780
5,495
2,214
2,026
2,189
208
299
251
6
5
1,685
1.559
1,519
9
14
5.903
4,270
12,943
12,325
Cornwall
673
621
456
53
44
Cumberland A Pennsylvania..
Llgonler Valley
Long Island.—.
Penn-Readlng Seashore Lines.
Pennsylvania System
259
266
220
35
33
143
107
35
29
634
553
1,230
840
2,738
1,509
2,534
1,424
68,108
15,602
67,199
47,867
47,258
1,525
43,583
12,674
18,492
10,175
8,669
19,491
19,588
19,416
5,024
3,478
Co
138
882
(Pittsburgh)
Western
Northern Pacific
122
150
95
229
281
1,806
1,254
1,421
1,704
1,127
103,612
83,844
69,462
51,285
44,823
19,301
2,655
18,635
2,552
18,307
2,221
7,210
5,431
2,392
2,125
574
378
436
97
83
16,775
2,641
10,857
2,560
1,087
3,859
15,586
2,150
15,242
9,966
7,630
771
678
9.096
2,825
1,608
2,310
1,586
3,557
2,089
9,950
2,311
1,341
4,038
3.097
2,899
946
527
855
7
976
1,042
1,729
928
918
886
1,550
1,489
1,248
432
Spokane International
Spokane Portland A Seattle...
Total.
Central Western District—
Atch. Top. A Santa Fe System.
Alton
6,645
Union
5,569
11,231
M
............
'
Jersey...
Reading
Minn. St. Paul A 8. 8
3,840
2,636
7,478
5,484
7,331
102,704
117,873
Maryland..
Total.
157,385
149,909
j
111,922
Pocahontas District—
Chesapeake A Ohio
22,364
21,738
18,806
10,274
19,796
18,590
18,319
5,069
4,226
3,919
3,907
1,528
.....
Chicago Burlington A Quincy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois.
Colorado a Southern
Denver A Rio Grande Western.
Denver A Salt Lake...
Fort Worth A Denver City
1,613
Illinois Terminal....
Northern
7,581
1,253
16
902
Missouri-Illinois.,..
Nevada
11,074
2,244
929
652
1,856
1,777
1,757
142
146
750
575
435
371
399
22
0
0
318
......
.........
North Western Pacific—
Peoria A Pekln Union
22
Southern Pacific (Pacific)
Toledo Peoria A Western
24,246
22,590
20,287
5,799
4,772
293
288
242
1,136
Union Pacific System...
Utah.
17,899
16,072
15,955
1,275
10,272
4,880
1,143
8,779
578
532
522
5
8
1,739
1,608
1,586
2,443
1,812
112,129
105,454
100,726
60,215
49,510
10,151
Norfolk A Western..
Bingham A Garfield..
Western Pacific
Virginian..
Total
Southwestern District-
Total.
44,247
46,386
41,032
16,174
16,871
Burlington Rock
151
110
768
1,814
1,509
3,039
1,521
.
273
238
151
174
172
International-Great Northern..
725
692
602
1,579
1,433
Kansas Oklahoma A Gulf.....
674
535
484
958
790
10,196
4,108
8,924
8,086
6,472
3,664
3,344
4,829
2,639
Charleston A Western Carolina
Clinch field..
407
353
327
1,417
1,293
1,255
354
1,035
2,415
3,464
1,167
2,147
Kansas City Southern
Louisiana A Arkansas
355
269
963
566
577
213
287
262
112
380
282
4,201
15,099
3,762
13,690
3,699
12,470
3,011
10,449
2,584
9,192
140
104
151
113
97
4,078
2,303
3,170
3,719
256
Missouri-Kansas-Texas Lines..
155
525
650
Missouri Pacific..
932
1,182
1,033
27
29
90
74
704
1,810
1,406
Georgia A Florida............
378
327
353
545
Gulf Mobile a Ohio..
Illinois Central System........
3,469
3,4.54
22,050
19,937
yl,33G
18,808
3,112
12,116
22,288
21,039
18,570
6,358
10,621
5,344
115
187
137
699
329
Quanah Acme A Pacific.......
851
Louis-Pan Francisco
8,439
7,186
6,197
4,842
St. Louis Southwestern...
2,888
7,390
5,079
2,645
2,093
2,497
7,051
4,939
6,656
4,771
3,390
3,820
Wichita Falls A Southern.....
139
202
191
54
76
wetherford M. W. A N. W—.
13
21
22
88
41
54,435
49,150
45,661
38,511
35,228
St
601
451
2,036
1,814
179
190
762
931
1,814
732
767
30
992
2,057
1,681
304
159
1,156
150
1,772
1,719
Missouri A Arkansas
939
...
2,016
239
1,898
Litchfield A Madison.........
Midland Valley...
326
...
2,218
202
2,041
Florida East Coast
327
356
1,395
2,205
....
Columbus A Greenville
I I.¬
Durham A Southern.........
379
325
"l",418
142
x
Gulf Coast Lines
Atl. A W. P.—W. RR. of AlaAtlanta Birmingham A Coast..
Atlantic Coast Line.....
Central of Georgia
Gainesville Midland..
Georgia
139
"3",419
Island.
Fort Smith A Western
Southern DistrictAlabama Tennessee A Northern
Louisville A Nashville
Macon Dublin A Savannah....
Mississippi Central
Note—Previous
figures
124
167
153
year's
revised.
* Previous
figures,
x
463
3,220
Texas A New Orleans...
Texas A Pacific
Total.
Discontinued Jan. 24,1939.
corn
and lead lost
The movement of the index
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Nov. 29
Nov. 30--....--.
Dec.
2
Dec.
3...
Dec.
4
Dec.
5.
Dec.
6
——
......
-
—
—
167.1
167.1
167.4
167.8
168.7
168.6
.168.2
was as
currency
-165.3
1939 High—Sept. 22
...
—
—
Low—Aug. 15
1940 High—Jan. 12—
Low—Aug. 16—
-162.0
172.8
138.4
—169.4
149.3
—
— -.
as
expressed in the
'
Aus¬
Can¬
tralia
ada
Mex¬
Eng¬
tina
Nov. 22-... -167.8
prices
of each country, follow:
Argen-
follows:
Two weeks ago,
Included in Gulf Mobile & Ghlo
(August 1939—100)
ground.
Month ago, Nov. 6
Year ago, Dec. 6
r.
The indexes, which are based on
Moody's Commodity Index Gains
Moody's Daily Commodity Index advanced 1.1 points
this week to 168.2.
The principal gains were in steel scrap,
cotton and wool while
Gulf Mobile & Northern only.
y
land
Java
:
New
Swe¬
Switz¬ United
ico
zeaVd
den
erland States
■■
1940—
May
120
118
120
143
116
113
112
131
132
June
118
118
120
144
116
113
114
131
136
July
August
September.
118
118
120
145
115
112
114
132
140
112
109
109
'
118
119
120
150
115
111
120
132
144
109
116
120
121
145
116
110
122
135
153
111
5-
114
122
121
144
116
110
121
138
154
112
112
—
Weeks
Oct.
end:
General Motors Corp. and Cornell University, which,
prior to the European war, had collaborated in the publi¬
cation of a world commodity price index, have resumed issu¬
ance
of international price statistics, but on a different
basis than before the war.
Instead of a composite index of
world prices, these organizations now are publishing the
information only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country, in so far as possible.
Each
commodity is weighted uniformly for each country, according
to its relative importance in world
jproduction. The actual
price data are collected weekly by General Motors Overseas
Operations from sources described as "the most responsible
agencies available in each country, usually a government
department."
The commodities involved include "a com¬
prehensive list of several groups, including grains, livestock
and livestock products, miscellaneous foods (coffee, cocoa,
tea, sugar, &c.), textiles, fuels, metals, and a list of other
miscellaneous materials (rubber, hides, lumber, newsprint,
linseed oil, &c.).
Weights assigned in the index to the
different commodity groups are as follows:
Grains, 20;
livestock and livestock products, 19; vegetable fats a|nd other
foods, 9; textiles, 12; fuel, 11; metals, 11; miscellaneous, 18.
Oct.
12—
114
121
122
144
117
110
121
139
167
Oct.
19—
112
122
122
144
117
110
120
139
158
114
Oct.
26—
113
124
123
144
117
110
119
140
160
115
Nov.
Commodity Price Indexes of Ten Countries Compiled
by General Motors and Cornell University
2—
113
124
123
144
117
110
118
141
162
115
Nov.
9—
110
115
123
124
143
117
no
118
141
rl03
Nov. 16—
114
123
r!25
143
117
110
117
141
rl63
116
Nov. 23-
113
126
125
143
118
in
118
142
163
118
*
Preliminary,
Wholesale
r
Revised.
Commodity
Prices
Again
Advanced
0.3%
During Week Ended Nov. 30, According to Bureau
of Labor Statistics'
Advances
in
market
Index
prices of certain foods and farm
products, building materials and of a number of manu¬
factured goods resulted in a further rise in the index of whole¬
sale commodity prices of 0.3% during the week ended
Nov. 30, Commissioner Lubin reported on Dec. 5.
"Prices
of a number of basic industrial raw materials and grains,
however, declined," Mr. Lubin said.
"The Bureau of Labor
Statistics' all-commodity index now stands at the highest
level reached since early in March, 1938," he said.
"The
index for the week is 79.7% of the 1926 average and is 0.3%
above the peak reached after the outbreak of the war in
September, 1939.
The general level is 1.5% higher than
it was a month ago and 1.1 % above the corresponding week
of last year."
The Labor Bureau's announcement also
reported the following:
during the week, one
Average food prices were up
0.7%' fuel and lighting materials, 0.6%' farm products, 0.4%* building
materials and chemicals and allied products, 0.3%, and metals and metal
commodity group indexes advanced
Six of the 10
Following
for hides and
textile products and housefurnishing goods steadied and
0.1% decline for the miscellaneous
in an
cattle feed resulted
Lower prices for crude rubber and
products, 0.2%.
commodities group.
price advances during recent weeks, markets
rather general
leather products,
Among Important
industrial commodities for which higher prices were
and sole oak leather, cotton yarns and drills,
kerosene and denatured alcohol.
Price
declines were reported for quicksilver, manila hemp, hides and men's work
shirts.
'''
'
•, ";
'
;;'
In agricultural commodity markets, grains reversed the trend of recent
weeks and declined 1.3%.
Average prices for cotton, lemons, oranges,
reported were chrome calf
types of lumber,
most
burlap,
Week Ended Nov. 30, 1940, Totals
2,795,634,000 Kwh.
....
Nov.
30, 1940,
output is 10.1% above the output
week
a
when
5
year ago.
/
PREVIOUS YEAR
PERCENTAGE INCREASE FROM
..
.
Major Geographic
Regions
Nov. 30, 1940
Southern States
New
Nov.
Nov. 16. 1940
23, 1940
Week
Ended
Nov. 9,
1940
5.5
3.6
4.9
7.5
England
Week Ended
Week Ended
Week Ended
dried fruits and most cereal products.
weeks, for Nov. 2,1940 and Dec. 2, 1939,
and a year ago,
Nov. 23 to Nov. 30, 1940.
7.5
7.8
9.6
6.5
12.6
9.7
13.2
10.6
6.4
6.2
6.3
5.4
12.0
9.0
9.6
9.2
Rocky Mountain
(1) index numbers for the principal groups
of commodities for the past three
of the corresponding week
the production totaled 2,538,777,000 kwh.
The output for the week ended Nov. 23, 1940, was estimated
to lie 2,095,431,000 kwh., an increase of 8.6% over the like
1939,
Market price advances were reported
for livestock and poultry, eggs, hay, potatoes and wool.
Food prices,
with an index of 73.3, were at the highest level since September, 1939.
The rise during the week reflected higher prices for dairy products, fresh
pork, coffee and eggs.
Lower prices were reported for cured pork, mutton,
show
of electricity by the electric light
industry of the United States for the week ended
was 2,795,634,000 kwh.
The current week's
and power
hops and flaxseed were also lower.
The following tables
weekly report
The Edison Electric Institute in its current
estimated that production
of
minor price changes.
showed only
1940
7,
Electric Output for
unchanged.
and three remained
declined,
Dec.
Chronicle
The Commercial & Financial
3304
5.3
3.8
4.3
2.2
Pacific Coast
8.0
7.1
3.8
4.5
10.1
8.6
9.4
8.2
Middle Atlantic
Central Industrial
West Central
Total United States.
...
-
*
changes from a week ago, a month ago
and percentage
(2) percentage changes in subgroup indexes from
(1926=100)
WEEKS
RECENT
FOR
DATA
(THOUSANDS
OF
KILOWATT-HOURS)
Percent
Change
Percentage Changes to
Nov.
Nov.
23,
16,
2,
1940
Commodity Groups
1940
Dec.
Nov.
30,
Nov.
1940
Nov. 30, 1940, from—
1939 Nov.23, Nov. 2,
1940
79.3
79.5
79.7
Farm
69.1
68.8
73.3
72.8
products..
Foods
Hides and leather
Dec.
1939
2.
1940
1939
+0.3
+ 1.5
+ 1.1
+3.0
Sept. 7
Sept. 14-.Sept. 21-..
Sept. 28
68.4
66.5
67.1
70.8
71.1
+0.4
+0.7
+ 3.9
72.6
+ 3.5
+ 3.1
Oct.
0.0
+0.8
—0.8
Oct.
19
2.669,601
26
Textile products
74.2
74.2
74.0
73.7
76.0
0.0
+ 0.7
—2.4
materials.
Metals and metal products..
72.8
72.4
72.6
72.2
74.4
+0.6
+0.8
—2.2
Oct.
97.6
97.4
97.5
96.2
+0.2
+0.2
Building materials..
99.1
98.8
98.3 x98.1 *93.0
+ 0.3
+ 1.0
...
2,028.667
12
Oct.
Fuel and lighting
2,638,634
97.4
+ 1.5
Nov.
Nov.
2,640,949
2,665,064
..
2,686,799
2,711,282
2,734,402
2,719,501
2,751.528
__
2
+ 6.6
—
m
9
... __
..
Nov. 10
Chemicals & allied products
77.7
77.5
77.4
77.1
+0.3
+ 0.8
Housefurnishing goods.....
90.2
90.2
90.1
90.1
90.0
0.0
+ 0.1
+0.2
Nov.23
77.4
77.5
77.6
76.9
78.4
—0.1
+ 0.7
—1.3
Nov. 30
y
Raw materials
72.9
72.7
72.5
71.2
72.0
+ 0.3
+2.4
+ 1.3
Serai-manufactured articles.
80.6
80.5
80.4
80.0
81.6
+0.1
+0.8
83.1
82.9
82.8
82.0
82.1
+0.2
+ 1.3
81.8
81.8
81.1
81.4
+ 0.2
+ 1.1
+0.7
84.5
84.3
84.1
83.7
84.4
+0.2
+ 1.0
+0.1
+ 0.8
+ 7.8
+8.2
+9.4
+8.6
2,152,643
+ 10.1
2.196,105
2,585.560
7
1,507,503
1,528.145
1,533,028
1.506.219
1,798,633
1,824,160
1,815,749
1,798,164
1,793,584
1,818,169
1,625,410
1,520,730
1,531,584
1,476.268
1,510,337
1,518,922
1,718,002
1,800,225
+ 1.2
82.0
+6.8
+7.7
—1.2
Manufactured commodities.
Dec.
+ 7.1
2,614,350
2,481,882
2,538,777
2,795,634
y
+8.1
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
1.806,403
1,423,977
1,476.442
1,490,863
1,499,469
2,276,123
2,281,636
2,254,947
2,202,451
2,176,557
2,224,213
2,065,378
+7.9
+ 7.3
2.613,099
2,695,431
Miscellaneous commodities.
2,154,276
2,280,792
2,265,748
2,275,724
2,280,066
+7.5
2.289.960
2,444,371
2,448,888
2,469,089
2,465.230
2,494,630
2,493,993
2,538,779
2,530,705
2,462,622
5
103.0 102.3 103.9
103.1
products. 103.1
78.8
78.5
1929
1932
1937
1940
1939
1940
from
1940
All commodities
Week Ended
2,
commodities other than
All
farm
products
commodities other than
All
farm
x
products and foods..
Revised,
y
No comparable data.
SUBGROUP INDEXES FROM NOV. 23 TO
PERCENTAGE CHANGES IN
NOV.
+. +
30, 1940
Increases
Other foods--.,-.--.--.,-...
Dairy products.--Cotton goods—
...
1.5
1.3
1.1
o
-
September Statistics of the Electric Light and Power
Industry
The following statistics for the month of September, cover¬
ing 100% of the electric light and power industry, were re¬
leased on Nov. 27 by the Edison Electric Institute:
SOURCE AND DISPOSAL OF ENERGY
■'/
Iron and steel
0.3
Fertilizer materials
0.3
Leather
0.2
-
DURING MONTH OF SEPTEMBER
classification of industry generating plants and
form of presentation.
The generation for the United States power supply as a
whole for the month of September was as follows (kwh ):
Data undergoing revision as to
0.2
1.0
Coke
Lumber
0.9
Chemicals
Meats
0.8
Oils and fats
Petroleum and products
0.8
Anthracite
Livestock and poultry——...
0.4
Bituminous coal__
0.1
Drugs and pharmaceuticals.
0.1
products...
Other farm
Other textile
0.3
products
—
~
**
-
»
-
-
-
...
0.2
Percent
0.2
+ 24.5
11,690,883,000 10,823,974,000
+ 8.0
3,784,662,000
Hydro
6,182,673,000
3,441,560,000
+ 1.6
7,783,748,000
3,040,226,000
7,906,221,000
Fuel......
111
1938
Change
1939
1940
0.1
1937
6,854,208.000
3,159,682,000
Decreases
2.5
Cattle feed—
0.6
Fruits and vegetables
v.mm
1.3
Clothing-
Cereal products
0.7
Woolen and worsted goods
Crude rubber.
0.2
0.7
Grains
—
9,624,233,000 10,013,890,000
0.3
'+*.
Total
-
CLASSIFICATION
OF
(REVISED SERIES)
SALES
DURING MONTH OF
SEPTEMBER
Percent
Remained Unchanged
During Week Ended Nov. 30 According to National
Commodity
Wholesale
Fertilizer Association
Number of Customers as of
Residential or domestic
no
was
change in the general level of wholesale
commodity prices last week, according to the price index
This index
compiled by The National Fertilizer Association.
in the week ended Nov. 30
remained at 77.1 % of the 1926-28,
24,723,894
677,173
23,778,966
618,726
+4.0
Small light and power
4,249,151
+ 1.2
Large light and power
181,607
4,198,541
187,837
24,031
25,064
Commercial
,
Street and highway lighting
Other
76.1
the
same as
month ago and 77.0 a year ago.
a
The index was
The Association's
in the preceding week.
announcement, dated Dec. 2,
of these increases was offset by
week, but the effect
declines in other commodities.
Although
there was a
sUght rise in the group index. The farm product average rose to the highest
point reached since last spring- the cotton, grain, and livestock indexes all
moved upward.
The tenth consecutive advance was registered by the
textile price average, with increases in cotton goods, yarns, and burlap
offsetting declines in wool and raw silk. Small declines took place in the group
indexes representing the prices of metals and miscellaneous commodities.
Twenty-one price series included in the index advanced during the week
price advances in the food group outnumbered the declines,
and
declined'
26
declines;
in the preceding week there were 20
in the second preceding week
advances and 20
there were 49 advances and
A
77,460
211
200
28
31
1,261
1,124
29,944,655
28,887,960
1,890 ,404,000
259, ,966,000
1,751,161,000
+8.0
236,039,000
+ 10.1
1,925 ,637,000
5,116, 697,000
1,812,290,000
4,515,872,000
+ 13.3
164, ,517,000
161,825,000
+ 1.7
222, ,111,000
225,816,000
—1.6
Street and lnterurban railways
291, 638,000
150 ,490,000
293,979,000
149,428,000
—0.8
Electrified steam railroads-.
35, ,367,000
48.487,000
—27.1
10,056,827,000
9,194,897,000
+ 9.4
$204,421,300
$194,228,500
+ 5.2
Electrified Steam railroads
Interdepartmental
-
+ 3.7
Kiloicatt-hour Sales During Mo'h of Sept.—
Residential
or
domestic
Rural (distinct rural rates)
Commercial
or
industrial:
Small light and power
Large light and power
Street and highway lighting
Other public authorities
+ 6.3
Railways and railroads:
Interdepartmental
Total ultimate customers
+0.7
10
Revenue from ultimate customers
declines.
WEEKLY WHOLESALE COMMODITY PRICE
<
87,310
public authorities
Railways and railroads:
Total ultimate customers—
continued:
Foodstuffs and farm products were a little higher last
+ 9.4
industrial:
or
Street and lnterurban railways
average,
Change
Sept. 30—
Rural (distinct rural rates)
There
1939
1940
Prices
INDEX
RESIDENTIAL
OR
DOMESTIC
SERVICE
(REVISED
SERIES)
Compiled by the National Fertilizer Association. (1926-1928=100)
Percent
Latest
Preced'g
Month
Week
Week
Ago
Dec. 2,
1939
Months
Ago
Nov. 2,
1940
Average Customer Data for the 12
Ended Sept. 30
Year
Each Group
Group
Bears to the
Nov.
30, Nov. 23,
1940
Total Index
1940
25.3
Foods.
Fats and oils
Cottonseed oil
936
885
$36.32
$35.75
customer
70.7
70.6
69.5
72.8
Average annual bill
46.6
43.8
51.5
Revenue per kilowatt-hour
55.0
55.4
51.1
65.0
64.7
% Change
+5.8
+ 1.6
62.8
63.2
53.1
51.4
65.6
63.3
64.0
Livestock
65.5
65.2
64.0
62.3
Fuels
80.6
80.6
80.4
82.0
—4.0
53.6
66.2
4.04c
3.88c
63.1
53.5
Grains
17.3
per
46.8
Cotton
23.0
1939
1940
Kilowatt-hours
Farm products
Miscellaneous commodities.-
86.5
86.9
86.2
88.5
8.2
Textiles
75.4
75.1
72.9
77.6
7.1
Metals
93.4
93.6
93.6
94.2
6.1
Secretary of Labor Perkins Reports September Building
Permit Valuations 23% Above Year Ago—All Type
10.8
87.5
Building materials.
98.6
98.6
96.5
1.3
Chemicals and drugs...
97.6
97.6
97.6
93.6
0.3
Fertilizer materials
72.4
72.4
72.0
73.2
0.3
Fertilizers
78.6
78.6
78.6
77.3
0.3
Farm machinery
94.1
94.1
94.0
94.9
100.0
All groups combined
of
77.1
76.1
77.0
Showed
Gains
struction showed gains over tjie year
said.
77.1
Construction
September building permit valuations were 23% greater
than during September, 1939, Secretary of Labor Frances
Perkins reported on Oct. 26.
"All types of building con¬
new
period," Miss Perkins
increase, 39%, was shown by
residential construction.
New non-residential construe"The most
important
Volume
The Commercial & Financial Chronicle
151
tion showed
$600,000;
tions
than
These
of
a gain of
6%. The value of additions, altera¬
repairs to existing structures was also up 6%.
and
data
Labor
population
went
of
dollar
issued
permit
60,800,000."
residential
The
Secretary
than
1%
alterations,
The
and
residential
September,
in
repairs.
building
1940,
was
The
which
about
were
by
non-residential
new
the
value
decline
brought
much
a
brought
was
for
shown
for
of
smaller
awarded, for this type of construction
the
for
off
of
gain
A
of
additions,
of
fact
new
that
defense
the
of
falling
volume
by
percentage
the
issued
dollar
largely
non¬
during
contracts
inside city limits than
was
were
August.
over
6% lower than
building.
permits
the
in
about
permits
gain of 9%
September, however,
decrease
valuations
was
construction
contra-seasonal
a
during
cities
for
the
first
nine
months
buildings valued
of
1940
permits
were
issued
during
Contracts
projects:
N.
the
permit valuation*
for
non-residential
new
$1,708,000
;
to
(482
d.u.)
$1,07S,000
cost
in
;
to
nearly
cost
d.u.)
(292
Mich.,
Detroit,
$242,000
cost approximately
Va.,
cost
$800,000,
nearly
cost
Bed¬
in New
;
$1,125,000
d.u.)
( 400
nearly
projects
to
cost
projects
to
cost
in
d.u.);
d.u.);
and
in
in
Tex.,
for
two
Ga.,
for
two
Marietta,
Williamson,
in
to
projects
two
Va.,
Pelly,
C.,
S.
Charleston,
News,
Newport
(60
(228
$317,000
over
d.u.) ;
(96
in
d.u.),
$164,000
$606,000
projects to cost
(1,324 d.u.); in Hopewell,
(604
;
approximately, $1,788,000
(2,150
$8,330,000
to cost
in Philadelphia, Pa., to cost $4,131,000
W.
V.,
for
d.u.).
(110
PERMIT VALUATION OF BUILDING CONSTRUCTION, TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS,
IN 2,157 IDENTIAL CITIES IN NINE REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED,
SEPTEMBER,
New Residential
1940
Department's
announcement
also
we
Buildings
Percentage
Permit
of
Cities,
No. of
Percentage
Change from—
No.
Geographic Division
Families
Change from—
Valuation,
Provided
Aug.,
Sept., 1940
Sept.,
for
Aug.,
1940
1939
Sept. '40
1940
2,157 $124022762
All divisions..
Labor
the
Mass.,
buildings during this period
$470,986,000.
From
to
more
and in
and for
cost approximately $693,000 (200 d.u.) ; in Jersey City,
$1,668,000 (462 d.u.) ; in Gary, Ind., for two projects to
to
cost
two
cost
to
during September for the following USHA-aided
awarded
Lawrence,
cost
to
d.u.)
to
dwellings
one-family
at
$1,670,000,000, a gain of more than 6% as
compared with the corresponding period of 1939.
Comparing the same
two periods, the value of new residential buildings showed a
gain of 11%,
while new non-residential construction showed an increase of
1%.
Total
valuations
for new
residential buildings for which permits were issued
during the first nine months of this year amounted to $936,720,000, and
totaled
for
Fla.,
for
were
Mass.,
J.,
these
in
Calif.,
factory buildings
cne-family dwellings to cost $650,000.
August.
During
Beach,
$400,000, and for apartment houses to cost nearly $600,000,
Burbank,
ford,
of
valuations
during August.
2S% in permit
less
approximately
volume
during September showed
Total
reports received by the Bureau
2.157 cities having an aggregate
on
from
to say:
on
The
based
are
Statistics
Miami
in
3305
+ 8.7
+ 39.0
1939
+7.2
+39.9
7,813,970
+ 5.5
1,884
—3.4
—2.5
27,654,824
+ 45.9
+23.1
7,311
+ 61,9
+34.6
+25.6
+78.2
7,813
+27.5
+86.8
+ 9.3
+ 44.2
1,722
+2.9
+37.9
245
34,027,294
6,368,211
18,163,654
—9.0
+32.8
5,629
—5.8
+36.1
85
1,908,602
—31.9
+37.6
826
—29.8
+32.2
132
6,519,904
—22.5
+ 11.5
2,272
—28.0
+ 14.4
Mountain
106
2,920,405
—12.2
+ 40.8
901
—20.8
+30.2
228
18,655,898
—6.0
+44.8
5,452
—6.7
+39.9
New England
Middle
change
percentage
September,
cities
142
567
460
West South Central
The
Atlantic—
East North Central
quote:
in
permit
valuations
from
1940,' by class
having
of construction, is
population of 1,000 or over:
a
September,
given below
1939,
for
the
to
2,157
West North Central
192
South Atlantic-'
East South Central.
Change from Sept. 1939 to Sept. 1940
—
Pacific
—0.3
33,810
Sept.,
Class of Construction
All Cities
Excl. New York
Total Building Construction
New Non-Residential
New residential
+ 39.0%
+47.7%
New non-residential
+ 5.7%
Additions, alterations and repairs
+ 6.4%
+ 9.5%
+ 7.4%
+22.5%
+27.8%
__
Geographic
The
changes
permit
August
and
September,
1940,
the various classes of building construction
valuations of
cated in the
between
occurring
following table for the
Permit
Permit
Change from—
of 1930)
Valuation,
Aug.,
Sept.,
1940
Sept., 1940
the
Population
{Census
Percentage
Change from—
■
Valuation,
in
1939
Sept., 1940
Aug.,
Sept.,
1940
1939
indi¬
are
2,157 cities:
same
and Repairs)
Percentage
Division
Total
{Including Alterations
Buildings
$
$
All divisions..
All Cities
New residential
+ 8.7%
—28.1%
+0.2%
.
New non-residential
_
„
Additions, alterations, and repairs
Excl. New York
+ 7.4%
—26.5%
+ 109.7
15,740,291
Mid. Atlantic. 12,931,731
—7.2
—42.9
48,511,454
+ 16.6
—8.0 18,856,158
E. No. Central 12,676,371
—01.4
—0.5
52,806,321
—21.3
+38.1 14,912,827
2,613,099
—26.7
—49.1
11,057,420
32,914,757
+2.0
—8.7
Atlantic 10,055,849
Central
1,839,102
+ 9.7
+ 52.0
—64.1
+30.1
5,033,390
—41.7
+40.7
2,019,294
5,745,169 + 125.3
+ 11.5
1,855,431
+ 66.4
+7.9
+29.4
3,298,266
—2.6
+ 37.6
1,261,355
—36.8
+ 62.2
13,670,425
5,552,451
32,947,139
—18.9
+ 43.9
5,347,741
South
So.
E.
+0.2%
—6.3%
Permits
issued
6,408
during
in
were
Housing Authority.
ing units, of
W. So. Central
September,
1939,
September
projects
provided
under
—6.4%
33,810
dwelling
jurisdiction of
the
the
Pacific
units.
United
there was
increase
an
40%
of
the
in
States
number
total
USHA projects for which contracts
of
awarded
were
during September, 1939, provided 3,021 dwelling units.
The
changes occurring between the first nine months of 1940 and the
corresponding period of 1939 are indicated below, by class of construction;
Class of
Change from First 9 Mos. of 1939
to First 9 Mos. of 1940
Construction
All Cities
Excl. New York
+ 10.5%
+ 16.3 %
+0.8%
—2.7%
—5.3%
+ 5.4%
+6.5%
New non-residential
Additions, alterations, and repairs
Total
..
The information collected
awarded
Construction
Construction
index
in
of
Costs
costs
construction.
totaled
State
For
$41,780,000;
for
in
addition
to
1940,
Federal
and
governments
September,
houses
apartment
of
Queens,
houses
to
for
cost
August,
1940,
$56,252,000,
con¬
private
State
for
and
insurance office building to cost
an
over
cost
$3,600,000; in the Borough of Manhattan,
approximately
$1,000,000;
in
Borough
the
one-family - dwellings to cost $2,300,000, for apartment
than $1,000,000, and for amusement buildings to cost
for
Chicago,
in
for
to
cost
dwellings
one-family
over
cost
to
cost approximately $600,000,
buildings to cost
dwellings
one-family
111.,
factory buildings to
store and mercantile
for
to
more
$600,000;
$1,600,000,
and
for
$1,500,000; in Dearborn, Mich.,
$700,000;
Detroit,
in
Mich.,
for
one-
family dwellings to cost more than $4,000,000, and for a school building
cost over $800,000; in Cincinnati, Ohio, for one-family dwellings
to
to
than
in Cleveland,
$500,000;
cost
more
cost
approximately $800,000;
to
cost
$600,000;
than
more
Ohio, for one-family dwellings
in Columbus, Ohio,
to
for one-family dwellings
in Minneapolis, Minn., for one-family dwellings to cost
$500,000;
in
Washington,
for
C.,
D.
one-family dwellings
to
cost
in
$1,700,000, and for apartment houses to cost more than $1,000,000;
Miami, Fla., for one-family dwellings to cost $800,000; in Atlanta, Ga.,
for
a
school building to cost
nearly $500,000; in Savannah, Ga., for airport
buildings to cost more than $1,600,000;
dwellings to cost $750,000;
cost
over
$950,000;
cost
over
over
than
$1,000,000,
and
in Baltimore, Md., for one-family
in Houston, Tex., for one-family dwellings to
for
buildings
at
Ellington
Field
to
cost
over
in San Antonio, Tex., for Quartermaster Corps buildings to
$1,000,000 in Denver, Colo., for one-family dwellings to cost
$600,000,
$500,000;
in
and
Long
$500,000;
San
in
and
Francisco,
Seattle,
Dover,
N.
6,090,140
Rise
the
Further in
Nation,
as
October
measured
by
the
September, prior to which time the index had remained
at
a
relatively constant level for several years. In October,
1939, the index was at 203.
These increases of the past two months are largely due
to the
increases
in
the prices
compilers of the index.
of lumber, according to the
Fir lumber made
a
further increase
Steel and masonry materials have remained
same.
There
in
for
military
housing
Lowry
at
Field
to
cost
Beach, Calif., for one-family dwellings to cost
Los Angeles, Calif., for one-family dwellings to
over
more
cost
for one-family dwellings to cost more than $500,000; in
Calif., for one-family dwellings to cost over $1,200,000;
Wash.,
J.,
for
for one-family dwellings
Quartermaster
$1,200,000; in Rahway, N.
West
Homestead, Pa., for
were
only minor variations in labor
wages.
The
from
a
types
indek is based
upon
100 for 1913, and is compiled
detailed bill of materials and labor required for four
of
construction
ditions
in
industrial
buildings,
in
30
representative cities located
Corps
to
cost
buildings
nearly
to
$600,000;
cost
more
J., for factory buildings to cost $400,000;
a
machine
and
forging
plant
to
cost
in
than
in
over
repriced
and local con¬
throughout
the
United States.
^
November
Engineering Construction Third Highest
Tops All Previous November Volumes
on
Record
November
engineering construction awards, $382,724,000,
reached the highest volume for any November
reported
on
record
as
Dec. 6 by "Engineering News-Record."
The
volume averages $95,681,000 for each of
the four weeks, the third highest weekly average on record.
The October, 1940 average, the highest in the history of the
construction industry, and the average for March, 1930,
are the only figures that top November.
The November total, on the weekly average basis, is 58%
above that reported for a year ago, but 32% lower than the
record total of a month ago.
Private awards top last year
by 14%, but are 45% lower than last month.
Public con¬
struction, spurred by the defense program, is up 84Y<i%
from the 1939 month, but drops 26% below the preceding
1940 month.
Federal awards fall 33% from the all-time
high of a month ago, but gain 561 % over a year ago.
State
and municipal awards are 7 and 22% lower, respectively,
current
on
month's
than last month and last year.
Values of awards for November,
November, 1940,
.nearly $3,700,000, and for apartment bouses to cost $800,000; in Oakland,
Calif., for warehouses to cost over $2,000,000, for a wharf to cost nearly
SI,000,000,
4,476,688
in
Southern mills.
September for the following important build¬
In Hartford, Conn., for
apartment houses to cost
over
in
monthly in accordance with current prices
issued during
were
ing projects:
for
5,622,655
Appraisal Co., rose two points further
October to 208; this followed an increase of four points
$2,000,000; in Kearney, N. J., for stores and mercantile buildings to cost
more
than $1,000,000 in New York City—in the Borough of Brooklyn,
for
+27.4
American
about the
September, 1939, $18,780,000.
Permits
+ 96.7
+22.5 60,785,124
+0.3
October, averaging about $1 a thousand at the Western
mills and yellow pine increased about $2 a thousand at the
—1.7%
by the Bureau of Labor Statistics includes
by Federal and
municipal
construction
+49.3 + 108.8
—6.3
in
New residential
tracts
10,378,735
+ 5.7 218,233,648
Of
August permits in these cities provided 31,551 dwell¬
4,474 were in USHA-aided projects.
Compared with
which
dwelling units provided.
and
—0.3
Mountain
Total
these,
—28.1
6,255,000
W. No. Central
Construction
63,250,487
New England.
Change from, Aug. to Sept., 1940
Class of
Nov., 1939
(5 Weeks)
Total construction
Private construction
Public construction
State and municipal.
Federal
1939, and October and
are:
Oct., 1940
(6 Weeks)
$302,215,000
$702,842,000
111,632,000
190,583,000
155,726,000
229,477,000
473,365,000
129,612,000
343,763,000
34,857,000
Nov., 1940
(4 Weeks)
$382,724,000
101,590,000
281,134,000
96,738,000
184,396,000
city
$3,588,539,000, an increase of
of
1940 construction volume to
the 11-month
bring
awards
28% over a year ago, and, with the exception
$3,789,107,000 in 1929, the highest 11-month total ever reported. Private
28% higher than a year ago, and public construction is 27%
awards are also
above last
Federal work tops 1939's 11-month volume by 272%,
year.
commercial building and large scale private housing, 1H%;
bridges, 11%; water works, 26%; sewerage, 7%, and unclassified construc¬
tion, 58%.
% '•
•/.
Comparisons of current averages with those of a year ago reveal an in¬
crease in public buildings of 252%; industrial buildings, 70%; earthwork
and drainage, 30%, and unclassified construction, 22%.
Decreases are in
buildings, 57%;
...
building and large-scale private
commercial
20%;
highways,
housing,
participate in the gain over November, 1939.
18%; South, up 115%; Middle West, 65%;
123%, and Far West, up 153%,
Middle Atlantic
-reasonably high at 74%.
was
higher though their average sale per room was
4% lower,
Chicago reported that about two-thirds of its hotels had
increases in sales and more than half rises in occupancy.
In Detroit there
v/as a big increase because of the world series games, and several national
and State conventions, and Cleveland also had a better than usual gain
good convention business.
result of
the
as
the Pacific Coast were chiefly the result of a drop
because of the earlier closing of its exposition
Large decreases for
in sales around San Francisco
the rest of that section showed only a small decline of 4%.
In Philadelphia a large majority of the hotels had lower room sales, as
both occupancy and rates were down, but the restaurant increases out¬
numbered the decreases.
The Washington improvement continued to reflect,
this
year;
increased
sales
in
rise
that city, and for the group "all others,"
best in almost three and a half years,
the highest since early in 1931.
activity in
general
11%
the
was
the occupancy was
while
2%; bridges, 5%; water works, 54%, and sewerage, 23%.
Geographically, West of Mississippi States, with an increase of 5%,
are the only one of six sections to gain over the high volume of a month
or
of
West
Mississippi,
which failed to
3% under a year ago, is the only area
Decrease (—)
Total
Bever¬
Food
Restau¬
Rooms
rant
This is 19% lower than the weekly average for the
$77,617,000,
totals
Same
Total
■
gain.^
construction purposes for the four weeks of November
The current month's financing is made up of
$27,436,000 in State and municipal bonds, $11,710,000 in corporate security
issues, $38,239,000 in USHA loans, and $232,000 In RFC loans for public
corresponding 1939 month.
improvements.
Rale
(Percent)
% of
'
v;
:
..
New Capital
New capital for
Room
Occupancy
(+)
Sales—Percentage of Increase
England volume is up
New
the
IN HOTELS IN OCTOBER, 1940, COMPARED
WITH OCTOBER, 1939
OF BUSINESS
TREND
Five of the six regions
ago.
1940
tales, their occupancy being
earthwork and drainage 133% higher, the only class of
Highways are 18% lower; public buildings, 21%; industrial
gain.
work to
with those of the record month
weekly averages compared
November
of October show
7,
significant. Transient occupancy in this
Residential hotels had no decrease in
good month, the decrease is hot
said:
report also
The
November
Dec.
Chronicle
The Commercial & Financial
3306
Ijast
Year
ages
—5
—3
—4
—8
—6
New York City
Month
Inc.
77
(+)
or
Dec.
79
(—)
—6
+6
+8
+ 10
+4
73
70
+ 1
0
—8
+ 10
+ 10
+ 10
51
53
—5
+ 19
Chicago
+ 19
+ 20
+ 17
+ 25
75
65
+7
—-
Philadelphia
Washington...
+4
+8
+9
+5
+8
—2
75
73
+25
+28
+ 22
+ 22
+ 21
70
60
+9
18
—18
—17
—14
—22
55
59
—10
Cleveland..
Detroit
Pacific Coast
—
;
<
+4
+3
+7
+14
+8
+3
68
67
+2
+9
+ 11
+ 19
70
65
+1
+5
+3
+7
+6
+9
70
67
0
Year to date
+4
+3
+6
+5
+6
65
63
—1
Texas.
1940 to date, $3,610,990,000 is 53%
for
construction financing
higher than the
+5
+ 11
Total
New
All others
$2,352,917,000 reported for the 11-month period last year#
Provided in Non-Farm Areas of the
First Nine Months of 1940
Increased 13% Over Year Ago
New Dwelling Units
United
During
States
dwelling units were provided in the
of the United States during the first nine
More than 390,000 new
non-farm areas
months of 1940, Secretary
"This is
Nov. 9.
on
an
of Labor Frances Perkins reported
as compared with
increase of 13%
the corresponding period of 1939," she said.
"Indicated
expenditures for these dwelling units reached a total of ap¬
proximately $1,325,000,000.
These estimates are prepared
by the Bureau of Labor Statistics of the U. S. Department
of Labor.
The non-farm area of the United States is de¬
including all incor¬
porated areas and all unincorporated areas except farms.
All city-sized groups, except places having a population of
by the Bureau of the Census as
fined
and rural non-farm areas pro¬
dwelling units during the first nine months
more
than one-half million,
vided
more new
than during the corresponding period of
of the current year
She added:
1939," Miss Perkins stated.
Of
the
dwelling units
States
under the sponsorship of the United
corresponding period of 1939,
projects provided 37,448 units, or approximately 11% of the total
USHA
Housing
During ]the
Authority.
Life
For
the
in
consecutive
sixth
Insurance
Sales
October
Continues
month
sales
of
ordinary
life
insurance, as reported Nov. 14 by the Life Insurance Sales
Research Bureau of Hartford, Conn., continued to show
gains
corresponding months of
over
1939.
October
sales
ordinary life insurance were $573,504,009, or a 5% gain
ever the same month of a year ago.
Sales for the first 10
of
months of this year were
$5,462,192,000,
the 1939 10 months'
over
based
figure.
increase of 2%
an
The Bureau
figures are
reports of 53 companies increased tp represent
total sales of ordinary life insurance (exclusive of group).
on
"Further details were reported
in
As
by the Board
the previous month, the gains
sections.
All
sections
enjoyed increases,
follows:
as
not limited to any particular
were
with the Pacific and East South
The Pacific Section (Oregon,
(Alabama,
Kentucky, Mississippi and Tennessee), each showed an 11% gain.
Cali¬
fornia, with an increase of 14% over October one year ago, was top
Slate in the Pacific Section, and Alabama, with 18% increase, led the
Central groups
of States leading the country.
Washington and California), and the East South Central Section
provided during the first three quarters of this
38,272, or 10%, were in projects
year,
Ordinary
in
Trend
Upward
East
South
Central
group.
number provided.
More than 80%
of the new dwelling units erected during the first three
and 20% in apartment houses.
dwellings, 5% in two-family dwellings,
Sections
comparison of the number of dwelling units provided
during the first three quarters of each of the years 1940 and
1939 is shown in the following table, by population group:
NUMBER
ESTIMATED
UNITS
DWELLING
OF
BY NEW
UNITED
PROVIDED
1940 to
Volume
103
1,489 ,765,000
103
130,687,000
105
1,254 ,858,000
104
West North Central.
56,173,000
103
534 ,123,000
98
South Atlantic
56,987,000
106
539 ,326,000
106
21,624,000
41,778,000
111
210 ,412,000
100
104
418 ,694,000
100
14,747,000
49,309,000
103
144 ,243,000
100
111
456 ,004,000
100
East South Central
_.
West South Central
Mountain..
_
.
..........
All Types
Dwellings
Dwellings x
1st 9 Months
1 st 9 Months
Debits
Bank
Week
for
"Above
1940
urban
500,000 and over..
100,000 to 500,000.
50,000 to 100,000.
50,000.
25,000.
10,000.
5,000.
25,000 to
10,000 to
5,000 to
2,500 to
Rural non-farm......
1939
1940
1939
1939
1940
1940
y
Ended
a
283,978 254,587 213,424 176,654 21,076 12,986 49,478 64,947
35,831 5,581 2,741 28,147 40,451
40,108
79,023
73,836
6,612
3,958 10,133 11,942
37,741
43,587
53,641
60,332
1,465 2,716 2,923
15,785 2,412
19,776
20,173
24,904
1,249 2,208 3,043
18,192 2,378
24,044
22,484
28,630
30,729 2,063 1,772 2,337 3,189
39,277
43,677 35,690
958
3,082 2,562
1,255
20,621
25,798
30,135 24,141
837
855
843
775
17,755
20,834
22,464
19,435
3,281
3,910
3,003 2,923
86,356
93,189 101,155
107,439
Includes multilamlly dwellings with stores.
Horwath
the 13 weeks ended Nov. 27 amounted to $111,837,000,000,
4% above the total reported for the corresponding period
or
At banks in New York City there was an
1% compared with the corresponding period a
year ago, and at the other reporting centers there was an
increase of 7%.
These figures are as reported on Dec. 2,
1940, by the Board of Governors of the Federal Reserve
System.
a
year
ago.
increase of
FEDERAL RE8ERVE DISTRICTS
Trend of Business in
October 5% Above Year Ago
Report
substantially ahead of the corresponding month
"The
total increase
was
5%, and it would have
larger but for the fact that last year both New York
City and the Pacific Coast had big exposition business.
firm goes on
The
at 70%,. is the highest monthly
average,
with
Room
rates, unchanged from a year ago for the third successive month,
are
still
down approximately
20% from 1929.
Restaurant sales have beer,
showing slightly larger increases than rooms throughout this year, but
the combined food and beverage volume is still 5% below that of food
lower
in
Nov. 27,
1940
Nov. 29,
1939
Nov.
27,
1940
Nov. 29,
1939
$528
$6,583
$6,237
3,225
46,108
45,608
442
369
5,762
Cleveland
580
502
7,974
7,172
Richmond
325
290
Atlanta
278
244
4,349
3,497
4,042
3,265
New York
City
three-fourths
total sales than last year,
of
but
the
as
transient
hotels
October, 1939,
was
reporting
an
5,356
1,219
1,073
16,475
15,174
265
242
3,462
Minneapolis
155
172
2,171
246
244
3,477
3,347
2,229
3,534
2,715
Kansas
CRy
,
.
Dallas
211
199
2,795
San Francisco
656
619
9,185
8,599
$8,198
$111,837
$107,280
2,959
$7,708
2,983
42,090
41,825
4,547
4,100
60,162
56,392
692
624
9,585
9,062
Total, 274 reporting centers
New York City *
140 other leading centers *
1929.
York
$528
3,293
Philadelphia
Boston
St. Louis
one excep¬
tion, in the last 10 years, and the highest for October since 1929.
New
Federal Reserve District
Chicago....
to report:
The occupancy,
In
13 Weeks Ended
Week Ended
monthtly report of the trend of business in hotels,
Horwath state that in October hotel business
of last year.
alone
Dollars)
on
&
continued
been
6.4%
to deposit accounts (except interbank accounts.)
reported by banks in leading cities for the week ended
Nov. 27, aggregated $8,198,000,000.
Total debits during
(In Millions of
Hotels—Total Sales in
1940,
as
SUMMARY BY
In their
27,
Ago
Debits
391,417 347,776 314,579 263,010 24,079 15,909 52,759 68,857
—23.4
+ 51.4
+ 19.6
+ 12.5
Horwath & Horwath
Nov.
Year
1939
Includes 1- and 2-family dwellings with stores,
x
102%
Dwellings y
1st 9 Months
Group
Total
$5,462,192,000
100%
M ullifamily
2 -Family
1st 9 Months
Population
non-farm
105%
$573,504,000
United States total
Percentage change...
1939
East North Central..
Pacific
Total
$414 ,767,000
Middle Atlantic..
MONTHS OF 1940 AND 1939 (BY POPU¬
LATION GROUP AND TYPE OF DWELLING)
l-Family
1940 to
Volume
102%
HOUSEKEEPING CONSTRUCTION IN NON-FARM AREAS OF
STATES DURING FIRST NINE
1939
$44,112,000
158,087,000
New England
A
Year to Dale
October, 1940
in one-family dwellings, 6% were in twofamily dwellings, and approximately 14% in apartment houses.
During
the like period of 1939, 75% of the new dwelling units were in one-family
quarters of the current year were
had
especially
133 other centers
♦
Centers for
which
r
bank debit figures are available
back to 1919
Analysis of Imports and Exports of the United States
October
in
The
and
10
trade reduces the export and import
groups, ranging from crude ma¬
terials to finished manufactures, in each of which the agri¬
cultural and non-agricultral totals are shown separately.
This tabluation in addition to the usual comparison of the
figures into five separate
also shows comparisons
In the first 10 months of
1940, 14.1% of domestic exports and 50.7% of imports for
consumption were agricultural products; 85.9% of domestic
exports and 49.3% of imports for consumption were nonagriculatural products.
We present the tabulation below:
corresponding month of
a year ago
for the previous month of 1940.
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES
FOR THE MONTH OF OCTOBER AND 10 MONTHS ENDED OCTOBER,
1940 AND 1939
by Economic Groups
Analysis
increased shipments of
(Value In 1,000 Dollars)
this
and
the
1
season.
Exports to Africa
while
those
Class
1939
1940
1940
Value
Value
September
areas, offset in part by a marked
drop
Heavy arrivals of Taw silk raised
$18,400,000 from $11,000,000 and total
imports of silk to the highest monthly value since October a year ago. *•
There were increased imports of silk and tung oil from China, of rubber
from
Ceylon, and of a numbeT of products of British India and the
countries
in
various
in
geographic
receipts from The Netherlands Indies.
total
imports
reduced
1940
Value
1939
from
Japan
Value
Cent
Value
Cent
Domestic Exports—
Crude materials
78,359
405,104
16.3
413,198
57,730
20,630
22,724
7,681
15,043
29,188
Agricultural
14,678
251,043
10.1
255,919
7.8
14,510
154,061
6.2
4.8
10,213
4,974
7,528
97.586
3.9
157,279
67,043
2.0
Non-agricultural
Crude foodstuffs
12.5
2.0
3.9
66,479
96
89
67
1,064
27,547
10,357
8,407
1,950
10,832
168,700
6.8
4.4
9,520
6.3
1,312
155,461
13.239
145,946
129,052
0.5
16,895
0.5
78,575
81,421
476.767
19.2
23.4
0.2
771,023
3,939
19.1
4,885
10,117
.
Non-agricultural
Mfd. foodstuffs and bev_.
Agricultural
Non-agricultural
25,264
Semi-manufactures
64,534
1.840
2,283
96,522
7,461
356
455
3,838
62,694 78,219 80,966
472.929
142,423 171,639 207,195 1,331,117
807
828
6.870
1,301
141,616 170,812 205,895 1,324,247
Agricultural
Non-agricultural
Finished manufactures...
Agricultural...
Non-agrlcul tural......
564
3.9
0.1
767,084
23.3
53.7 1,903.633
0.3
10,997
67.7
53.4 1,892,636
57.3
0.3
of
exports
U.
same
September levels.
from
showed appreciable in¬
September.
Larger amounts of
Brazil, of wool,
lead ore and flax seed from Argentina, and of petroleum from Venezuela.
Total imports from Latin America for the month, valued at $50,000,000,
were $10,000,000 higher than those in the preceding month but somewhat
lower than the average for the first nine months of the year.
Imports from Europe showed a moderate gain during October, but
amounted
to only a
third of receipts during October, 1939.
Receipts
from Switzerland, including some shipments delayed pending the conclusion
of arrangements with belligerent countries for safe transit, increased from
$2,300,000 in September to $3,900,000 in October.
Imports from the
United Kingdom rose from $9,300,000 to $9,900,000.
Imports for consumption, which reflect withdrawals of goods from
bonded
customs
warehouses as well as direct entries,
exceeded general
Latin American countries
several
from
during October
creases
compared with
as
coffee, castor beans, and carnauba wax were received from
$6,00,000 in October.
Withdrawals of commodi¬
from France and other continental European
for this difference.
imports by approximately
ties
Total
to
Receipts of crude rubber from The Netherlands Indies
source and from British Malaya were considerably
the
October
in
Imports
Per
Per
practically unchanged.
were
general imports to $207,000,000 in October from $195,000,000
was the result of widely distributed increases in trade with
The rise in
in
;
somewhat higher in October than in September,
were
Oceania
to
and of tin from
Oct.,
British
showed substantial
Islands also
Philippine
Philippine Islands.
10 Months Ended October
Sept.,
Oct.,
Exports to The Netherlands Indies,
aircraft.
increases.
The
aggregate value of exports to Asia, including Japan, reached $60,000,000
in October as compared with $42,000,000 in the preceding month.
Although an increase in total exports to Latin America during October
was
reported, the important gains were confined to trade with a few
countries—Mexico, Cuba, Colombia, Chile and Brazil.
As anticipated,
exports to Argentina were further reduced as a result of restrictions on
imports of American goods, but the decline was of relatively small
proportions.
Larger shipments of automobiles were an important factor
in
trade with Latin America in October, as is usually the case during
India,
October
Ended
Months
Department of Commerce's report of the character
of the country's foreign
Agricultural
3307
The Commercial & Financial Chronicle
Volume 151
imported
previously
countries accounted in large part
S.
323.077 288,270 336,165 2,479,275 100.0 3,300.843 100.0
14.1
20.7
95.758
513.734
466,386
22,157 33,415
227,319 266,113 302,749 1,965,540 79.3 2,834,457 85.9
merchandise..
Agricultural
N on-agricultural
Following
months of
Thousands of Dollars (000
Imports for Consumption
Crude materials
70,510
80,117
88,904
582,613
31.9
806,025
53,358
58,073
67,262
23.1
587,143
28.2
Non-agricultural
17,152
24,896
24,059
22,044
21,642
22,625
422,146
160,467
8.8
218,882
10.5
237,279
13.0
236,540
11.3
227,142
10,137
12.4
226.080
10.8
0.6
10,460
Omitted)
38.7
Agricultural
the
covering
tabulations
complete
the
are
September and October:
0.5
Crude foodstuffs
Agricultural
18,098
IMPORTS
EXPORTS
Geographic Division
Oct.,
27,725
19,026
261,788
14.3
235,601
11.3
20,405
14,770
21,176
15,584
206,756
11.3
187,067
9.0
4,256
46,510
5,592
55.033
3.0
48,533
2.3
Northern
North
America.......
46.045
382,564
20.9
462,269
22.2
Southern
North
America
Agricultural
7,320
45,397
3,782
49,948
2.4
42,533
35,904
346.660
2.0
41,615
2,839
43,672
3,512
Non-agricultural
18.9
142,321
19.8
Asia.
38,604
32,565
34,383
364.617
19.9
344,105
16.5
Oceania
863
411
403
5,141
0.3
5,619
0.3
37,741
32,154
33.980
359,477
19.7
338,487
Oct.,
Oct.,
Sept.,
Oct.,
1940
1940
1939
1940
1940
$
17,001
1,097
21,738
837
Sept.,
1939
and Country
$
$
$
$
16.2
...
Non-agricultural
Mfd. foodstuffs and be v..
Agricultural
Non-agricultural
...
Semi-man ufactures
Finished manufactures
Agricultural
Non-agricultural
887
Europe...
132,090 113,523 122,003
60,852 64,626 77,886
32.928 25,673 31,656
...
32,843
56,121
6,759
...
.......
Africa
...
49.3
50.9 1,028,683
14,076
Argentina.....................
104,665 103,223 104,635
931,774
5.45S
4,870
Foreign Trade with Geographic Areas
Leading Countries in October
and
Larger shipments to Canada, Japan and the United King¬
dom accounted for
than half of the rise of
more
$48,000,000
ber to
from
United States exports from $295,000,000 in Septem¬
$343,000,000 in October.
Exports to Canada increased
$63,300,000 to $76,700,000—the highest monthly return
in any year
since 1929—as
a
result of heavier shipments of a
of
steel
commodities
products,
included
which
aircraft,
automobile casings and
corn,
iron
and
other rubber
manufactures, automobiles, parts and accessories, petroleum
and
products,
Shipments
were
metal-working
of
coal
and
smaller in October than
Japan,
Exports to
machinery,
tractors
which
in the
and
cotton.
raw
Canadian
the
to
market
preceding month.
increased
from
September to $26,200,000 in October, reflected larger ship¬
of refined copper, gasoline (not of aviation grade)
ments
Chile
..................
........
Cuba
and automobiles.
Exports of iron and steel
products
chant
also decreased, and there
vessels
British
to
the substantial sales in
British
the
to
were
season,
account
were
October
in
previous months.
market,
which
negligible.
sales of
mer¬
in contrast
to
Exports of fruits
normally
are
Commerce
The
no
large
Department
374
520
11,390
7,122
7,468
9,904
8,329
23,967
3,389
3,403
5,646
4,028
6,217
6,857
3,927
12,563
25,147
1,278
93
98
66
39,827
1,786
3,717
6,426
39,197
38,050
774
3,600
5,164
5.401
6,378
7,109
3,880
2,611
2,991
12,363
6,260
6,500
431
6
13
601
736
240
234
Ecuador
669
301
404
336
477
502
1,552
2,404
1,689
1,398
1,685
2,073
12,680
72
8
...
Egypt
Finland
.......
Germany, b.
....
738
306
1,715
2,994
1,706
40
.........
139
7
267
415
231
241
1,624
765
Gold Coast
287
101
224
604
Greece
200
497
800
2,080
93
174
Haiti
492
360
504
269
396
276
653
498
467
598
731
745
644
Honduras............
192
201
114
197
907
182
483
852
361
670
158
306
134
951
Ireland
12
90
5,123
116
74
550
Japan.
.....
K wan tung
197
264
267
133
166
23,519
17,778
26,195
1,254
20,455
11,124
18,361
158
209
236
10,061
4,379
6,156
1,787
2,302
3,876
23,275
1,536
12,380
1,222
623
........
381
8.579
...
....
7,697
4,207
4,142
Netherlands Indies
(Curacao)
Newfoundland and Labrador
New Zealand
Norway
Panama, Republic of
Panama Canal Zone
Peru
1,237
406
...
Jamaica
Mexico
739
1,116
6,301
Hongkong
Iran (Persia)
3,690
9,324
1,125
1,246
6,062
1,369
2,130
2,261
1,272
—
6,346
1,393
67
101
949
580
1,310
965
1,810
1,531
750
1,374
311
3
1
3,296
33
2
1,207
3,776
1,589
4,886
1,642
6,836
1,066
1,046
258
289
417
10
81
22
1,446
6,080
1,761
5,515
846
909
1,536
7,691
1,102
a
1,708
4,814
636
1,044
847
1,209
127
61
2,275
3,858
626
4,311
3,773
2,214
144
611
9,926 10,804
6,075
4,571
7,344
8,626
52,696 103,361 107,597
1,199
4.044
4,078
1,018
14,588
9,263
9,873
2,665
....—...—
Union of South Africa
U. 8. S. R. (Russia)
this
United Kingdom
Uruguay
1,187
672
75
250
258
Switzerland
724
17,349
2,747
Sweden
Turkey
5,105
1,150
11,910
.............
Philippine Islands
Portugal
....
Spain
also
at
2,976
3,849
5,550
4,777
10,200
5,010
3,648
1,987
584
Netherlands W. Indies
and products,
1,618
966
Netherlands
products to the United Kingdom, although reduced, remained
very large.
Shipments of canned salmon and of sawmill
146
3,747
United
preceding month, took increased amounts of aircraft, metalworking machinery, brass and bronze, raw cotton, petroleum
9,714
Dominican Republic...
Denmark
and other refined
oils, and metal-working machinery.
The
Kingdom, to which goods valued at $107,600,000 were
shipped in October as compared with $1^3,400,000 in the
164
2,667
Ceylon
Italy
$17,800,000 in
502
63,262
149
Canada
France
range
3,671
12,581
6,966
a
7,176
6,121
1.427
1,328
76,682
1,117
Burma
China
82,649
5,055
1,406
5,151
5,020
-
6,753
4,895
1,357
8,497
4,815
India
British Malaya
Colombia
in total
-
383
...................
British
States
29,471
60,307
6,650
15,613
59,720
Brazil
United
6,267
4,723
6,989
Australia
Belgium
Non-agricultural
6,652
%
18,330
39,163
16,440
33,650
88,225
15,762
40,569
14,722
25,075
331,978 295,245 343,485 215.289 194,928 207,141
Total.........
Tot. Imports for consum'n 207,131 196,316 213.133 1,828.862 100.0 2,084,541 100.0
50.7
49.1 1,055,858
93.093 108,498
Agricultural
102.466
897,088
28,923
41,772
10,385
South America
53,835
40,426
22,029
29,556
62,009
2,205
5,229
545
1,187
124
93
749
........
Venezuela
—
623
836
805
631
2,009
5,617
5,916
5,827
2,328
2,896
A,055
noted:
With
American
exports to
exceptions,
goods
Union
the
a
few
a
of
larger
were
in
Socialist
Soviet
practically all principal markets for
October
Republics
than
and
in
September.
Finland,
among
Exports
to
Less than $500.
b For purposes of statistical comparability trade with Austria,
Czechoslovakia and Poland and
Danzig has been combined with Germany for both
years.
continental
countries, increased substantially.
In the former case the rise
the result chiefly of the shipment of 54,000 bales of cotton valued
European
was
at
at
than
more
more
$3,000,000 and of seamless casings and oil-line pipe valued
than $1,500,000.
The October shipments of cotton to Russia
the first of any consequence since 1935.
in
October
Kingdom
Increases
countries
to
China
amounted
accounted
in
other
ro?e
to
for
October
than
from
$122,000,000,
were
Exports to all European countries
of
which
trade
with
the
United
90%.
over
Japan
Imports
Restricts
Merchandise
War
ment
but
of
Plans
Certain
to
United
Increase
States
Purchases
of
Supplies—Comment of United States Depart¬
of
State
Legislation prohibiting importation of certain articles of
September in export trade totals with Asiatic
were
$3,800,000
Canada
general and of significant size.
Exports
to
$5,600,000,
principally because of
merchandise
from
non-sterling
areas,
chiefly
the
United
States, and subjecting to license other import items, was
in-
•
The Commercial & Financial Chronicle
3308
troduced
in (Parliament Dec. 2, by
prices advanced 1.2% from September to October.
They were
above the October, 1939, average prices, and 7.5% lower than
during the same month of 1929.
The cost of sundries was unchanged from September.
They were 1.1%
1.7%
eign exchange for the purchase of war-time necessities from
countries outside the sterling areas, and at the same time
higher than during October, 1939, and 8.5% above the June, 1938,
depression low, but were 2.0% under the October, 1929, level.
The purchasing value of the dollar was 117.0c. in October, as compared
with 116.8c. in September; 117.2c. in October, 1939; 98.8c. in October,
permit Great Britain to build up her Canadian dollar
British goods in Canada.
removal of tariffs from many
balances through increased sales of
100c.
and
1929,
The measure provides for the
1923.
in
imports from the United Kingdom, and reduction of the
dutv
and
October,
September,
1940
1940
33
77.4
78.2r
—1.0
20
87.4
87.0
+0.5
Clothing .................
12
73.1
73.1
Men's..—.............
80.3
80.3
0.0
Women's.
65.8
65.9
—0.2
85.9
86.3
...—
5
Fuel end light
Coal
supplies from the United
0.0
•
+0.7
+1.2
85.7
Sundries
Another provision of the Finance Minister's proposal is
designed to reduce consumption of Canadian manufactured
Purchasing value of dollar..
86.4
0.0
97.9
30
...
84.7
86.4
...
Gas and electricity.b
States.'
97.9
0.0
85.5
85.6r
—0.1
117.0
llfl.8r
+ 0.2
100
Weighted average all items.
luxury goods and to prevent the expansion of their manu¬
facture to take the place of prohibited imports, by imposing
an excise tax of 20 to 25% of the manufacturers' price on
most of these prohibited articles manufactured in Canada.
The following is taken from Ottawa advices of Dec. 2, to
(+)
from
Sent., 1940,
tooa.. 1940
Housing—..—.—
He concluded, therefore, that the loss of a
Canadian market suffered by certain United States pro¬
ducers would be more than compensated for by greater purr
equipment
Inc.
Dec. (—)
Food.a—————
United States.
war
or
Family
Budget
$6,000,000 saving in exchange resulting from the reduced
imports of the items affected by the law would be used to
purchase items of war-time necessity, principally in the
of
1923=100
in
to
chases
Living,
Importance
Item
Ilsley said that the estimated $5,000,000
Pa.
Indexes of the Cost of
Relative
other British goods.
on
Finance Minister
7, 1940
Coal
Finance Minister J. L.
The purpose of the proposal, which it is said will not
become effective until after the holidays, is to conserve for¬
Ilsley.
to
Dec.
Based on revised food price Indexes of the United States Bureau of Labo*
Statistics tor Oct. 15, 1940, and Sept. 17, 1940.
b Based upon retail prices of 35 kwh. of electricity, 1,000 cubic feet of natural gas,
s
or
2.000 cubic feet of manufactured gas.
Revised;
r
♦
.
the New York "Journal of Commerce:"
Among the articles, Importation of which from non-sterling countries Is
are the following:
Exports of Farm Items In October Sharply Reduced
from Last Year—Aircraft, Machinery and Metals
prohibited,
Prepared cereal foods; florist stock and cut flowers; processed and can¬
ned fruits and vegetables, but not currants, raisins, dates, apricots nor
grapefruit juice; preserved fish, oysters and crabs; manufactured to¬
bacco; spirits and wines; certain clases of fiction magazines and comics ;
consumers' paper items;
perfumes, etc.; china and glass silverware;
electrical household appliances;
stoves, etc.; bathroom fittings; auto¬
mobiles ; sporting goods and fishing tackle; cameras; furniture of wood
or metal; radios, phonographs, musical instruments; luggage; all finished
clothing or wearing apparel; silk fabrics; ornaments, jewelry and precious
stones; toys and dolls, and various miscellaneous articles.
The second list of articles for which permits will be issued but only
In restricted amounts comprises five major categories.
These include:
and
other
than
passenger
(Value in 1,000 Dollars)
various
and plywood.
partially manufactured forms of natural
silk but not artificial silk or similar synthetic fibers.
Fifth—All petroleum products.
In connection with the second list, Finance Minister Ilsley stated it was
the intention gradually to decrease these imports from hard currency
countries as Canadian industries adapted themselves to the use of domestic
materials
or
materials from other
Oct.,
Economic Classes and Commodity
Coal..
of
Government
measures
to
on
conserve
Monday introduced
in
change, for the purchase of essential war-time imports.
tant of these measures
were
Parliament
a
foreign exchange, particulary dollar ex¬
Wheat.......
same
time it
was
Corn.............................
Vegetables, fresh and dried
......
no
restrictions
issued
asking its members to refrain from Importing from other
than empire sources most out-of-season fresh fruits and vegetables.
This
It Is gratifying to observe that according to a statement of the Canadian
Minister of Finance in Parliament yesterday these representations by the
10,541
2,132
373
61
1,298
3,222
1,337
168,661
67,515
50,831
6,823
80,054
72
8,656
2,778
3,711
29,387
32,487
m
697
858
35,510
1,643
3,572
1,081
15,475
10,592
25,136
737
837
134
238
9,316
482
494
9,980
Other fresh fruit....
...........
1,606
1,456
739
845
9.939
642
440
8,726
1,968
1,538
1,028
1,076
604
596
16,935
821
1,540
1,089
2,088
\ 5,925
1,998
2,306
1,814
1,793
1,456
498
30
65
910
354
597
298
557
....
6,164
4,674
2,313
755
582
All other manufactured foodstuffs....
4,357
2,091
2,458
Wheat flour..
..............
Oilcake and oilcake meal
Vegetables, canned and prepared.
Dried and evaporated fruits.
Canned fruits.........
Sugar and related products
...
......
134
184
United States with respect to the statement of the Canadian Fruit Whole¬
704
Naval stores, gums and resins.a
1,608
2,270
529
salers Association were taken Into consideration by the
680
795
Cotton semi-manufactures..........
1,380
811
763
268
363
230
2,995
2,927
2,165
1,934
39,676
4,437
1,714
1,811
2,185
2,694
2,452
35,830
4,650
2,165
1,625
898
587
2,856
4,553
1,940
6,816
1,798
5,160
3,802
1.476
12,871
Canadian Govern¬
when the governmental measures were formulated,
considerations of
consumer
together with
interest and the importance of trade relations
..........
Sawed timber........
......
Boards,planks, Ac..—..
Wood pulp........................
.......
with the United States and the whole trade-agreement
States.
policy of the United
Gas and fuel oil......
■
While the
Government
of the
United
States had hoped it would not
be necessary for the Canadian Government to place restrictions on other
products, it is encouraging to note that Canada does not intend to en¬
the building up of domestic industry at the expense of imports.
courage
The manufacture of new models of certain industrial products has been
prohibited by the Canadian Government, and a series of excise taxes has
been imposed to prevent the expansion of domestic production of pro¬
hibited
or
Iron and steel semi-manufactures....
Iron and steel scrap.b.
—
Tin plate and taggers' tin.......
Ferro-alloys.Aluminum semi-manufactures
Copper (Ingots, plates, rods)
Brass and bronze semi-manufactures..
Coal-tar products................
Industrial chemicals
......
Pigments...
restricted items.
—
Rubber manufactures
Conference
Board
Reports Cost of Living
Slightly in October
Declined
declined
according
to
slightly between
the
survey
September and
conducted
month
each
October,
by
the
Division of Industrial Economics of the Conference Board.
The decline, which amounted to 0.1 of
1%,
was
to reduced food costs, since all of the other
the wage earners' budget either increased
changed.
due entirely
major items of
or
remained
un¬
Under date of Nov. 16 the Board further said:
Food prices, which
1.0% between the two
in October, 1939, and
were 26.7% above the
comprise
nearly one-third of the budget, declined
They were 1.6% lower than they had been
29.6% lower than during October, 1929, but they
months.
depression low of March, 1933.
Rents in October were 0.5% higher than in September, 1940; 0.9%
higher than during the same month of last year; 89.4% above the January,
1934, depression low, but were only 5.1% below the October, 1929, leveL
Clothing costs were unchanged between September and October, and were
0.7% higher than in October of last year, and 20.4% above the 1933 low
point.
They had declined 26.2%, however, since October, 1929.
Automobile casings..
Tobacco manufactures..
..........
........
Cotton cloth, duck and tire fabric—
Rayon manufactures....
Paper and manufactures..........
Gasoline.......
....
Lubricating oil*.....
Glass and glass products
Steel-mill manufactures...
947
4,630
16,195
5,731
2,807
3,691
3,053
5,917
275
3,858
,—
Cotton manufactures
The cost of living of wage earners' families in the United
States
,
All other semi-manufactures.........
Finished Manufactures—
♦
8,640
457
Semi-Manufactures—
Leather.................
ment
1940
5,909
...
.....
government made urgent representations with respect to this statement.
5,138
1,499
7,758
6,490
........
Manufactured Foodstuffs—
Meat products.....................
Lard, including neutral lard.........
Dairy products, except fresh milk....
Fish, canned, prepared, Ac
.....
announced that there would be
47,192
6,162
9,335
9,011
Oranges...........
Apples, fresh..........
All other crude foodstuffs...........
fresh fruits and vegetables from the United States.
statement
.........
....
The most impor¬
On Nov. 21, 1940, the Canadian Fruit Wholesalers Association
a
All other crude materials
Crude Foodstuffs—
prohibitions and restrictions on the importation
Into Canada from the non-sterling area of a wide range of commodities.
At the
...........................
Crude petroleum...................
Undressed furs.......
1
Canadian
The
10 Mos. End. Oct,
1940
6,286
Cotton, unmanufactured.
Tobacco, unmanufactured..........
According to advices from Washington, Dec. 3, to the
"Times," the United States Department of State
took official notice of the proposed Canadian import
regu¬
lations by the issuance of a statement, the text of which
series
Oct.,
1940
1939
sources.
follows:
Sept.,
1939
Domestic Exports
Crude Materials—
New York
on
1939
Analysis by Leading Commodities in Each Economic Group
veneers
Fourth—Raw silk and
;
FOR THE MONTH OF OCTOBER AND 10 MONTHS ENDED OCTOBER,
automo¬
biles.
Third—-Hardwoods and
.
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES
1940 AND
vehicles
motor
Higher
export and import trade, arranged according to economic
groups:
tobacco.
First—Unmanufactured
Second—Automobile
Much
Supplementing other data on the Nation's foreign trade
in October, given in today's issue, we present here an arrange*
ment of the figures given out by the Department of Com¬
merce showing the value of each of the chief items of the
......
........
...
Iron and steel advanced manufactures
Electrical machinery and apparatus..
Radio apparatus
Industrial machinery.....
......
Well and refining
machinery—
Metal-working machinery.......—
Office appliances.
Agricultural machinery A implements.
Automobiles, parts and accessories...
Motor trucks and buses (new).....
Passenger cars (new)—......,
Aircraft, including parts, Ac
....
Medicinals and pharmaceuticals.....
Explosives, fuses, Ac..
1,688
1,019
5,701
3,872
1,337
3,236
8,493
8,588
1,319
6.184
5.258
9,505
2.259
23,934
2,400
9,585
2,559
5,533
18,900
4,661
5,842
3,196
2,797
387
Scientific and professional instruments
Firearms and ammunition, Ac
1,211
All other finished manufactures—
29,266
Total domestto exports..
142
26,360
10,414
20,824
7,092
5,474
19,233
22,310
9,358
24,776
10,184
12,344
9,386
4,953
28,951
4,590
46,911
126,149
446.674
.884
6,775
2,094
4,388
1,101
21,173
13,500
16,682
63,676
1.940
10,870
26.991
11,009
12,746
12,382
88,625
3,286
1,861
5,396
691
1,121
27.910
12,253
12,642
4,451
2,774
1,286
4,630
4,382
3,472
1,108
14,293
5,464
9,244
1,441
36,891
1,697
23,203
1,314
4,707
2,885
1,396
5,272
5,710
5,385
1,454
15,266
6.280
10,495
1,892
43,567
1,627
27,610
1,408
5,188
22,531
7,431
4,530
31,389
2,605
4,913
15,735
4,957
1,690
22,940
2,016
1,674
1,217
3,798
28,818
3,489
880
1,393
5,071
30,681
44,259
28,542
12,080
23,615
80,558
68,084
8,286
47.992
39,043
84,631
17,028
238,718
32,484
95,125
24,407
201,003
37,699
72,431
60,175
9,403
10,866
1,668
6,840
0,118
5,823
19,651
11,400
13.891
14,781
.17,601
4,508
6,324
5,936
8,974
15,924
26,956
9,621
10,484
13,996
4,156
23,233
25,336
30,405
310,311
45,753
40,430
16,252
17,020
82,757
22,116
24,070
44,228
12,375
124.057
33,220
16,408
11,240
49,785
31,400
13,555
54,854
52,608
83,380
11,441
117,247
53,395
96,359
17,748
358.362
21,509
197,798
59,656
17,586
67,030
209,026
203,010
58,475
70.911
82,153
69,351
45,506
252.868
24,145
18,223
13,514
51,304
h320,507
17,631
3.426
10,248
4,057
232,695
323,077 288,270 336,165 2,479,275 3,300,84:
Volume
The Commercial & Financial Chronicle
151
3309
bread amounting to lc. per loaf for
OCt.y
Sept,,
1940
10 Mos. End. Oct.
Oct.,
1939
Economic Classes and Commodity
1940
1940
1939
Imports for Consumption
Crude Materials—
Undressed furs»...,
Crude
3,316
16,181
2,116
1,058
3,190
Oilseeds
FlaxBeed...-..-^—.
Tobacco* unmanufactured..,..^.....
Cotton, unmanufactured..
3,455
5,743
30,655
634
30
603
3,154
37,103
40,318
135,259
27,441
16,796
30,928
3.343
4,670
28.483
1,738
953
386
3.344
1,293
21
182
280
119
87
124
3,906
17,540
1,539
4,863
2,069
3,175
7,388
15,669
1,494
2,878
Jute and Jute butts
Max and hemp, unmanufactured.....
...
Wool, unmanufactured.......
Silk, raw
.............
Other textile flbers.c.........
Crude petroleum...................
8,709
1,720
40,985
58,371
251,655
28,239
12,691
31,187
9,216
5,649
2,133
6,780
3,372
2,024
38,501
93,030
12,083
—a...
73
390
421
19,414
4,908
Diamons fear industrial use..........
569
1,087
2,163
8,226
Manganese, chrome, and other ferroaliojringores.........^
2.132
13,355
13,326
2,298
13,318
11,806
111,420
1,804
........
All other crude materials
1,070
1,832
18,139
5,020
4,143
24,827
23,138
112,282
2,551
63,985
96,125
18,232
25,620
10,149
8,718
Cattle; except for breeding..........
Wheat for milling and export
Vegetables, fresh and dried.........
Bananas,
435
550
353
231
230
2,553
2,780
11,642
1,426
2,330
2,302
1,353
3,485
2,471
2,677
8,614
2,065
4,186
1,190
1,077
320
419
556
............
or cacao
beans..............
.......
Tfea.............................,^
All other crude foodstuffs...........
27,772
3,782
6,892
16,580
33,150
.....
From foreign countries..........
Whisky and other spirits...........
Wines.....
All other manufactured foodstuffs....
..........
405
4,647
3,144
3,888
3,032
4,173
753
6,655
6,783
5,927
48,792
50,298
1,833
2.684
34
62
31,789
6,732
44,385
2,545
2,744
8.044
1,935
3,825
750
1,680
2,259
3,961
2,834
14,758
57,534
9,394
22,736
31,238
3,591
2,737
3,216
5,278
1.604
1,421
2,536
9,524
Burlaps—.^..-.........
Manufactures of flax, hemp and ramie
51,005
577
16,068
574
1,283
7,239
1,036
1,232
8,400
14,610
27,537
79,251
174
191
1,883
2,316
437
366
1,381
Cotton manufactures....
Cotton cloth..............—
10,682
445
771
Leather manufactures.....
752
8,222
3,344
3,538
Fertilizer.d.
All other semi manufactures.........
Finished Manufactures—
499
7,943
3,526
15,694
402
Industrial chemicals _d
4,966
1,307
1,310
3,986
1,725
1,562
2,287
Wool manufactures......
Bilk manufactures.......
1,486
627
761
10,338
649
........
Non-commercial imports.!
700
1.045
10,999
2,588
635
513
7,173
2,389
9,304
2,267
d Includes
a
a
semi-manufacture,
5,462
31,213
6,881
22,305
17,618
15.481
6,219
7,211
94,230
11,242
14,651
112,713
26,272
17,046
51,665
22,425
17,330
67,390
28,069
101,778
7,989
10,864
24,652
76.131
2,922
23.961
5,054
39,665
15,495
15,523
4,648
6,474
103.346
8,313
11,051
89,923
22,794
b Includes tinplate
Includes sisal, manlla, kapok. New Zealand fiber, crln vegetal,
few items not semi-manufactures,
e
Chiefly unrefined copper
f Chiefly merchandise returned,
refueling vessels and for refining and export,
at
851
19,912
drop of 0.3 of 1% in rental costs to moderate-income
a
families
noted.
Coal and coke prices rose
in most of the cities in which these fuels are
by the Bituminous Coal Division on Oct. 1.
In Houston and San
Francisco reduced wood prices were responsible for a decline in fuel costs.
Prices on wool blankets have risen generally throughout the country as a
and increases in the demand
result of the advance in raw wool prices
cities
for
net increase
an important factor in a majority of the
in housefurnishings costs was reported this
In Baltimore, Buffalo
and Detroit, where the advance in the cost
the finished
This was
products.
in which
a
housefurnishings was greatest, higher prices for rugs and living-room
suites were an added factor.
Largest decreases occurred in San Francisco
of
and Los
Angeles, as
result of lower prices for electric refrigerators
a
and
living-room suites.
largely due to higher
prices for automobiles.
In the lower-price ranges, ,1941 models were
announced at levels from 3% to 4% higher than those for 1940 models.
Higher prices of moving-picture admissions also contributed to the advance
Changes in the cost of miscellaneous items were
Francisco and Detroit.
in the cost of miscellaneous items in San
15 to Oct. 15, 1940, in the cost
percent changes for Sept.
Estimated
of goods purchased by wage earners and lower-salaried workers in 20 large
cities of the United States, and for the large cities combined are presented
by groups of items in Table 1.
Table 2 presents estimated indexes of
these costs, as of Oct. 15, 1940, based on average costs in the yean
1935-39
as
100.
15, 1940, TO OCT, 15,
TABLE 1—PERCENTAGE CHANGE FROM SEPT.
1940. IN THE COST OF GOODS PURCHASED BY WAGE EARNERS
AND LOWER-SALARIED WORKERS
IN 20 LARGE CITIES OF THE
ITEMS
UNITED STATES, BY GROUPS OF
<1
Fuel,
Items
City
Food
ing
Miscel
tricity
Rent
Bouse
furnish¬
ings
laneous
and Ice
Area and
Elec¬
Cloth¬
All
New England:
—0.6
—2.0
+0.2
c
+0.7
+0.3
Buffalo..............
—0.4
—1.4
+0.1
c
+0.3
+0.4
New York
—0.9
—0.1
—2.1
—0.4
c
b
+0.1
—0.2
—0.3
+0.1
b
....
0.3
—0.6
+ 0.1
c
+0.4
—0.1
+0.3
+0.1
—0.3
Chicago.............
Cincinnati...........
d
—0.5
+0.2
+0.1
+0.2
—2.2
b
c
+0.1
—0.3
—0.7
—2.7
b
c
+1.0
+0.3
+0.9
b
—0.8
Cleveland...........
—0.4
+0.4
+0.2
—0.6
+ 0.4
c
+0.2
+0.4
+0.9
+0.3
+0.2
+0,3
+0.7
b
c
b
—0.4
+0.1
+0.1
—0.1
c
©
+0.4
d
to
+2.1
+0.1
+1.6
e
+0.3
—0.2
—1.0
+0.2
+0.1
-0.2
+0.1
+0.2
+0.7
+0.8
+0.5
+0.2
+0.1
+0.3
Boston...
.......
b
Middle Atlantic:
...
Philadelphia.........
Pittsburgh
207,131 196,316 213,133 1,828,862 2,084,541
small item which is not
for refining and export,
was
in
increasing
■
+0.2
b
East North Central:
Total imports for consumption..
Ac.
569
799
10,866
Machinery....................
All other finished manufactures......
c
363
890
12,712
...
........
scrap and waste,
38,087
420
5,090
752
Nickel and alloys
a
60,841
15.130
6,707
13,942
7,042
38,069
63,276
34,354
3,200
Tin (bars, blocks, pigs).............
Coal-tar products _d__
;......
Denver
advances
been
coal
915
...
Includes
1,390
268
2,844
24.480
10,507
16,382
9,534
46,510
of
result
a
prices have
generally used for heating.
These increases were partly seasonal and
partly the result of the establishment of minimum prices for bituminous
5,671
...
Semi-Manufactures—
Expressed oils, inedible.d...........
Rayon filaments, short and tops.....
Sawed boards, sidings, and lumber
(except railroad ties)....
....
Wood pulp...............
Gas Oil and fuel oll.g..,..
Diamons, cut but not set.....
Copper.e
a
1,215
774
2,982
6,110
4.603
...
Works of art.,
September and October of last year.
Retail
irregularly during the entire period.
In a
majority of the cities from which prices were received this month a rise
was reported in work-shirt prices.
The largest Increase in retail clothing
costs over the month wae reported in Detroit, largely as a result of
higher prices for men's business shirts and undershirts.
Rent changes were slight in the month ending Oct. 15.
In three of
the cities in which defense orders have increased substantially—Chicago,
Baltimore and San Francisco—small increases were reported, whereas in
as
month.
1,614
2,390
2,666
whole¬
Between August, 1939, and August, 1940, work-shirts at
about 10% on the average throughout the country, largely
rose
13,874
5,019
5,524
24,798
26,197
105,035
18,583
37,510
Manufactured Foodstuffs—
Meat products
Cheese..
Fish <fc shell fish (canned, prepared, &c.;
Vegetable oils, edible
Cane sugar—From Philippine Islands
Shingles........
Newsprint......
prices of men's work clothes are reflecting the upswing in
prices.
wholesale
127,989
Crude Foodstuffs—
Coffee..................
dairy products and eggs,
sale
3,431
Cocoa
for
Seasonal increases were reported
lard, and other fats also declined.
sugar,
Retail
Hides
Diamonds, rough, uncut...
loaves of 16 to 20 ounces in certain
England cities and in cities in the New York area.
Prices of coffee,
New
g Partly oil used for
b Includes merchant vessels valued
f
V Detroit.........
West North Central:
Kansas City.........
Minneapolis.........
St. Louis
South Atlantic:
$38,365,000 in 10 months ended October,
Baltimore.
......... -
Savannah..
.......
c
East South Central:
Living Costs in Large Cities of United States Showed
Little Change from Mid-September to Mid-October,
Reports Secretary of Labor Perkins
the
Bureau
of
Labor
"show that food costs
cities in
mid-September and mid-October,
Statistics,"
said
"Reports
Miss {Perkins,
declined over the month, and that
there were scattered retail price increases for other goods."
Los Angeles..........
1% lower on Oct 15 than on Sept. 15 of this year.
a
the defense program, and
Fresh fruits and vegetables showed usual
Bread prices, which had risen generally in many cities
in the year, dropped at
+0.3
+0.3
©
+0.5
+0.3
+0.3
b
0.3
+0.4
—0.4
+0.7
+0.2
—0.3
+ 0.3
b
e
—0.6
+0.7
+1.4
+0.3
*1"
+0.3
d
+0.2
—0.1
—0.7
—1.1
+0.1
c
+0.7
—0.4
a—1.0
b
b
+0.6
+0.1
b Increase of less than 0.05%.
ordinarily end in other months,
c
Estimated,
as no
+0.2
change
d Decrease of less than 0.05%.
©No change.
TABLE 2—INDEXES OF THE
COST OF GOODS PURCHASED BY WAGE
EARNERS AND LOWER-SALARIED WORKERS IN 20 LARGE CITIES
OF THE UNITED STATES, BY GROUPS OF ITEMS, OCT, 15, 1940
(Average 1935-39=100)
Fuel,
of the cost of goods purchased by
increased civilian buying resulted
in higher prices for wool blankets, cotton work-shirts, and other items
of men's clothing in certain cities.
Coal prices were higher, as is usual
at this time of year.
Prices of automobiles rose with the introduction of
the 1941 models.
lower meat prices, a general decline of a seasonal
nature for fruits and vegetables, together with lower prices for bread in
the New England and New York areas, were responsible for a drop of
1.0% in food costs between Sept. 15 and Oct. 15.
Other consumer goods
prices showed little change.
Monthly changes in the cost of living in 20 large cities are now
calculated by the Bureau, at the request of the National Defense Advisory
Commission.
The goods and services which are priced are those most
important in the spending of the families of wage earners and lowersalaried workers.
In preparing these indexes the same procedure is followed
as
that used in preparing the quarterly indexes for 33 large cities, but
the indexes for groups other than food are based on a more limited and
of items than that priced quarterly, and the resulting estimates of changes
in living costs in large cities are subject to revision after the Dec. 15
pricing.
The decline in food prices affected many of the items most important
in family spending.
Retail prices of meats declined, with the exception
of sliced bacon and salt pork, and the index of meat costs returned to
earlier
+2.7
—0.1
This
and lower-salaried workers to only 0.2 of 1%
above the average for the five-year period 1935^9."
Secre¬
tary Perkins also had the following to report:
seasonal decreases.
c
d
—0.2
Includes 51 cities,
since leases
this time, the decline in prices of white
Cloth¬
All
Items
Area and City
wage earners
approximately the August level.
+0.2
—0.3
+0.5
Average large cities
ing to moderate-income families in large cities was 0.2 of
Orders for
d
+ 1.3
-—0.2
San Francisco
Seattle
She added that "the Bureau estimates that the cost of liv¬
decline brings the index
+0.3
+0.5
Mountain:
Denver.....—.——
Secretary of Labor Perkins reported on Nov. 21.
to
Houston.............
Pacific:
Little change marked the cost of living in large
the United States between
Birmingham...—...
West South Central:
Food
ing
Elec¬
Rent
House- Miscel¬
tricity
furnish- laneous
ings
'
and Ice
New England:
98.8
94.9
101.0
100.6
103.9
98.0
100.8
Buffalo
100.9
97.3
101.1
106.6
99.8
101.9
New. York..
100.2
97.0
100.6
102.7
99.6
99.8
97.1
103.0
98.7
93.5
101.2
103.3
98.6
102.8
101.5
100.6
96.4
102.0
105.8
102.7
102.2
100.2
100.9
97.1
99.6
108.8
99.8
102.3
100.8
99,1
94.5
103.7
102.2
99.0
100.4
101.1
101.5
97.7
101.8
108.0
108.6
99.7
100.5
100.6
95.5
101.6
107.9
99.1
99.6
101.6
98.0
90.6
102.8
100.7
98.4
Boston
Middle Atlantic:
Philadelphia.........
Pittsburgh..
...
East North Central:
Chicago.............
Cincinnati...........
Cleveland
Detroit
..........
West North Central:
City.........
Minneapolis.........
101.0
97.2
100.8
102.8
108.0
96.8
103.2
102.1
St. Louis............
100.0
97.0
102.8
101.5
103.0
96.7
101.6
Baltimore...........
99.8
95.4
lt)0.5
102.2
101.4
101.1
99.3
101.4
102.0
104.6
Savannah............
104.7
97.5
105.4
101.1
100.6
94.1
102.5
114.8
93.5
98.7
101.4
101.7
101.0
102.8
106.7
93,1
104.5
100.2
Kansas
South Atlantic:
100.5
v
East South Central:
Birmingham.........
West South Central:
Houston.............
*
Mountain:
99.1
93.2
100.1
106.6
98.6
101.7
101.1
97.5
103.6
106.5
95.5
100.8
San Francisco........
101.4
101.4
98.2
102.9
103.8
91.6
100.9
102.8
104.2
Seattle..............
101.5
99.0
103.7
106.6
94.5
97.8
103.0
Average large cities...
100.2
•96.2
101.6
104.7
99.9
100.4
101.5
Denver
Pacific:
Los Angeles..........
a
Includes 51 cities.
The Commercial & Financial Chronicle
3310
The
Board
Conference
Unemployment Down
Reports
United
the
in
unemployment
Total
the preliminary estimate for
October that has been prepared by the Division of Industrial
Economics of the National Industrial
Conference Board.
The October level of employment, at 48,638,000 persons, an
increase of 103,000 over September, was the highest yet
attained in
labor
the
United States, except for a few months of
the
However, the addition of nearly 7,000,000 persons to
1929.
number
force
since
have
who
that
yet
closely approximates the
absorbed into channels of
year
be
to
The Conference Board announcement of Dec. 4
further stated:
;y;'"■ ';y\/,;;V' '.-.'"/y .
employment.
in
Increases
The latter
ber
and
non-agricultural
offset
than
more
a
employment
of
decrease
353,000
in
Ntovember and
in
swing in other fields could make any further appreciable decreases
,'v
industries.
these
Mining
was
1939.
October,
the only industry with fewer persons employed than in
Construction and the service industries each furnished
for about 550,000 more persons than in October, 1939, and
manufacturing absorbed about 500,000 additional workers
during this
employment
.'r'
V';
period.
and
estimates
CCC rolls,
of
WPA
employment,
Employment
October
the
are
amounted to 2,067,000 persons in October as
September and 2,643,000 in February, the
in
unemployment figures, as well as the breakdown by
in the following table for August, September and
October,
1939; March, 1933, and the average for
shown
are
of
and
•/;.v;
.V
not included in the Conference Board
,■
which
with 1.969,000
highest point in 1940.
compared
industries,
figure which indicates the activity of the mill based
operated.
These figures are advanced to equal
100%, so that they represent the total industry.
also
a
the time
on
1940;
PRODUCTION,
REPORTS—ORDERS,
STATISTICAL
MILL
ACTIVITY
Unfilled
from September to October
number of farm workers.
Larger decreases in agricultural employment will prob¬
October.
occur
Weekly Statistics of Paperboard Industry
give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 93% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
We
Percent of
Orders
Orders
the
December; therefore, only a large upward
in unem¬
It is estimated by the Conference Board
ployment totals before 1941.
that the national defense program will cause additional monthly employment
increases of around 400,000 persons during the first part of 1941.
Prom September to October the only major employment decrease occurred
in agriculture.
Significant increases were as follows:
215,000 workers in
manufacturing; 90,000 in construction; 79,000 in trade, distribution and
finance; 44,000 in the cervice industries, and 19,000 in transportation.
The stimulation caused by the national defense program acted to upset
the usual
seasonal trends between September and October in most of
ably
11,453,000
and 11,637,000 feet,
a year ago
10,119,000 feet and 8,156,000 feet.
Received
Production
Tons
Tons
Current
January...
628,155
579,739
167,240
72
February
420,639
453.618
137,631
70
March
429,334
449,221
129,466
69
April
620,907
456,942
193,411
70
May
682,490
608,005
624.184
247.644
Activity
Remaining
Tons
76
Period
somewhat less than the usual seasonal drop between Septem¬
was
7, 1940
declined to
States
according to
September,
and
10,763,000 feet; shipments 12,141,000 feet,
and orders
6,053,00(1 persons from September to October, or by 45,000,
in comparison with a decline of about 900,000 from August
to
95 identical mills reported production this year
feet and
Slightly in October—Number Employed Near Peak
Dec.
Month
Cumulative
of—
June
509,781
236.693
mm
mm'
mm'
.1
•«'
•
•
mm
.
mm
i
*•'
79
687,339
196,037
72
mm
452,613
487,127
162,653
74
'mm
September
468.870
470,228
163.769
72
"mm-
October
670,473
648,611
184,002
79
mm
November
488,990
609,945
161,985
77
mm
544,221
July..
August
—
:
'
Week Ended—
97,766
157,043
60
73
120,662
123,418
74
73
78
y y
73
123.281
154,311
159,161
76
128,087
Sept. 7-Sept. 14
Sept. 21_.
Sept. 28
73
92,066
—
128,055
125,763
Oct.
6
163,769
167,953
78
12
131,737
134,149
128,203
Oct.
130,483
170,669
79
Oct.
19--—
132,322
127,271
174,906
78
Oct.
26
136,464
130,405
180,439
80
74
2
135,801
132,249
184,002
80
73
9
120,470
130.203
172,460
78
73
Nov.
Nov.
73
73
w
73
73
152,355
77
Nov. 23
123,639
123,819
162,228
77
73
Nov.30
124,726
125.701
161,985
76
73
130.222
120,155
Nov. 16
Note—Unfilled orders of the prior week plus orders received, less production, do
Compensation for delinquent
from stock, and other items made necessary adjust¬
necessarily equal the unfilled orders at the close
not
reports, orders made for or filled
ments of unfilled orders.
1929:
year
UNEMPLOYMENT AND EMPLOYMENT
(In Thousands)
;
Avge.
Mar.,
1933
Aug.*
Oct.,
1929
1939
164,569,000 Pounds—Represents 7.84% of
Quota Under Inter-American Agreement
Oct.*
Sevt.*
New
The
Coffee
York
and
that
entries
Exchange, Inc., an¬
into the United
Sugar
429
14,762
47,925
35,884
7,969
46,626
7,643
47,532
6,698
48,535
48,638
Agriculture
Forestry and fishing.
10,539
9,961
11,372
11,618
11,925
11,572
267
136
223
223
228
226
Total Industry
19,097
10,966
16,844
17,188
17,660
17,983
1,067
11,059
3,340
645
780
756
765
767
6,966
10,988
2,183
10,796
2,590
2,465
1,167
1,549
2,031
2,080
11,176
2,648
2,105
11,391
941
865
951
966
966
963
_
8,007
6,407
7,512
7,346
7,499
7,578
Oct.
1, and the above figures therefore represent the first month's
7,711
9,721
10,184
10,231
703
955
973
992
10,275
1,004
The
MLscell. Industries and services..
9,003
1,012
15,900,000
Unemployment total
Employment total
.
Extraction of minerals
Manu'acturing
Construction
Transportation
Public utilities....
6,653
nounced
States
Service Industries
*
first
production during the week ended Nov. 23, 1940,
was 7% less than in the previous week; shipments were 3%
greater; new business 17% less; according to reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of representative hard¬
wood and softwood mills.
Shipments were 14% and new
orders 3% above production. Compared with the correspond¬
ing week of 1939, production was 5% greater, shipments 16%
greater, and new business, 33% greater.
The industry stood
at 70% of the seasonal weekly average of 1929 production and
90% of average 1929 shipments.
The Association's reports
Lumber
showed:
Year-to-Date Comparisons
of
1940 to
were
6%
were
For the 47 weeks
9% above the orders of the 1939 period.
date,
new
business
was
above
7% above the shipments and
of
even
an
9% above production,
and shipments
Supply and Demand Comparisons
compared with 20%
year ago;
gross
a year
stocks
ago.
were
32%
355,000
Nov. 23, 1940,
During the week ended Nov. 23, 1940, 475 mills produced 216,272,000
of
softwoods
and
orders
223,634,000
of
week were mills,
hardwoods
shipped
combined;
feet.
Revised
figures
245,748,000
for
feet;
preceding
the
493; production 233,720,000 feet; shipments 238,352,000
feet; orders 267,949,000 feet.
Lumber orders reported for the week ended Nov. 23,
wood mills
same
or
mills.
14%
totaled 213,515,000 feet;
Shipments
as
or
4%
reported for the same week
above production.
Production
1940, by 394 soft¬
above the production of the
was
were
233,607,000 feet,
204,819,000
feet.
from 95 hardwood mills give new business as 10,119,000 feet, or
Reports
12% below
Shipments as reported for the same week were 12,141,000
6% above production.
Production was 11,453,000 feet.
production.
feet, or
entry
which
bags
basis,
Inter-American
Ooffee
Identical Mill Reports
Production during week ended Nov. 23, 1940, of 388 identical softwood
mills was 203,409,000 feet, and a year ago it was 194,012,000 feet; ship¬
ments were,
respectively, 231,953,000 feet, and 199,347,000 feet; and orders
received 212,258,000 feet, and 158,874,000 feet.
In the case of hardwoods,
three-year
during Oct.
can
come
1,375,000
Board,
bo
lowered
The
ment
coffee
agreement
started
charges.
1940, to Sept. 30, 1941,
from non-signatory countries.
1,
bags
will
be
entered
monthly,
which will administer the agreement,
ic empowered to increase or decrease quotas
therefore,
quota year;
to
by
up
to 5% during the first
if necessary, basic quotas of 15,900,000 bags
could
bags.
15,105,000
figures, are those of the United States Depart¬
whirh are to be used in counting "charges against
entry, or "import"
of
Commerce
Congress will t>e asked to enact necessary legislation permitting
States to limit entries to the figures fixed in the agreement
quotas."
United
the
while producing countries will limit exports in
a
like manner.
Strangely enough, increased activity in the coffee futures
market, repre¬
senting greater use by producers, importers and roasters, is expected to
develop from the Inter-American agreement.
A "higher" level of prices—
new
seasonal
forward
highs have been made in "futures" recently—restrictions on
sales
of
actuals
producing
by
countries, and the encouragement
inventories in consuming centers, coupled with the fact
that surplus coffees, which at present cannot be shipped in normal fashion
to Europe, will be withheld in orderly manner, is all expected to contrilmte
toward
a
wider
use
of
the futures market in hedging trade
to
carry
larger
-'.y^y-'
operations.
The
signing of the coffee agreement was reported in these
columns Nov.
30,
3148.
page
Crude
and
Products—Republic
Its
Prices—I.
Control—Daily
8% less.
the
under
for
monthly
Crude
booked
164,569,000
Jag for the first month of the pact.
a
Petroleum
on
Unfilled orders were 45% greater than
Softwoods and Hardwoods
feet
quota
above production.
The ratio of unfilled orders to gross stocks was
a
"quota year"
On
Report of Lumber Movement Week Ended Nov. 23, 1940
were
totaled
continues:
An
orders
October
of
The announcement of the Exchange
and the United States.
2,124
Reported production for the 47 weeks of 1940 to date was 7%
of coffee
The Exchange
points out that this represented 7.84% of the United States
basic quota of 15,900,000 bags fixed in the Inter-American
agreement recently signed by 14 Latin American countries
indicating
new
month
the
during
consists
corresponding weeks of 1939; shipments
3
2,738
Preliminary.
further
Dec.
on
pounds, or 1,246,735 bags of 132 pounds each.
The
Trade, distribution and finance.
Basic
1940
1940
1940
Coffee into United States Totaled
October Entries of
;
Oil
P.
A.
President
Crude Output
Inventories
Cuts Texas
Federal
Hits
Slumps Sharply—
Rise—Rumania
Expro¬
priates Foreign Oil Properties
was hit by a bombshell Thursday
Refilling Co. posted a slash of 20
of crude oil in 10 southwest Texas
fields, all in coastal areas, effective immediately.
The
company, which purchases around 600,000 barrels of oil
monthly, posted its price cut shortly after a State-wide
advance in gasoline prices in Texas.
Some oil circles felt that the crude price cuts, first in months
in any important area in the Texas fields, might spread to the
adjacent upper Gulf Coast.
The proration situation in
Texas recently has been confused with the Railroad Com¬
mission first cutting November production sharply below
the level recommended by the U. S. Bureau of Mines and
then establishing December-January allowable figures in
excess of the Federal agency's estimate.
The Texas oil situation
when the Republic Oil &
cents a barrel in the price
The Commercial & Financial Chronicle
Volume 151
Frank
Buttram, President of the Independent Petroleum
Association of America, told delegates at the
regional meeting
of the Association in Tulsa on the eve of the winter
meetings
of the Interstate Compact Commission which started Dec.
6,
that oil
men
must be alert to
fight Federal control, and they
a more positive
must
demand that the Compact group take
stand in regulating State productions.
While there has been considerable discussion of
tion
of^ the Compact
authority
unlikely.
would
group
reorganiza¬
in order that it will have greater
production of crude oil, this seems rather
Such reorganization would mean that the law
over
have
approval
be
to
it
but
submitted
is
for
definite
Congress for
that
the
enabling
member
States
(Oklahoma, Kansas, Texas, Colorado, New Mexico and
Michigan) want the other oil producing States to join and
thus support the Compact's drive toward the elimination
of physical waste.
One of the sharpest week-to-week reductions in crude oil
output in the history of the industry developed during the
period ended Nov. 30 as a result of a three-day shutdown in
Texas during the week covered in the
report.
The American
Petroleum Institute reported that a slash of 423,500 barrels
in oil output in the Lone Star State was the
major factor in
reduction
of 430,850 barrels in the Nation's daily
which fell off to 3,335,050 barrels.
This compares
with the 3,570,000-barrel November market demand esti¬
net
a
average
mate of the Bureau of Mines.
A
new
low for the current
slump in Illinois production was
during the Nov. 30 week when daily average output
eased off 2,250 barrels to a daily figure of 327,400 barrels.
A reduction of 13,300 barrels in the
daily average figure for
California pared the total there to 592,600 barrels.
Sharpest
expansion was shown by Kansas where daily average produc¬
noted
tion showed
barrels.
an
increase of 5,800 barrels
Oklahoma showed
to
touch 196,650
gain of 3,450 barrels with a
daily average of 403,550 barrels while Louisiana daily
average production was up 1,450 barrels to 286,350 barrels.
Inventories of domestic and foreign crude oil gained
104,000 barrels during the week ended Nov. 23, rising to
261,723,000 barrels, according to a report of the United
States Bureau of Mines early this week.
Holdings of do¬
mestic crude were off 15,000 barrels but stocks of
foreign
crude oil showed a jump of 119,000 barrels.
Heavy crude
oil stocks in California, not included in the "refinable"
crude stocks, totaled 12,032,000 barrels, a decline of 116,000
barrels from the total reported for Nov. 16.
Dispatches from Bucharest on Dec. 4 by the United Press
reported that "the Rumanian Government today seized all
pipe lines and accessories belonging to every oil company in
the country, including American concerns, and announced
that the property would be paid for with 3 % bonds maturing
in 25 years.
As far as American oil companies are con¬
cerned, hardest hit was Standard Oil Co. (N. J.) which has
substantial interest in
a
a
Romano Americana which at
present time is handling about 10% of the daily
crude production of 100,000 barrels in Rumania.
had received
no
official information
on
the seizure.
Dec. 5—The Republic Oil &
in
fields, all in coastal
Crude
per
areas,
fuel
Bradford. Pa
$2.00
are not
Kentucky
Mld-Cont't. Okla.. 40 and above—
Rodessa. Ark.. 40 and above
Eldorado, Ark.. 40
.00
1.03
Sunburst. Mont
.125
Huntington. Cal f., 30 and over
1.15
Kettleman Hills, 39 and over..
1.38
PRODUCTS—TEXAS
the final
CO.
LIFTS
1.10
.73
Michigan crude
MOTOR
MOTOR
OF
_>
.75-1.03
...
GASOLINE
.90
PRICES
HOLDINGS
FUEL
FUEL
PARED
BY
PRICES
SHOW
RISING
HIGHER-
SMALL
GAIN-
DEMAND
Price advances of 2 cents for regular and premium grades
of
third-grade were posted by
tank-wagon market for motor
fuel throughout the entire Texas marketing area.
Sole ex¬
ception was the territory along the Red River where prices
are influenced by Oklahoma's
higher posUngs and Austin
where sub-normal prices continue due to local competitive
gasoline and 1 cent
a
week
of
November.
Residual fuel
oils
off
were
tending that the company with selling gasoline to certain of
their retail customers at prices from % to 2 cents below the
general price level. The companies named by the Federal
agency were the Standard Oil Co. of Indiana, Chicago; Gulf
Refining Co., Pittsburgh; Texas Co., New York, and the
Shell Oil Co., St. Louis.
B. F. Jones, general counsel for Standard Oil of Indiana,
said
that he believes that no violation of the RobinsonPatman Act is involved in the company's sales to the De'roit
firms mentioned in the Commission's complaint.
"The com¬
sells in tank car quantities to the 4 customers involved,"
"They have their own bulk storage and deliver to
own trucks.
In this manner, they
assume part of the
distributing expense, which the company
normally has when selling and delivering to retailers."
Representative price changes follow:
pany
he said.
retail stations with their
Dec. 3—Texas Co. announced
State-wide advance in Texas of 2 cents
a
gallon in regular and premium grades of
a
The advance,
which
mediately and
was met
Dec.
affected
the
and 1 cent in third-grade.
gas
tank-wagon market,
effective im¬
was
by Sinclair and Continental.
6—Continental
and
prices of motor fuel 1 cent
a
Sinclair Oil
companies advanced tank-wagon
gallon, effective immediately.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York—
New York—
St. Oil N. J.S.06
-.OR
-.06 54
Other Cities—
Texas
Socony-Vac. .06
Gulf
.08 ^-.08^
5.07^-.08
Chicago
Shell East'n
5.04^-.05H
New
Orleans.
Gulf
08H-.0854
.07 ^-.08
RlohOil(Cal) .08X-.08X
Warner-Qu. .07)£-.08
ports...
.06)4-.07
.05)4
Tulsa
0VA-.05H
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
| North Texas
5.0511 Los Aneeles
(Bayonne)
Fuel Oil, F.O.B.
N. Y. (Harbor)—
Bunker C
Diesel
$.041 New Orleans.$.05)£-.05)4
.03^-.051
Refinery
Tulsa
$1.50
.04
-.04)4
Terminal
or
California 24 plus D
New Orleans C
$1.00-1.25
..$1.00
Phiia., Bunker C
2.10-2.20
Gas Oil. F.O.B.
N. Y. (Bayonne)7 plus
Refinery
I
or
28.30 D
Terminal
Chicago—
$.041
—
._f.02j4-.03
I Tulsa
$.0531
Gasoline, Service Station, Tax Included
zNew York
$.171 Newark
$.166 I Buffalo..
Brooklyn
.171 Ronton
.1851 Chicago
z
$.17
.17
zNot including 2% city sales tax.
gallon
on
conditions.
The advance in
gasoline, which came as a surprise to the
industry as quotations normally head into lower levels at
this time of the year, was followed immediately by Sinclair
Prairie Oil Co. with the Continental Oil Co. notifying its
dealers that it would meet the advance on Dec. 4.
In addi¬
tion to meeting the Texaco advance, both Continental and
and Sinclair raised the tank-wagon price of gasoline 1 cent a
gallon in Oklahoma City.
The contra-seasonal lag in the normal sharp rise of motor
fuel inventories continued during the fmal week of November,
American
The
daily average
Petroleum
Institute
estimates
that
the
gross crude oil
production for the week ended
3,335.050 barrels.
This was a drop of
Nov. 30, 1940, was
430,850 barrels from the output of the previous week.
The
current' week's figures were below the 2,570,000
barrels
calculated
by the United States Department of the Interior
of the restrictions imposed by the various
oil-producing States during November.
Daily average pro¬
be
the
total
duction for the four weeks ended Nov.
at
3,565,450 barrels.
ended
Dec.
details
as
the Texas Co. on Dec. 3 in the
the sustained
The Federal Trade Commission on Dec. 2
charged 4 major
oil companies with violations of the Robinson-Patman Act
in making price discriminations in the Detroit area, con¬
to
OIL
weather and
253,000 barrels, while inventories of gas and oil distillate
were off 917,000 barrels.
51.03
Rusk, Texas. 40 and over......—
Darst Creek
.73
Smackover. Ark., 24 and over
FUEL
the cold
Daily Average Crude Oil Production for Week Ended
Nov. 30, 1940, Drops 430,850 Barrels
shown)
1 -0*
1.05
Corning. Pa
Illinois
INVENTORIES
due to
consumers
expansion in industrial activity brought a cut of 1,170,000
barrels in holdings of fuel oils, both light and
heavy, during
effective, im¬
Barrel at Wells
(All gravities where A. P. I. degrees
—MID-CONTINENT
gain in domestic demand for fuel oil
running from 15 to 20% ahead of
watching the weekly inventories of
Rising demand from home heating
season
last season, oil men are
these refined products.
Refining Co. cut prices of crude oil 20 cents
10 southwest Texas
Prices of Typical
REFINED
With estimates of the
during the 1940-41
Romano
mediately.
Western
at 3.510,000 barrels.
T.Wat. Oil.
engaged in production, refining and marketing of petroleum
products in Rumania.
In recent months, due to the earth¬
quake and curtailed transportation as a result of the war,
R umania's daily average production of crude oil has slumped
seriously.
Price changes follow:
barrel
500,000 barrels
during November, against a gain of nearly 3,500,000 barrels
in stock during the
comparable 1939 period.
November
demand for motor fuel showed a gain of about 8% over 1939.
In addition to the expansion in demand
during November
which picked up what normally is a slack
period for gasoline,
adjustment of refinery operations played an important part.
Although production of gasoline was nearly 200,000 barrels
higher during the final week of November, it was still about
700,000 barrels under the figure for the comparable week a
year earlier.
Refinery operations held unchanged at 81.2%
of capacity, with daily average runs of crude to stills
steady
average
Americana, a subsidiary of Standard Oil, owns 27,000 acres
of oil lands, a refinery with a daily capacity of approximately
20,000 barrels and pipelines in Rumania.
The company is
a
with the American Petroleum Institute
reporting that stocks
of finished and unfinished motor fuel were
up only 184,000
barrels which lifted the total to 80,284,000 barrels.
Stocks
of motor fuel showed a decline of about
the
Following receipt of the news of the expropriation in New
York, a spokesman for Standard Oil said that the company
3311
The daily
1939,
2,
a
reported by the Institute follows:
States ports
daily
231,143
of
average
use
for the week ended
barrels,
and receipts in bond at principal
Nov. 30 totaled 1.618,000 barrels,
compared
256,286 barrels for the week ended Nov.
weeks
four
the
whether
bonded
separation
output for the week
barrels.
Further
3,280,200
totaled
Imports of petroleum for domestic
United
30, 1940, is estimated
average
Nov.
ended
for
or
in weekly
These
30.
domestic
use,
23
with
figures
but
daily
a
and 204,929
it
include
is
average
barrels
all
oil
impossible
to
of
daily for
imported,
make
the
statistics.
Receipts of California oil at Atlantic Coast ports during the week ended
Nov.
all
30
of
amounted
which
was
to
barrels,
150,000
gasoline received
a
daily
average
of
21,429
barrels,
at the port of Philadelphia.
Reports received from refining companies owning 86.2% of the 4,535,000barrel
estimated
indicate
basis,
that the
daily
potential
industry
as
a
3,510.000 barrels of crude
companies
had in
storage
refining
whole
ran
capacity
of
the
to stills,
on
a
United
oil daily during the week,
at refineries, bulk
terminals,
States
Bureau of Mines
in
and that all
transit and in
of the end of the week, 80,284,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
pipe
lines
as
panies is estimated to have been 11,503,000 barrels during the week.
Dec.
The Commercial & Financial Chronicle
3312
DAILY AVERAGE CRUDE OIL
(Figures In Barrels)
pound of coal,
c Sum of 47 full weeks ended Nov.
47 weeks of 1939 and 1929.
d Average based on 6.2
on
Actual Production
Four
B.ofM
Thanksgiving Day weighted as 0.2
PRODUCTION
ESTIMATED
PENNSYLVANIA ANTHRACITE AND
OF
Week
Change
Weeks
Week
BEEHIVE COKE
State
Ended
from
Ended
Ended
(In Net Tons)
Require¬
Allow¬
Nov. 30,
Previous
Nov. 30,
Dec. 2,
ments
ables
1940
Week
1940
1939
390,000
+3,450
399,400
+5,800
187,150
177,250
—350
2,500
50
——
Kfli
50,500
65.100
Penna. Anthracite—
44,461,000 46,800,000 65,284,000
fuel a 880,000 893,000 806,000
42,241,000 44,517,000 60,584,000
Commercial productlond 830,000 848,000 766,000
Total, incl. colliery
74,100
30,400
217,750
184,950
77,500
East Texas
—11,350
298.700 —148,300
79,350
299,000
Southwest Texas
169,800
—71,000
Coastal Texas.
194,300
—79,850
373,800
200,200
230,950
Beehive Coke—
24,700
—72,450
72,850
West Central Texas.
-
—
East Central Texas..
United States
66,500
Coastal Louisiana—
—100
66,700
+ 1,550
216,700
272,200
274,000
—
279,973
286,350
+ 1,450
283,400
69,508
69,400
—350
69,450
Week Ended
bl6,000
+350
15,600
1,250
327,400
—2,250
330,950
14,200
b20,550
—900
334,700
20,350
86,400
89,250
+ 1,150
88,050
51,000
—800
47,100
75,000
46,350
72,650
—2,000
73,950
65,150
70,250
18,900
17,800
17,950
17,050
3,700
3,500
+ 150
3,400
4.000
101,100
+250
101,050
110,750
Indiana
Michigan
Wyoming.....
—
Colorado
...
104,000
104,000
New Mexico...
Total east ol Call!.
Nov. 10
"
2,742,450 —117,550 2,956,550 2,694,300
594,900
008,900
592,600 —13,300
583,000 <1571,000
3,570,000
3,335,050 —130,850 3,565,450 3,289,200
These are Bureau of Mines
calculations of the requirements of domestic crude
certain premises outlined In Its detailed forecast for the month of
As requirements may be supplied either from stocks, or from new
oil based upon
November.
production, contemplated withdrawals from crude oil inventories must be deducted
determine the amount of new crude
from the Bureau's estimated requirements to
Kansas, Nebraska, Mississippi, Indiana figures are for week ended
b Oklahoma,
m.
the approxi¬
mate net 30-day allowable as of Nov. i.
Past experience Indicates It will Increase
as new wells are completed and if any upward revisions are made.
All fields In
the State were ordered shut down for nine days, namely Nov. 2, 3, 9, 10, 16, 17,
Note—The figures
Ml
PRODUCTION OF GASOLINE AND STOCKS OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
WEEK ENDED NOV. 30, 1940
(Figures in Thousands of Barrels of 42 Gallons Each)
CRUDE RUNS TO STILLS;
Crude Runs
Oasollne
Slocks of Fin¬
ing Capacity
to Stills
ProduCn
ished & Unfin¬
at Re¬
P.
tial
a
Refineries, dec.
P.
C.
Total
Total
Incl.
Gas
Oil
Resid.
Fuel
Natural
Fin¬
&
<fc Dis¬
ing
Aver.
ated
Blended
ished
Unfln.
tillates
1,450
10,545
17,409
451
2,702
13,056
3,161
570
345
2,209
13,709
5,443
3,324
d958
6,238
6,541
1,461
86.0
156
91.0
112
78.9
90.2
552
82.4
420
70.9
262
81.1
,
Fin.
16,482
1
1
1,145
977
1,078
1,022
1,150
1,571
422
394
377
347
342
536
72
61
65
73
88
173
134
145
134
140
175
806
692
878
721
922
724
211
154
171
102
283
218
27
30
39
31
58
35
280
59.6
112
67.1
466
1,337
1,647
409
1,071
89.2
852
89.2
2,568
97.6
118
73.8
344
12,563
2,520
8,465
164
11,203
2,236
8,702
Louisiana Gulf
1,448
2,128
113
331
460
433
495
101
51.5
41
70.9
Rocky Mtn._
121
56.0
51
75.0
206
846
929
139
431
California
836
87.3
520
71.2
1,464
14,135
15,815
10,227
73,328
86.2
3,173
81.2
10,229
68,731
74,754
45,212 104,798
1,274
5,430
5,530
No. La. & Ark
Reported
337
Est. unreptd.
1,000
1,820
•Est.tot. U. S.
Nov. 30, *40
4,535
3,510
11,503
4,535
3,510
11,315
74,161
73,853
C12.209
71,019
40,212 106.618
80,284
Nov. 23, '40
76,790
80,100 e47,129 106,871
U.S.B.of M.
Nov. 30,'39
b3,497
♦Estimated Bureau of Mines Basis,
a
....
Iowa
Kansas and
Missouri
—
Kentucky—Eastern ......—
Western
Maryland......
37,888 110,360
week's production
1939, dally average,
d 12%
reporting capacity did not report gasoline production,
e Revised In East Coast
c
This is
a
due to error In reporting.
Weekly Coal Production Statistics
The Bituminous Coal Division of the U. S.
Montana
9
7
13
15
18
26
74
08
83
74
83
23
25
27
38
59
62
—
New Mexico
—
103
111
North and South Dakota
387
501
473
484
764
2,520
2,655
1,951
2,848
2,993
92
124
105
106
117
production of soft coal since Jan. 1 amounts
to
402,127,000 jiet tons. Compared with output in the
corresponding period of 1939, this shows an increase of 15.5 %.
The U. S. Bureau of Mines reported that in the week
23 the
estimated production
of Pennsylvania
anthracite declined slightly, to 880,000 tons.
This was a
decrease of 13,000 tons, or 1.5% from that of the preceding
week.
When compared with the output in the corresponding
week in 1939, however, there was an increase of 74,000 tons
(about 9%).
UNITED
STATES
PRODUCTION
OF
SOFT
COAL
WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
13
16
16
16
101
98
87
102
141
112
Virginia
308
260
320
281
266
217
......
56
46
35
43
49
72
1,930
1,720
2,136
1,704
2,098
1,271
654
590
724
531
740
776
157
140
135
145
152
184
1
f7
f5
8,582
10,740
10,878
Washington
Virginia—Southern.a—__
Wyoming
*
Other Western States.c
9,050
10,151
899
1,039
911
858
1,281
1,896
10,799
10,089
11,062
9,440
12,021
12,774
Pennsylvania anthracite .d
Total, all coal
Includes operations on the
on
*
2
9,900
Total bituminous coal
N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
the B. & O. In Kanawha, Mason and Clay
Calendar Year to Date
1939
"Metal and Mineral Markets" in its issue
of Dec. 5
re¬
Copper and zinc were unchanged, with prompt
tight position.
The supporting factor in tin was
buying for account of the Government for stockpile pur¬
poses.
Manganese and chrome ore prices were nominal,
owing to the rising trend in freight rates.
Steel prices on
most products have been reaffirmed on first-quarter business.
The publication further reported:
last week.
metal in
a
the
Copper
The domestic copper market is
apparently settling down to a routine
in an orderly manner,
Valley, basis. The
nearby position, however, remains tight, and some transactions were
booked at a premium.
A fair tonnage was sold on Dec. 4 at 12He., nearby
procedure of disposing of metal for forward delivery
with
the
three
holding at the
large producers
Consumption
of copper
during
Bureau of Metal Statistics, totaled
12c.,
October, according to the American
114,000 tons.
Sales in the domestic
trade for the last week involved 28,604 tons.
Monthly sales of copper by producers for delivery to
sumers,
United States con¬
in short tons, follow;
February
March
125,531
85,004
November
51,630
December
28,798
66,786
83,879
110,453
183,151
June
July
68,423
20,305
41,701
59,874
59,026
May
67,632
254,277
August
September
24,987
28,618
April.
1940
38,299
183,877
147,112
15,399
23,361
January
1939
1940
1939
October
58,577
Total.........
807,242
Lead
Buying failed to improve,
least
one
direction.
which brought on an intake problem in at
On Nov. 28, the
The result was a lower market.
American Smelting & Refining
Co. lowered its quotation 15 points to
5.65c.,
reduction was announced on Dec. 2, establishing
York.
The St. Louis price closed the week at
c
tons
1940
1939
1929
Australian lead was offered here.
Sales of common lead for the last
in
the
preceding week.
week totaled 4,027 tons, against 3,273
The Government is about to place some
business, and the tone on Dec. 4
appeared to be steady.
Zinc
Bituminous Coal a—
Total, including mine fuel
Daily average
Crude Petroleum b—
Coal equivalent of weekly output.
9,500
dl.827
6,032
9,900
1,800
5,729
9,280 402,127 348,116 479,492
1,723
1,259
1,820
1,459
6,116 277,511 255,990 207.648
Includes for purposes of historical comparison and statistical convenience the
production of lignite,
Points
the market at 5.50c., New
Nov. 23 Nov. 16 Nov. 25
1940
30
Unchanged
ported deliveries of lead have been going forward at a high
rate, but the fact that new business has been decidedly on
the slow side caused the price to drop 30 points during the
5.35c.
1940
b Rest of State
Counties,
Lowered
Price
Metals—Lead
Non-Ferrous
New York, and a similar
(In Thousands of Net Tons)
Week Ended
29
13
Utah
Texas....
shipment.
Interior reported that the total production of soft
coal in the week ended Nov. 23 is estimated at 9,500,000
Nov.
f35
f49
90
59
455
2,440
111
Pennsylvania bituminous
Department
the
Total
128
85
Michigan..
At refineries, bulk terminals, in transit
and pipe lines,
b November, 1939, dally average,
based on the U. S. Bureau of Mines November,
100
236
f
f
Oil
Texas Gulf...
a
1
409
12,512
Inland Texas.
?
262
During Last Week—Copper and Zinc
Missouri
ESTIMATED
186
1
Illinois
Indiana
2,228
1,542
553
643 100.0
743
ended
144
Colorado
Kan.,
net tons.
160
Oklahoma—...—
Tucker Counties, c In¬
California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina and South Dakota Included
with "other Western States."
* Less than 1.000 tons,
...
Oper¬
Ind., 111., Ky.
of
144
cludes Arizona,
Daily
Appalachian..
area
244
67
Including the Panhandle District and Grant, Mineral and
port¬
Rate
♦
3
257
54
Georgia and North Carolina
and
fineries
C.
Re¬
ten¬
Okla.,
Stocks at
ished Gasoline
East Coast...
f
3
296
76
182
Arkansas and
a
Daily Refin¬
Po¬
f
2
292
97
......
Northern, b
indicated above do not include any estimate of any oil which
have been surreptitiously produced.
District
1923e
3
Alabama.—
West
24, 28, and 30.
d Recommendation of Conservation Committee of California Oil Producers.
may
Avge.
1929
1938
1939
308
Alaska
Tennessee
NOV.J27.
According to calculations of the Texas Railroad Commission, this Is
c
1940
Ohio
to be produced.
7 a.
Nov. 18 Nov. 19 Nov. 16
Nov. 9
1940
2,987,000
California..
a
Nov.
State
105,750
Eastern (not Incl. 1111-
>• nols and Indiana)..
Montana
based on railroad carloadings and river ship¬
revision on receipt of monthly tonnage reports from
of final annual returns from the operators.)
(In Thousands of Net Tons)
70,250
13,800
Illinois
and are subject to
23, 1940 and corre¬
district and State sources or
385,000
Mississippi....
v*
PRODUCTION OF COAL, BY STATES
(The current weekly estimates are
ments,
uj
»uu w»»
wo*
vucu&c
3,662
c Bum of 47 full weeks ending Nov.
1939 and 1929. d Excludes colliery fuel.
ESTIMATED WEEKLY
202,550
71,000
Total Louisiana
Arkansas
auu
6,030,700
21,462
1,029,100
8,299
b Revised,
operations,
sponding 47 weeks of
69,650
219,850
North Louisiana
waeiusry
includes
a
154,150
183,050
2.332.100
80,400
13,400
84,900
14,150
93,500
15,583
total—--
Daily average
1,291,000 C1324000 1,089,350 —423.500 1,312,500 1,060,450
Total Texas
1929
1939
1940
1939
1940b
1940
61,150
110,800
28,150
■
—12,750
—4,500
178,800
'
1
—23,300
106,250
Panhandle Texas
North Texas
Nov. 23 Nov. 16 Nov. 25
408,950
bl96,650
b2,550
Kansas
b403,550
190,000
413,000
186,000
Oklahoma
Calendar Year to Date c
Week Ended
(Nov.)
West Texas
23, 1940, and corresponding
Time worked
working days.
of a normal day.
lated
Calcu¬
Nebraska
1940
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
equivalent coal assuming
PRODUCTION
7,
b Total barrels produced during the week converted to
Producers
basis of
ton
to
are
allocating business in a tight
market on the unchanged
Surveys made in Washing¬
consumption of zinc, all grades, will amount
734c., St. Louis, for Prime Western.
indicate that
domestic
approximately 780,000 tons during 1941.
aggregate 860,000 ions, the same sources
hold.
Production next year shoul
In the industry, productio
The Commercial & Financial
Volume 151
of
65,000 tons
a
month is visualized before the end of the first quarter of
The Prime Western division sold 2,407 tons of zinc in the
service are
under
than would occur
common
more
no
Producers believe that Canadian zinc will be shipped into
this market
larger scale before long, to relieve the situation in respect to British
Exports of zinc, omitting metal contained in
Great
fabricated products, totaled 9,326 tons, of which 4,633 tons went to
In the trade, it is believed that a fair
Britain and 3,775 tons to Japan.
The announcement by Bethlehem
at a time when deliveries of brass are
desperately needed by Great Britain.
Federal officials, it is known in the trade, are
studying the zinc situation,
The price showed little change, and the chief buyer during the last
Co.
for
stockpile
week
The tin-plate in¬
purposes.
dustry is operating at about 50% of capacity.
Straits tin for future arrival
was as
be
Bethlehem's
requirements of the defense program.
additional openhearth capacity, 800,000
program will provide 850,000 tons
of coke capacity
Six new
capacity annually.
and two new blast
be rebuilt and enlarged. Part
will be completed in six months and the remainder
and 700,000 additional pig-iron
openhearths, two new batteries of coke ovens
furnaces will be added, with two furnaces to
of the improvements
within
a
year.
iron melting,
spring
despite a Lake Superior movement of 63,709,152 gross tons up to Dec. 1,
third largest in history.
Blast furnaces are now consuming more than
6,000,000 tons a month and additional furnaces will be brought in before
ore
supply probably will be sufficient for maximum
but there may be little left over at
_rinl
Reserve
necessary to meet the
The iron
particularly in reference to exports.
Steel Co. of an expansion program to
$18,000,000 demonstrates that the industry will do whatever may
cost
tons
proportion of the zinc exported was of foreign origin.
ftC. Donald Dalls, President of Revere Copper & Brass, in a statement
to the press, warned that zinc is being exported to "potential enemies"
Metals
products as re¬
of designs
the time required for tooling up
training of skilled labor on jobs with
due to other conditions,such as frequent changes
plants, and the redistribution and
During October the United States imported 16.845 tons of zinc contained
the
are
and specifications for ordnance material,
which it is not familiar.
business in fabricated products.
in ore and 150 tons in slabs.
national defense program are not
industry to furnish its
the result of inability of the steel
quired, but
122,479 tons, covering the common grades only.
was
companies'
Whatever delays there may be in the
week ended
The undelivered contracts totaled
Nov. 30, with shipments of 4,918 tons.
a
3313
Chronicle,
normal conditions.
1941.
on
steel
the opening of navigation in the
spring.
follows:
A little of the heavy pressure
which prevailed during the last half of
whether this
October and the first half of November has been relieved, but
December
January
February
March
Nov. 28
50.250
50.200
50.150
50.125
tonnage in the last half of November than in the
Nov. 29
50.150
50.100
50.050
50.050
orders
Nov. 30
50.150
60.100
50.050
50.050
margin, 10 to 15% in certain cases.
Dec.
2
50.100
50.100
50.050
50.050
Dec.
3
50.100
50.100
50.050
50.050
Dec.
4.
50.100
60.100
50.050
50.050
is
as
49.250c.- Dec. 3, 49.250c.-
Dec. 4, 49.250c.
Fabricated structural steel, which
has fallen into
little
over
had the
a
Deliveries of tin in the United
States during November amounted to
Deliveries during the first 11 months of 1940 totaled
modity Exchange.
106,139 tons, which compares with 60,530 tons in the January-November
period of 1939.
has been one of the most active items,
slump this week, though this also may be a temporary
Bookings
less than 15,000 tons and new projects are only a
were
In October, however, the structural
13,000 tons.
40,046 tons
steel fabricators
largest business since April, 1931, the American Institute of Steel
total of 233,115 tons in new con¬
record of 319,550 tons in
tracts, which was 73% of the all-time monthly
October, 1929.
Advances in scrap prices have
occured on almost a country-wide basis.
The "Iron Age" scrap composite
centers not included in this
The world's visible supply of tin, including carry-overs, was
first half, but November
small
equal to or surpassed October bookings by a
were
Construction reporting for its members a
12,505 long tons, aginst 11,820 tons in October, according to the Com¬
at end of
whole
a
situation.
99%, spot, was nominally as follows: Nov. 28, 49.375c.*
Chinese tin,
Nov. 29, 49.375c.* Nov. 30. 49.375c.- Dec. 2,
Some companies had less
temporary situation cannot yet be stated.
a
up
In several
price is up 17c. to $21.17.
composite No. 1 heavy melting steel
has gone
50c., while at Birmingham the advance is $1.
November, against 40,631 tons a month previous.
COMPOSITE PRICES
THE "IRON AGE"
DAILY PRICES OF METALS
<"E. & M. J." QUOTATIONS)
Finished
Electrolytic Copper
Straits
Zinc
Lead
Tin
Steel
Based on steel bars, beams, tank plates
3, 1940, 2.261c. a Lb.
wire, rails, black pipe, sheets, and hot
One week ago
2.261c.
rolled strips.
These products represent
One month ago
2.261c.
85% of the United States output.
One year ago
2.261c,
Dec.
New York
New York
St. Louis
St. Louis
Nov. 28
11.785
10.050
50.250
5.65
5.50
7.25
Nov. 29
11.800
9.950
50.250
5.65
5.50
7.25
1940
2.211c.
Nov. 30
11.775
9.975
60.250
5.65
5.50
7.25
1939
2.236c.
May 16
Dec.
2
11.775
10.250
50.200
5.50
5.35
7.25
1938
2.211c.
Oct.
18
Dec.
3
11.775
10.300
50.200
5.50
5.35
7.25
1937
2.249c.
Jan.
4
Dec.
4
11.875
10.200
50.200
5.50
5.35
7.25
1936
2.016c.
Mar. 10
2.056c.
Jan.
8
1934
1.945c.
Jan.
2
1933
1.792c.
May
2
1.870c.
Mar. 15
1.883c.
Dec. 29
Dom.,Refv. Exp., Refy.
2.512c.
5.575
5.425
7.25
Average prices for calendar week ended Nov. 30 are: Domestic copper
1932
11.789c.- export copper, f.o.b. refinery, 9.975c.- Straits tin,
May 17
1
Oct.
2.062c.
1935
50.225
10.121
11.798
Average
Low
High
1931
f.o.b. refinery,
50.267c.* New York lead, 5.725c.* St. Louis lead, 5.575c.- St. Louis zinc,
1.915c.
Sept.
6
Apr.
16
1930
2.192c.
Jan.
7
1.962c.
Dec.
9
1929
2.236c.
May 28
2.192c.
Oct.
29
7.250c.* and silver, 34.750c.
The above quotations are "M. & M. M.'s"
pound.
Copper, lead and zlno quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination,
refineries on the Atlantic seaboard.
De¬
livered prices In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to the European war, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present, reflect this
change in method of doing business.
A total of 0.05 cents is deducted from f.ajs.
basis (lighterage, <fcc.) to arrive at the f.o.b. refinery quotation.
the figures shown above are net prices at
Due to the European war
Pig Iron
appraisal of the major United States
by producers and agencies.
They are reduced
New York or St. Louis, as noted.
All prices are In cents per
markets, -based on sales reported
to the basis of cash,
the usual table of daily London
Prices 6n standard tin, the only
prices is not available.
prices given, however, are as follows: Nov. 28, spot, £258,
three months, £260; Nov. 29, spot, £258, three months,
£260^; Dec. 2, spot, £257%, three months, £260; Dec. 3,
spot, £257%, three months, £260; and Dec. 4, spot, £257%,
Dec. 3, 1940, $22.61 a
One week ago
One month ago
Based on average for basic Iron at Valley
Gross Ton
furnace and foundry iron at Chicago,
$22.61
Philadelphia,
Buffalo,
Valley,
and
22.61
-
Southern Iron at Cincinnati.
22.61
One year ago
Low
High
1939
1938
-
1937
1936
-
1935
-
1934
1933
1932
1931
1930
1929
Steel
Dec. 3, 1940,
18.25
2
Sept. 12
19.61
July
6
20.25
Feb.
16
18.73
Aug. 11
May 14
27
17.83
16.90
Jan.
13.56
Jan.
13.56
Dec.
6
14.79
Dec.
15
15.90
Dec.
16
18.21
Dec. 17
3
1
melting
heavy
steel
quotations at Pittsburgh, Philadelphia,
and Chicago.
......
One year ago
Mar. 9
Nov. 24
Nov. 5
May
1
Dec.
5
Jan.
5
Jan.
6
Jan.
7
May 14
Jan.
20.61
Scrap
__$21.00
20.67
One month ago.
$22.61
(Based on No.
$21.17 a Gross Ton
One week ago
Jan.
2
Sept. 19
June 21
$22.61
22.61
23.25
23.25
19.73
18.84
17.90
16.90
14.81
15.90
18.21
18.71
1940
,
Low
High
three months, £260.
Dec.
3
$16.04
Oct.
3
14.08
May 16
1938
Nov. 22
11.00
June
1937
Mar. 30
12.92
Nov. 10
1936
Dec. 21
12.67
June
1940
22.50
1939
Steel Prices Reaffirmed by
for first
Carnegie-Illinois
Quarter
in its issue of Dec. 5 reports that prices
products, excepting tin plate, were reaffirmed for
the first quarter on Dec. 3 by Carnegie-Illinois Steel Corp.
An announcement on tin plate will follow, but no change is
expected.
The announcement states that shipments after
March 31 will be filled at the prices then in effect.
The
"Iron Age" further reported:
The "Iron Age"
Production
of coke
pig iron
in
November
(partly estimated)
but on
totaled
a
daily
average
of 146,760 tons there was a gain of 2.3% over the October daily
average
of 143,463 tons.
The operating rate for last month was 97.2%
of capacity.
With November having
attained an average of close to 97% ingot produc¬
total for 1940 will be upward of
and bessemer steel, surpassing the
tion, it is now clearly established that the
65,000,000 net
tons of open-hearth
previous peak output in 1929 by more than 2,000,000 tons.
At the present rate of operations the steel industry could readily produce
could,
perhaps, produce close to 85,000,000 tons provided additional blast furnace
capacity were made available.
On Dec. 1 there were 201 coke furnaces in
80,000,000 tons of ingots during 1941, and under extreme pressure
blast out of a
possible 228.
Of the 27 idle furnaces, some are being made
operated after necessary repairs if a supply of
Marginal pig-iron producers assert that they could not
ready, while others could be
coke were assured.
10
10.33
1934
Mar. 13
9.50
Apr. 29
Sept. 25
1933
12.25
Aug.
8
6.75
Jan.
3
1932
8.50
Jan.
12
6.43
July
5
1931
11.33
Jan.
6
8.50
Dec. 29
1930
15.00
Feb.
18
11.25
Dec.
9
Jan.
29
14.08
Dec.
8
1929
The
American
Iron
8
Nov. 13
Nov. 20
Nov. 27
Dec.
4
Dec.
11
Dec.
18
Dec. 25
92.5%
93.5%
93.9%
94.4%
92.8%
91.2%
90.0%
73.7%
5
71.7<
May 20
Feb.
12
68.8<
May 27
Feb.
19
.67.1%
June
3
Feb. 26
65.9%
June
10
Mar.
17
4
64.6%
June
Mar. 11
64.7%
June 24
Mar. 18
62.4%
July
Mar. 25
60.7%
61.7%
61.3%
60.9%
60.0%
61.8%
65.8%
70.0%
July
1
8
July
July
15
22
Apr.
1946—
1
Apr.
8
85.7% Apr. 15
86.1% Apr. 22
84.8% Apr. 29
Jan.
Jan.
22...—82,2% May
Jan.
29
operations by lack of steel. On the contrary,
comfortably situated as to inventories,
nearly all products, complaints of
and, while deliveries are extended on
Dec. 2
an¬
1940—
Feb.
8
15
nearly all steel consumers are now
on
1940
1940—
1939—
Nov.
Jan.
A careful checkfails to reveal a single
plant or a non-defense
Steel Institute
indi¬
97%
of the steel capacity of the industry will be 96.9% of
capacity for the week beginning Dec. 2, compared with
96.6% one week ago, 96.0% one month ago, and 92.8% one
year ago.
This represents an increase of 0.3 point or 0.3%
from the preceding week.
Weekly indicated rates of steel
operations since Nov. 6, 1939, follow:
Recurrent talk of a
of importance in which either a defense
and
nounced that telegraphic reports which it had received
cated that operating rate of steel companies having
1
without higher prices for iron.
"steel shortage" finds no substantiation in the steel
plant has been affected in its
9
Dec.
13.00
Jan.
instance
7
13.42
operate at present costs
industry itself or among its customers.
9
1935
of all steel
4,402.804 net tons compared with 4,447,366 tons in October,
Apr.
6
77.3% May 13
..73.0% Sept. 2
76.9% Sept. 9
80.3% Sept. 16
84.6% 8ept. 23
87.7% Sept. 30
7
86.5% Oct.
82.5%
91.9
92.9
92.5
92.6
94.2
Oct.
14
94.4
Oct.
21
94.9
Oct.
28
95.7
July 29
Aug.
5
74.2%
86.4%
86.8%
88.2%
90.4%
90.5%
Aug. 12
89.5% Nov. 25
Aug. 19
89.7%
Aug. 26
91.3%
Nov.
4
96.0%
Nov. 11
96.1%
Nov. 18
96.6%
96.6%
96.9%
Dec.
2
"Steel," of Cleveland, in its summary of the iron
markets, on Dec. 2 stated:
and steel
The Commercial
3314
Rate of
largest for any month
substantial price rise.
Apparently the greatest scarcity has centered in wire rods, a complaint
common to several sections of the country.
This harmonizes with frequent
reports that deliveries on finished wire products are furthest extended.
Ingot production last week gained in five districts, dropped in two and
was unchanged in five.
Wheeling gained 5 points to 98K%» Cleveland 3
points to 89, Buffalo 2K points to 95K, Birmingham 3 points to 100 and
Detroit 1 point to 97.
Chicago dipped 3^-point to 99 K and Cincinnati 6
points to 91^.
Unchanged were Pittsburgh at 97, eastern Pennsylvania
at 94, New England at 82, St. Louis at 87K and Youngstown at 93.
Two of "Steel's" price composites were higher last week because of
advances in steel scrap of 25 to 75 cents per ton.
Thus the iron and steel
group improved 6 cents to $38.13 and the scrap composite gained 41 cents
is still in sight.
deliveries becoming more extended,
Trends show no change,
though more
larger;
virtually full practical capacity; sales, steady to
mildly; production at
slightly as more efficiency is attained.
Consumers have
contracted for about 25% of their first quarter needs at prices prevailing at
time of delivery.
January books are quite completely filled.
Last week
shipments gaining
booked for May delivery.
remained at 97% as an average for
wide plates were
last week,
ingot production
Steel
to
:V',\
highest since May, 1929.
are
Consumers who had ordered from far
larger.
different
in a tight situation have they
rendered
and descriptions.
analyses
Steelmakers cla m never before
service
better
afield
of supply and perhaps using slightly
often changing source
to
consumers,
The "Journal" further reported:
diversified steel companies continue to make the best showing
For several months the output of Bethlehem Steel
Corp.'s plants has exceeded 100% of capacity, and this also is the current
figure for Bethlehem, the second largest steel producer.
For the industry as a whole the production in the week ended Dec. 2
last.
rationing steel equitably, making delivery
The larger
Only unexpected British
orders, which are of a priority character, upset schedules, often delaying
deliveries a week.
Steelmakers give much credit to consumers for co¬
promised and not letting down on quality.
when
in
operation.
mill men complain of lack
Some
of standardization of specifications, a
is
Companies have to pass
of analysis called for as
compared with stocks on hand at mills.
Hence the studies on the part of
the industry and Government bodies to simplify and standardize are par¬
feature particularly
embarrassing at this time.
'
ticularly timely now.
Silvery pig iron was raised $1.
Naming of prices and
official opening of books will probably cause a new flurry of buying.
Awards of locomotives the past week numbered 32, including Diesels and
The Northern Pacific bought eight
4-8-4 type from the Baldwin Locomotive Works and six 4-6-6-4 from the
American Locomotive Co. The Union Pacific plans to buy 15 large freight
locomotives.
The New York Central has placed 1,000 50-ton box cars
with' its subsidiary, Dispatch Shops, Inc., East Rochester, N. Y.
Automobile production reached a new high for the year of 128,783 units,
as estimated for the week ended Nov. 30, up 26.443, following a reduction
produced 93,638.
1942
approximate changes in no'nts
from the week immediately
1939
Independents
X
X
+
96K
92
—1
95
—
56X
—IX
64
+
33
—3
28
—4
+2
30
70
82K
+1
—
X
—
77
1936
preceding-
Steel
—2
61
1937
/
94
1938
.
+ 1
100
X
X
+
98
1940
u. s
%
Industry
1935
57
1934
31X
1933
30
1932
15X
26K
46
67
+2
35
27X
+2
31K
X
-IX
15K
—2
27
—IX
+1
27X
+ X
+2X
+2
—IX
1931
+3
X
26
—2
15X
—
4-2H
+2X
Same week of 1939
37
—2
43
—2
33
—2
1930
1929
64
—3
65
—3
63
—3
82
—IX
82
—ix :
+2X
82
—IX
paying full prices for steel and not
1928
Car makers
models.
before
Leading independents are credited with 96 K %.
compared with 96% in the two preceding weeks.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
Detroit predicts that automobile prices will be higher on
the previous week because of
of 9,603
and 97%
100%, against 99% in the week
weeks ago.
and 98 K % two
partially offset.
switching, the largest for some time.
with 97 K% in the previous week
placed at 98%, compared
U. S. Steel is estimated at over
v
awaited it Is recalled that last year they
were
announced on Nov. 28, with most prices reaffirmed.
Hot-rolled
sheets and strip were raised $2 in base price but reduction in some extras
quarter prices are
While first
ingot production.
two weeks ago.
vital needs because of a slight difference
up many
$56.60.
production by subsidiaries of the U. S. Steel
Corp. in the week ended Dec. 2 reached a new high record,
fractionally above 100% of theoretical capacity, according
to the "Wall Street Journal" of Dec. 5.
Last week's rate
was a shade over the previous peak, which also was slightly
over 100%, and was reached in the week ended Nov. 4,
what inquiries they will accept
profits accordingly
Finished steel remained at
$21.13.
Steel ingot
steelmakers are cutting down
cross shipping to the vanishing
point, honoring only orders from near
consumers.
Not in years have steel transactions been so localized, with
In choosing
prior to an announced
since March, 1937, which was
than in other recent months.
In many cases the
volume has leveled off which is welcome to producers.
Yet orders are still
coming in generally more briskly than shipments. More steelmakers now
expect some slight and perhaps temporary recession in demand, either in
December or in first quarter.
But very lively business for many months
margin over October
to come
7, 1940
November are estimated the
Pig iron shipments in
pronounced, November showing smaller
gain of steel sales is less
Dec.
& Financial Chronicle
are
now
the holiday.
-
63K
1927
65X
+2X
,
+2
62
securing concessions that have charaterized many years.
Current Events and Discussions
Week
The
the
with
Federal
During the week ended Dec. 4 member
ances
ASSETS AND LIABILITIES
Banks
Reserve
IN
arose
Federal
Treasury cash, and $23,000,-
circulation, $56,000,000 in Treasury deposits with
Reserve banks, $22,000,000 in
000 in non-member
deposits and other Federal Reserve ac¬
Bank credit,
offset in part by increases of $72,000,000 in gold stock and
$5,000,000 in Treasury currency. Excess reserves of member
counts, and
banks
decrease of $10,000,000 in Reserve
Dec. 4
on
000,000,
a
a
were
estimated to be approximately $6,820,-
reduction of $9,000,000 in
Loans and Investments—total..
Loans—total
creased
securities
United States Government
holdings of bonds de¬
guaranteed:
on
pages
Dec. 4 will be
87
1,868
82
1,703
112
473
19
472
20
389
19
320
339
507
33
30
28
163
163
172
56
55
117
26
388
117
25
388
112
22
375
20
19
14
....
....
....
70
69
53
319
354
960
2,774
571
833
322
139
300
137
50
234
2,167
762
762
669
1,530
1,243
6,814
92
82
379
1,222
1,207
5,452
85
80
371
101
377
1,192
44
276
46
104
367
1,233
45
173
338
1,161
43
278
45
242
49
10,225
709
8,416
658
2,046
509
2 046
609
1,820
602
35
50
83
94
Loans to brokers and dealers..
Other loans
ended Dec. 4, 1940, follow:
Increase
(+)
or
'v
Dec. 4, 1940
Nov. 27,1940
Dec. 6, 1939
$
Real estate loans
Loans to banks....
Other lnnns..
Treasury bills
973
2,796
Obligations
guaranteed
by
«
67
the
1,554
1 277
6,713
90
United States Government...
Other securities..
Fed. Res. banks..
Cash in vault
82
with domestic banks..
338
Liabilities—
10,195
705
29
deposits—adjusted
U. S. Government deposits
'v'1:i..3,771
3,826
3 415
1,003
1,001
Inter-bank deposits:
7
6
63
874
9
617
669
305
301
16
17
16
1 506
.......
616
305
Foreign banks...
Borrowings
1,505
1,482
266
263
245
....
...
Other liabilities
S
Capital accounts
—4,000,000
4,000,000
direct
and guaranteed
2,195,000,000
—9,000,000
—317,000,0000
Complete
Industrial
advances
(not including
$7,000.000commitments, Dec.4).
Other Reserve bank credit
59,000,000
—2.000.000
2,266,000,000
—10,000,000
4-23,000,000
—302,000,000
4-72.000.000 •+4,419.000,000
3.074,000.000
4-5,000,000
4-125.000,000
14,154.000,000 —138,000,000 4-2,537,000.000
8.569.000,000 4-104.000.000 4-1,024,000.000
Gold stock
21.827.000.000
Treasury currency
balances
Money In circulation..4.
255,000,000
4-22,000,000
4-56,000,000
—187,000,000
—91,000,000
1,986.000,000
Treasury cash
4-23,000,000
4-960,000,000
2,204.000,000
Treasury deposits with F. R. banks.
Non-member deposits and other Fed¬
eral Reserve accounts
Returns of
Reserve
—3,000,000
8,000,000
Total Reserve bank credit..
reserve
....
Domestic banks
Decrease (—)
Since
V
Member bank
V
purchasing or
Time deposits
items during the week and year
U. 8. Government securities,
for
carrying securities
Demand
3350 and 3351.
,
1 885
Other assets—net..
Changes in member bank reserve balances and related
Bills discounted
;
agricultural loans
Open market paper
Balances
$4,000,000 and of notes $5,000,000.
The statement in full for the week ended
found
Industrial and
Commercial.
Reserve with
securities, direct and
Dec. 6,
1939
$$$$$$
9 905
9,843
9 003
2 372
2 335
2,034
2,986
2 982
3,003
671
665
570
Assets—
United States bonds
principal change in holdings of bills and
The
Chicago
4, Nov. 27 Dec. 6, Dec, 4, Nov. 27
1940
1939
1940
1940
1940
Treasury notes
decrease of $110,000,000 for the week.
MEMBER BANKS
Dollars)
New York City
Dec.
decreased $138,000,000.
reserves
was a
(In Millions of
bank reserve bal¬
Reductions in member bank
from increases of $104,00l>,000 in money in
OF WEEKLY REPORTING
CENTRAL RESERVE CITIES
I Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
As
Member
System for
the
Banks of the Federal
Week
Preceding
explained above, the statements of the New York and
Chicago member banks
are
given out
on
Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and
covering the
same
week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business Nov. 27:
member banks, which will not be available until the coming
leading
27:
A decrease of $81,000,000 in holdings of "Other securities," increases of
$165,000,000 in reserve balances with Federal Reserve Banks and $228,000,000 in demand deposits-adjusted, and a decrease of $104,000,000 in
Monday:
deposits credited to domestic banks.
Federal
Reserve
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent
week,
issued
in
advance
of
full
statements
of
the
The condition statement of
weekly reporting member banks in 101
cities shows the following principal
changes for the week ended Nov.
Volume
$3,000,000 and
Commercial, industrial and agricultural loans increased
oans
brokers
to
dealers
and
$12,000,000
increased
securities
in
at all
reporting member banks.
obligations
Holdings of United States Govrnment direct and guaranteed
increased $37,000,000 in New York
member
City and $21,000,000 at all reporting
New York City and $81,000,000 at all reporting memoer
Demand
$70,000,000 in
Holdings of "Other securities" decreased
banks.
deposit-adjusted
increased
banks.
$167,000,000 in New York City,
district,
$44,000,000 in the Chicago district, $22,000,000 in the Philadelphia
member banks, and decreased $57,000,000 in the
New York district outside
Time deposits decreased $7,000,000.
York
Boston
Deposits
Deposits credited to domestic banks decreased $35,000,000 in New
$104,000,000
and
credited to foreign
all
at
banks.
member
reporting
asserted:
To substitute bank credit for real savings as a regular
frustrate and defeat
of securities should be
indicates
(+) or Decrease (—)
increase
Since
Nov.
Assets—
27, 1940
Nov. 29, 1939
$
Nov. 20, 1940
$
$
9,128,000,000
—42,000,000
+18,000,000
+1,743,000,000
+472,000,000
4,911,000,000
+3,000,000
467,000,000
+12,000,000
—193,000,000
460,000,000
Loans—total
cultural loans
+ 6,000,000
+ 2,000,000
—39,000,000
—13,000,000
299,000,000
paper
Loans to brokers and dealers in
securities
Other
for purchasing or
securities...-.——-
loans
carrying
Real estate loans
1,228,000,000
-
39,000,000
Loans to banks
Other
loans
Treasury
Treasury
bills
784,000.000
1,861.000.000
-
notes
United States bonds
6,898,000,000
Obligations guaranteed
States
—5,000,000
+10,000,000
+ 6,000,000
—2,000,000
1,724,000,000
-
+39.000,000
+3,000,000
+145,000.000
+ 73,000,000
—299.000,000
+1,056,000,000
by United
3,347,000,000
+ 7.000.000
+299.000,000
—81,000.000
+142,000.000
+165,000,000 + 2,346,000,000
+ 23.000,000
+ 36,000,000
+15,000,000
+275,000,000
22,189,000,000
5,375,000.000
531,000,000
+228,000.000 +3,217,000,000
—7,000,000
+143,000,000
+4,000,000
—4,000,000
2,707,000,000
Government
Other securities
3,524,000,000
.
Reserve with Fed. Reserve banks—12,138,000,000
Cash In vault
540,000,000
Balances with domestic banks
Liabilities—
Demand
Time
deposits-adjusted
deposits—
U. 8. Government deposits
Inter-bank deposits:
Domestic
....
banks
—104,000,000
+15,000,000
+1,000,000
8,843,000,000
-
671,000.000
1,000,000
Foreign banks
Borrowings..--
—
regarded
as a
+ 949,000,000
—60,000,000
So far as it goes, it
healthy sympton.
Government's requirements
have been supplied from
Spinney said that
the rise of industrial activity has stimulated new demands
for credit which the banks have welcomed but that they are
situated
strategically
discourage the financing of, ab¬
purely speculative purposes.
to
normal inventories carried for
Finland to Postpone Payment
of Dec. 15 Debt Install¬
Congress Offer and
Intends to
Maintain All Her Obligations
ment—Accepts
Commercial, industrial and agri¬
Open market
the
that the moderate reduction in our holdings
reason
genuine savings.
+ 530,000,000
24,902,000,000
that
procedure would
hope of financing the war in a safe and honest
all
It is for this
In the matter of loans to business, Mr.
of the principal assets and liabilities of report¬
ing member banks, together with changes for the week and
the year ended Nov. 27, 1940, follows:
Loans and Investments—total
by $34,900,000 following its participa¬
y~ar
that the early hesitation of business has been succeeded by
unprecedented activity, persistent and continuous use of this
method of financing would lead directly to inflation."
He
banks increased $15,000,000.
A summary
i
tion in $200,000,000 of Government short-term financing in
the early months of the war.
While a temporary expansion
of credit was considered expedient at that time, he said, now
manner.
City, $13,000,000 in the Philadelphia district, $10,000,000 in the
district,
during the past
all reporting
and $228,000,000 at
$19,000,000 in the Cleveland district,
New York City.
3315
The Commercial & Financial Chronicle
1S1
The Finnish Government, availing itself of the oppor¬
tunity offered by Congress last June, will postpone the pay¬
ment of its Dec. 15 war debt installment of $235,398, to the
United States.
This was disclosed on Nov. 30 by the State
Department when it m de public a note sent to Secretary
Hull on Nov. 20 by Hjalmar J. Procope, Finnish Minister,
advising Mr. Hull that Finland "gratefully accepts the offer"
and intends to maintain her credit record and keep all her
obli ations.
Finnish
The
Government
might have postponed her
of $159,398, in accordance with the Con¬
gressional authorization, but elected to pay in spite of the
hardships caused by the Russian invasion; this action was
referred to in these columns Jane 22, page 3894.
The total payments made to the United S ates by Finland
amounts
o $5,891,291
and the debt remaining totals $8,June 15 payment
126,622.
York
New
The
"Herald
Tribune,"
Washington
in its
advices of Nov. 30, contained the following:
Canada at Beginning in
Production of Material Aid in
Her War
Effort, Says President Drummond of Bank
of Montreal at Annual Meeting—Reviews Business
Situation Under War-Time Conditions—Remarks
of Joint General Manager Spinney
Notice of Finland's decision to exercise the option was made to the State
Department by Hjalmar J. Proscope, Finnish Minister, a note dated Nov. 20,
he said:
"In spite of the many difficulties
tion of the country,
With employment
and industrial output at record-breaking
levels, Canada is just at the beginning in the production of
material aid in her war effort and the output of war supplies
will be immensely greater next year, Huntly R. Drummond,
President of the Bank of Montreal, told stockholders at their
123rd annual meeting in Montreal on Dec. 2.
Practically
every phase of industrial and commercial activity, he stated,
is reflecting the intensity of the war program.
An account
of his remarks continued:
the crest of
and
a
wave,
with employment higher than in any previous period
industrial output on
warned
later
Canadians
that
become
business standpoint Canada is on
rising crescendo," Mr.
a
keep
must
Drummond said, "he
in mind the adjustments which will
To this end he urged economy in private and
necessary.
public expenditure, postponement of projects not relating to the war effort
a determined and united front to limit the inflation of costs of material,
and
wages
it is the firm intention and desire of the Finnish govern¬
ment to maintain her credit record and
same
way
to keep all her obligations in the
she has always done in the past.
as
"However, the Finnish government has with sincere gratitude noted the
above-mentioned resolution, which, having been passed by both
the
Congress,
15th of June,
was
enacted
ciates
1940, and offers the Finnish government the opportunity of
they
more as
it
a
see
specified therein.
My government appre¬
proof of understanding and sympathy, so much
renewed
this
Houses of
by the President of the United States on the
the postponement of payments
the
in this resolution itself and in the debates which preceded
sign of willingness on the part of the United States government for a
extensive
more
the present time from the
"WhUe at
confronting Finland at present and not¬
withstanding her limited resources that are badly needed in the rehabilita¬
consideration
of the
two
debt
agreements
to
which
the
resolution refers.
"Under
these
difficulties
circumstances
and taking into consideration
Finland,
confronting
my
the present
government most gratefully accepts
the offer contained in the said resolution."
In reply
Cordell Hull, Secretary of State, said that the information would
be transmitted to the Secretary of the Treasury
make
further reply to your
a
"I shall be glad to
and:
communication in due course."
and the clost of living."
Admitting
of
necessity
the
controls in
Government
war
time, Mr.
Drummond declared that "when peace is restored these controls should be
removed
rapidly
as
as
conditions permit
if
we
are
to
regimentation of industry and labor, which would be contrary to the very
spirit of the freedom for which we are fighting."
Passing to
general review of the business situation in Canada, Mr.
a
Drumm9nd said "that the usual economic indices no longer forecast the ebb
and flow of business, because an
over-riding factor governs them all, namely,
the mobilization and the progressive utilization
possesses
of
every asset
the country
for the most intensive prosecution of the war of which the country
for Food and Clothing Shipments
Washington advices Nov. 29 as follows, appeared in the
New York "Times"
Authorization of additional purchases for
food and clothing was
Referring to Canada's external trade, Mr.
total
Europe,
exports
had
are
estimated value of $1,070,000 have
in process of shipment to
Finland, it
was
stated, all ship¬
being made in Finnish boats to Petsamo.
Drummond said "that not¬
withstanding the practically complete disappearance of Canada's trade with
Continental
or
Finland of $500,000 worth of
announced at lied Cross headquarters here today.
Foodstuffs and clothing having an
been sent
ments
is capable."
Finland—Additional $500,000 Allotted
Cross Aids
Red
avoid wholesale
shown
a
remarkable
increase,
through war orders but partly because Canada was trading in
markets from which Germany and other European nations were excluded.
largely
Suspension By Chile of Foreign Debt Retirement—
Embassy at Washington Says Dollars Thus Freed
Will Be Used to Pay for Imports From Uni.ed States
today," he said, "is that our debit balance of trade with
Under date of Dec. 3 United Press accounts from Santiago,
the United States, which formerly we
settled by means of our credit balancee
with other countries, can no longer
be arranged in that way.
Chile, reported the issuance of a decree by Finance Minister
Mareial Mora temporarilv suspending amortization of the
Chilean foreign debt.
The advices said:
"The difficulty
credit
with
balance
States (for war
Great
regards the British account, repatriation of
of the United States, to our excess
added
country,
our
interest
and
of settlement .
In the case
of imports in the total calculation must
dividend
commitments
to
residents of that
and from this may be deducted our shipments of gold and revenue
from tourist
trade.
In the result, the balance is against Canada and our
dollar is at a discount in
travel
United
As
Canadian debt and of securities
held in Great Britain is being used as one means
be
We have a
Britain and a debit balance with the
materials) and these must now be settled unilaterally.
in the
ment has taken
these it
can
change,
it
the United States.
Expenditure by Canadians for
United States has been almost eliminated and our Govern¬
control of all Canadian investments in that country and
sell if necessary.
should
be found
If, in the operation of regulating the ex¬
advisable to prohibit importation of non¬
sacrifice by the people of Canada will be
essentials, I am satisfied that this
made most
willingly."
discussing banking in war time, Joint General Manager
of the bank, G. W. Spinney, said: "That the facilities of the
bank in the matter of war-time public borrowing can best
be used as a channel rather than as a source of funds.
In
this connection, he pointed out that the bank's holdings of
Dominion and Provincial Government securities had declined
In
Funds up to
$6,000,000 will go to the Exchange Control Commission to
importation of machinery and raw materials.
finance
The decree, which
stressed the war's disruption of the Chilean markets,
authorized President Pedro
fund
of
the
Aguirre Cerda to return the funds to the sinking
foreign debt when new foreign ioans
foreseen in Law 6334
materialize.
Interest payments on
the foreign debt will continue to be paid.
According to Washington advices Dec. 6 to the New York
the Chilean Embassy issued a statement on that
"Times"
day explaining that the decree of the Chilean Minister of
suspending the amortization of the foreign debt and
diverting some of the funds to cover the importation of es¬
sential goods should not be viewed as unfriendly to the
United States.
The "Times" advLes went on to say:
Finance
On the contrary, it is
money
asserted, it is beneficial, since it tends to relieve
market conditions by increasing the
to cover
imports from the United States.
It is pointed out
availability of dollar exchange
j
that the Chilean Government will make temporary use
withdrawal of bonds and not of the amounts
of the funds earmarked for
The Commercial & Financial Chronicle
3316
earmarked for payment of
Thus foreign Interests will not be
the Interest.
for they will continue to receive the interest on
their Chilean Government obligations, which at today's value amounts to
affected by this measure,
On the other hand,
will enable the
New York Stock
♦
-V.. 7
7'
on Kingdom <f Italy
Due 1951—Dec. 1 Interestj^Not
Exchange Rules
following announcement was issued Dec 52 by^the
through its Committee on Moot
New York Stock Exchange,
Procedure, with respect to Kingdom of Italy external Joan
sinking fund and 7% gold bonds, due 1951:
Notice having been
received that the interest due Dec. 1, 1940, on the
Kingdom of Italy external loan sinking fund 7% gold bonds, due 1951, is
Total number of reports reoelved
1. Reports showing
being paid:
The Committee on Floor Procedure rules that beginning Dec. 2,
1940,
bonds
on
----
198
floor
......
—l——————^t————
7 3, Reports showing other transactions
floor..—
102
233
transactions as specialists
transactions initiated on the
40
Initiated off the
217
.......
.............
,
The
than
classifications may total mo-e
received because a single report may carry
classification,
of reports in the various
number
the number of reports
entries in more than one
TOTAL ROUND-LOT
STOCK SALES ON THE NEW YORK STOCK EXSTOCK TRANSACTIONS FOR ACCOUNT
CHANGE AND ROUND-LOT
MEMBERS • (SHARES)
OF
23,1940
Week Ended Nov.
Total far
Per
Week
A.
Cent
m
Total round-lot sales:
shall be computed up to but not including Dec. 1,1940.
Short sales
...
98,900
3,184,000
Other sales.b...
♦
Received for Payment of 14% of June 1, 1938
Coupons of State of Rio Grande do Sul (Brazil)
76
617
653
transactions. ..... —
Note—-On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists to the stocks in which they are registered and the round-lot transactions
of specialists resulting from such odd-4ot transactions are not segregated from the
specialists' other round-lot trades.
On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
specialists to stocks in which they are registered are not directly comparable on the
two exchanges.
■
^7//'
7;7> ■;:';':'V.7
4. Reports showing no
in settlement of aU Exchange contracts
which interest ordinarily would be computed through
Dec. 1,1940, Interest
Exchange
824
1,066
2. Repents shewing other
delivery must carry the Dec. 1, 1940, and subsequent coupons.
said
Curb
Exchange
and until further notice the said bonds shall be dealt in "flat" and to be a
The Committee further rules that
New York
New York
tf
to them.
7% Gold Bonds,
Being Paid
in
follows:
These reports are classified as
Slock
Chilean Government to take care of at least a part of the
■
not
New York Curb Exchange by their respec¬
United States exporters will benefit, for this measure
of exchange owed
The
tive members.
7, 1940
filed with the New
published are based upon weekly reports
York Stock Exchange and the
/
approximately 10%.
arrears
The data
Dec.
Total sales
Funds
..........
3,283,230
account of members, except for
dealers and specialists:
1. Transactions of specialists in stocks to which they are
registered—Total purchases
B. Round-lot transactions for
the odd-lot accounts of odd-lot
6% Gold Bonds
White, Weld & Co., New York, special agent, announced
on Dec. 2 that it has received funds for payment of the
283,140
Other sales.b
of Rio Grande do Sul (United
sinking fund gold bonds due
June 1, 1968 at the rate of 14% of dollar face value of the
coupons.
Payment is now being made at the rate of $4.20
per $30 coupon at the offices of the special agent, 40 Wall St.,
June 1,1938 coupons on State
States of Brazil) 6% external
9.89
329,050
Total sales
floor—Total purchases
Other transactions initiated on the
Short sales...
....
......
Other sales.b
New York..
:
With regard to the above, the Committee on Floor Pro¬
cedure of the New York Stock Exchange on Dec. 2 issued
320,390
45,910
fhort sales.
197,870
17,960
191,990
.
the
;7
following rules:
That the bonds be quoted
1940.
ex-interest $4.20
■
.
per
Short sales
$1,000 bond
on
Dec. 4,
a
floor-Total purchases
4.
73,230
5,170
—
91,478
Total sales
delivery
beginning Dec. 4, 1940, must
8.21
209,950
...w
..
Other sales.b
:7;7 77.7:
:
That the bonds shall continue to be dealt in "flat" and to be
in settlement of Exchange contracts made
carry
Total sales
3. Other transactions Initiated off the
2.59
96,648
—
591,490
Total—Total purchases
the Dec, 1, 1931, and subsequent coupons, with the exception of
69,040
Short Bales
the'eoupons due June 1,1934, to June 1,1937, inclusive, and June 1, 1938.
Other sales.b..
—
566,608
—
.......
635,648
■
♦
'
.>'7
Total sales..
13% Payment to Be Made on June 1, 1938 Coupons of
City of Porto Alegre (Brazil) 8% Gold Bonds of 1921
Ladenburg, Thalmann & Co., New York,
is notifying
as
—
7
BERS * (SHARES)
77.•. 7
.
special agent,
Week Ended Nov.
23, 1940
Total for
A,
$2.60 for each $20 coupon.
The announcement added:
Cent a
Total round-lot sales:
10,235
513,270
Short sales
of 1921, that funds have been deposited with it sufficient to
make a payment in lawful currency of the United States of
America, of 13% of the face amount of the coupons due
June 1, 1938, amounting to $5.20 for each $40 coupon and
Per
Week
holders of City of Porto Alegre (United States of
Brazil) 40-year 8% sinking fund gold bonds, external loan
18.69
TOTAL ROUND-LOT STOCK SALES ON THE NEW YORK CURB EX¬
CHANGE AND STOCK TRANSACTIONS FOR ACCOUNT OF MEM-
Other sales.b—...
—
523,505
Total sales..............
B, Round-lot transactions for the account of members:
1. Transactions of specialists In stocks to which they are
registered—Total purchases
.
...
64,470
Pursuant to the provisions of the Presidential Decree of the United States
of
Short sales.................
Brazil, such payment, if accepted bythe holders of the bonds and coupons,
must be
Other sales.b.
Total sales
Short sales
The Committee on Floor Procedure of the New"York
Stock Exchange on Dec. 2 reported the following to rule on
the bonds:
.
The Committee on Floor Procedure of the New York Stock
Exchange
on
a
delivery
in settlement of
Exchange contracts made beginning Dec. 2. 1940, must
the Dec. 1, 1931, and subsequent coupons, with the exception of the
coupons due June 1, 1934, to June 1, 1938, inclusive.
■
7
tions) totaled 635,648 shares, which amount was 18.69%
of total transactions on the
Exchange of 3,283,230 shares.
This compares with member trading
during the previous
week ended Nov. 16 of 1,246,595 shares, or
20.46% of total
trading of 5,942,390 shares. On the New York Curb Ex¬
change member trading during the week ended Nov. 23
amounted to 89,425 shares, of 17.35% of the total volume
on that Exchange of 523,505
shares; during the preceding
week trading for the account or Curb members of
177,200
shares was 18.18% of total trading of 857,430 shares.
The Commission made available the
following data for
the^week ended Nov. 23:
....................
....
.....
....
300
14,145
2.65
92,265
;
Short sales.......
9,835
79,590
Other sales.b
Total sales.
17.35
89,425
C, Odd-lot transactions for the account of specialists:
Customers'short sales.....
Customers' other sales.c
<77;.-7:-:
...
..............
42",218
42,218
Total purchases.....
Total sales
*
2.31
9,725
13,325
14,445
Total sales
4, Total—Total purchases
7"...
The_ Securities and Exchange Commission made public
yesterday (Dec. 6) figures showing the volume of total
round-lot stock sales on the New York Stock
Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended Nov.
23, continuing
a series of current
figures being published weekly by the
Commission.
Short sales are shown separately from other
sales in these figures.
Trading on the Stock Exchange for the account of mem¬
bers during the week ended Nov. 23
(in round-lot transac¬
.......
Short sales-..
carry
Member Trading on New York Stock and New York
Curb Exchanges During Week Ended Nov. 23
9,425
Other transactions initiated off the floor-Total purchases
Other sales.b
12.39
14,470
300
.........
.....
Total sales...
3
mo.7.';
That the bonds shall continue to be dealt in "flat" and to be
.......
Other sales.b
Dec. 2 reported the following to rule on the bonds:
That the bonds be quoted ex-interest $5.20 per $1,000 bond on Dec. 2,
'
9,235
56,020
65,255
.....
2. Other transactions initiated on the floor—Total purchases
for future adjustment.
.
_
accepted in full payment of such coupons and of the claims for
interest represented thereby.
No present provision, the notice states, has been made for the coupons
due Dec. 1, 1931 to Dec. 1, 1933 inclusive, but they should be retained
■
.....
26,621
The term "members" Includes all Exchange members, their firms and their
partners, Including special partners.
a
Shares to members' transactions as per oent of twice total round-lot volume.
In calculating these percentages, the total of
members' transactions is compared
total
while the Exchange
with twice the total round-lot volume on the Exchange for the reason that the
of members' transactions
includes both purchases and sales,
volume includes only sales.
restriction by the Commission
7,
included with "other sales "
b Round-lot short sales which are exempted from
rules are included with "other sales."
c
Sales marked "short exempt" are
♦
Odd-Lot Trading
on
New York Stock Exchange During
Week Ended Nov. 30
Th^ Securities and Exchange Commission made public
a summary for the week ended Nov. 30
of complete figures showing the volume of stock transactions
yesterday (Dec. 6)
for the odd-lot account of all odd-lot dealers
who handled odd lots
continuing
a
on
and specialists
the New York Stock Exchange,
series of current figures being published by
Figures for the week ended Nov. 23 were
the Commission.
Volume
The Commercial & Financial Chronicle
151
reported in
issue of Nov. 30, page 3156.
The figures
are based upon
reports filed with the Commission by the
odd-lot dealers and specialists.
our
stock
Week Ended Nov.
30, 1940
;/
.
\
•
Total
Odd-lot sales by dealers (customers
w
purchases):
17,077
471,966
...
Dollar value—
the
of
all
borrowings
exceed
their
close
369
...
II.IIIIIIIIIIIIIII
16,657
Customers' total sales
net
Nov.
business
30,
Customers' short sales
9 773
Customers' other sales.a
.*.1.1.11111 ~
436^383
1
stocks,
from
those
true
on
this
on
broken
not
down
other
date,
to
Dollar value...
collateral;
Oct.
of
net
39
__
Other sales.b
—...—IIII.IIIIIIII*
94,120
94,150
Round-lot purchases by dealers:
Number of shares.....
The ratio of these member total
$348,925,800.
date,
In
was
therefore 0.82%.
133,400
Sales marked "short exempt" are reported with "other
sales."
b Sales to offset customers' odd-lot
orders, and sales to liquidate
price for each:
average
Nov. 30,
round lot
are
a
long position
reported with "other sales."
Aver.
Market
Aver.
Price
Value
Price
$
29.89
3,641,223,128
30.54
871,115,384
16.87
862,668,671
16.71
5,600,326,713
60.29
5,793,613,260
503,716,789
63.62
1,509,582,259
2,658,853,659
322,171,695
598,395,704
218,443,277
15,615,556
1,576,351,711
1,551,149,222
3,630,866,236
432,698,784
2,329,903,601
38.47
Financial
493,056,397
22.71
1,426,980,220
2,626,353,067
36.36
Rubber and tires....
334,068,590
31.49
Farm
615,981,656
47.00
257,857,337
12.01
14,783,877
1,538.233,014
1,609,743,713
3,639,814,721
438,420,294
2,262,117,372
3.02
Building
Electrical equipment manufacturing..
machinery.
Land and realty
Machinery and metals
Mining (excluding Iron)
........
Paper and publishing
30
Reported at $362,322,660—Amount
Is $211,549,023 Below Year
Ago
According to the monthly compilation of the New York
Stock Exchange, issued Dec. 3, outstanding brokers' loans
on
the Exchange increased $13,396,800
during November to
As
compared
with
Nov.
30,
1939, when the
outstanding amounted to $573,871,683, the figure for
end of November, 1940, represents a decrease of
$211,-
loans
Ttotall merchandising
$9,851,000,
loans
the
at
against $9,336,000
date
and
reported
were
$30,996,000, respectively,
the two earlier dates.
on
following is the report for Nov. 30, 1940,
available by the Stock Exchange:
York
New
Stock
Exchange
contracted for and carried
1940,
mem lie r
total
in New York
$362,322,660.
aggregated
The
borrowings
net
as
(2)
on
collateral,
3,041,187,265
2,554,843,823
258,892,649
26.65
24.84
2.301,572,021
27.07
11.77
3,620,344,073
87.53
1,296,896,375
3,607,500,101
87.22
85,318,829
11.07
95,214,599
12.36
627,880,026
276,212,122
21.09
Gas and electric
(operating)
Gas and electric (holding).
Communications (cable tel. & radio)..
Miscellaneous utilities
Aviation
619,172,923
20.80
Business and office equipment
269,005,215
23.47
Shipping services
Ship building and operating...
Miscellaneous businesses
Leather and boots
Tobacco
All listed stocks
agencies
$9,636,000
or
others
215,000
$352,471,660
loan report
Below
compilation
issued by the Exchange
we
furnish
a
a
is
exactly
51.48
28.72 42,673,890.518
29.38
14.32
15.69
the
22,494,075
same
as
in
the
Loam
Time Loam
Average
Market
Average
Price
Value
Price
$30.55
Nov. 30
$47,373,972,773
45.505,228.611
$33.11
30.54
32.96
Dec.
30
46.467,616,372
32.37
47.490.793.969
33.34
Jan.
31....
Feb.
44.884,288.147
46.270.987.418
31.50
32.44
40,921.074.970
28.69
April 30
May 31
40.673,320.779
28.51
June 29....
31....
Oct.
31
28
Mar. 31
29.
Aug. 31
Sept. 30
New York Stock
$
31.68
29
46.058.132,499
31.96
Mar. 30
46,694,763,128
32.34
46,769,244,271
30.540,583,208
38,775.241,138
39,991,865,997
40.706.241,811
26.74
30.29
July
Aug. 31
31.31
29.12
Sept. 30
Oct. 31
33.15
Nov. 30
31..
666,496,877
Feb. 28
646.178,362
37.254,037
683,432.399
Mar. 31
37,663.739
654,855,671
Apr. 29
617,191,932
515,173,525
32.269,650
May 31
515.483,090
June 30
30.492,889
28.240.322
31
509,021,637
526,691,740
Aug. 31
478,060,007
30,517.547
Sept, 30
433,556,992
33,502,875
31
502,025.629
32,202,875
547,443.175
545,975,979
537,261,959
553,767,240
508,577,554
467,059,867
534.228,504
Nov. 30
543,875,683
30.996,000
573.871.683
Dec. 30
564.642,938
29,646,000
27.51
28.00
28.56
41,491,698,705
42,673,890,518
41,848,246,961
29.38
28.72
633,004,900
629.478,347
549.692.430
27,046.000
19,981.000
17.521.000
660,060,900
665.474.347
669,813.430
679.488,870
Exchange Operating at Greater Effi¬
According to President
Soon to Be Enlarged He
Usefulness
Says
William
McC.
Martin
Jr.,
President
Stock Exchange, in addressing the
27.075,500
1940—
25,996,000
20,121,000
Apr. 30
May 31
659.605,870
391,388.100
June 29
317.187,605
14.666,000
July 31
329,833,643
Sept. 30
31
347.950.062
Oct.
339.589.800
352.471.660
315.979,600
Commerce
is
before in
its
and better
ers"
are
at
a
operating
luncheon
with
Dec.
on
greater
history of 148 years.
Cham¬
3, said that the
efficiency
than
ever
Citing also that "more
safeguards of the interests of investors and trad¬
in
effect
than
was
the
case
a
few years
ago,
he
emphasized the variety of securities that investors find in
the
listings
usefulness
on
will
the board.
"The Exchange trusts that its
soon
be enlarged," he asserted, "by some
important changes affecting it.'"
The changes he had in
358.686.562
348,925,800
9,851,000
Aug. 31
of
York
New
(Wash.)
mind, he said, were hinged upon revisions of the Securities
Exchange Act of 1934 which, according to plans discussed
some time ago in Washington, are to be canvassed by Gov¬
ernment
342,284.543
327,190,600
12,451.000
11,211,000
10.736.500
9.336,000
Nov. 30
408.909 100
331,853,605
ber
Exchange
the
of
Seattle
694,288,938
Mar. 30
32.35
25.26
ciency Than Ever Before,
Martin—Its
717.084,329
33,983,537
Feb. 29
31.79
45,636,655,548
28.70
43,229,587,173
41,004,995,092
44,761,599,352
41,652,664,710
47.440,476.682
31....
31
1940—
32.30
1939—
Total Loam,
%
632,613,340
-
of the total market
listed on the Ex¬
43.526,688,812
47,001,767.212
46,081,192,347
May 31
31
31
16.68
$43,526,488,215
31
619,955.270
Jan.
14.24
Auk. 31....
July
35.199.137
Oct.
22.45
1939—
June 30
42,514,100
July
21.44
1,438,939,665
37,621,503
485,909,792
675,102,750
50.14
41,848,246,961
1938—
1939—
Jan.
19.90
Value
$9,851,000
577.441,170
681.885,192
Dec. 31
4.24
17.99
month ago.
$
Nov. 30
24.10
.
$362,322,660
two-year compilation of the figures :
Demand
1938—
13.63
Market
Feb.
In the
37,612,600
above
22.50
change:
Jan.
Combined total of time and demand borrowings
the
21.58
23.04
We give below a two-year compilation
and the average price of stocks
Oct.
Time
Total face amount of "Government securities" pledged as collateral
for the borrowings Included in Items (1) and (2) above
.......
of
20.49
value
Apr.
scope
22.79
488,658,795
635,217,201
Foreign companies (incl. Cuba & Can.)
7,791,250
53,734,071
110,278,940
160,060,014
3.94
7,228,452
88,119,946
113,582,596
161,118,634
1,401,595,034
38,601,510
...
50.82
Nov. 30
30,
follows:
private bankers,
City of New York
The
25.95
Dec.
tabulation
$314,859,060
on collateral from
foreign bank
30.87
Sept. 30....
of the close of business Nov.
as
detailed
trust companies
brokers,
18.81
20.02
50.82
made
Net borrowings on collateral from New York banks
Net borrowings
3.16
24.13
22.54
;■
Demand
or
11.21
24.65
■
The
(1)
at
29.97
45.65
259,347,562
2,111,586,740
1,127,699,278
$352,471,660, as compared with
with $534,875,683 on Nov. 30,
latest
18.85
20.26
30.37
2,555,617,657
U. S. companies operating abroad..
31 and
25.04
28.33
2,972,850,793
Demand and time loans outstanding on Nov. 30 were both
above Oct. 31 but below Nov. 30, 1939.
The demand loans
Oct.
24.06
23.46
Textiles..
549,023.
on
28.11
Ry. oper. & holding co's & eqpt. mfrs.
Steel, Iron and coke..
Garments
Nov. 30 this year totaled
$
3,564,329,368
Autos and accessories.....
Petroleum
Increase of $13,396,860 in
Outstanding Brokers' Loans
on
New York Stock
Exchange During November—
Nov.
Oct. 31, 1940
1940
Market
Amusements
a
Time
'
following table listed stocks are classified by lead¬
the
Foods
......
1939.
usually will
all listed shares and
on
31, 1940, New York Stock Exchange member
in New
York City on collateral
Chemicals.
Total sales
$339,589,800
ratios
these
$
Short sales
on
listed share
Value
#
the
Member
on
borrowings
15,320,432
—
$302,322,660.
thus
0.87%.
only
those
relationship between bon*owings
Round-lot sales by dealers:
Number of shares:
Total
therefore
was
separate
446,156
Customers' total sales
a
Stock Exchange
on
ing industrial groups with the aggregate market value and
Number of shares:
which Is less than
York
New
1940,
borrowings to the market value of all listed stocks, on
this
17,926
of
borrowings in New York City
listed
amounted to
Customers' other sales.a
In making
Nov. 30, 1939.
collateral amounted to
The ratio of these member total borrowings to the market
are
the
total
Odd-lot purchases by dealers (customers'
sales):
Number of orders:
on
market value.
As
18,053,366
Customers' short sales
of
collateral
Number of orders
Number of shares
As
member total net
value
for Week
$45,505,228,611
public the figures for Nov. 30 the Exchange said:
$362,322,660.
'
'
1,431,641,862 shares with a total
aggregating
market value of
STOCK
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
issues
3317
authorities
and
leaders
of the
securities markets
362,322,660
"As the advantages of listed securities to
investors and traders is well known," he said, "because of
early next year.
Market
Value
of
Listed
Stocks
on
New
York
Stock
the
periodic reports on earnings and assets which listed cor¬
Nov. 30 $41,848,246,961, Compared
with $42,673,890,518 on Oct. 31—Classification of
porations made public under Exchange rules, we hope that
listings may increase substantially.
But to see this growth
Listed
eventuate,
Exchange
on
Stocks
The New York Stock Exchange announced Dec. 4 that as
of the close of business Nov.
issues
York
30, 1940, there
were
1,234 stock
aggregating 1,457,084,734 shares listed on the New
Exchange with a total market value of $41,-
Stock
848,246,961.
This compares with 1,230 stock issues aggre¬
gating 1,452,542,070 shares listed on the Exchange Oct. 31
with a total market value of $42,673,890,518, and with 1,230
a
change in the law is necessary."
Mr. Martin
pointed out that corporations which desire to
or bonds on the Exchange, or on any other
national securities exchange, must first register with the
Securities and Exchange Commission, whereas unlisted com¬
list their stocks
panies, except where there is a public offering of securities,
are
not
required to take this step and carry out the details
registration.
necessitated by
The Commercial & Financial Chronicle
3318
In calling attention to "needed revisions of the Securities
Act
the Federal statute books and of certain regulations
on
which have grown out of these
Inasmuch
because
of
the
as
the
acts," Mr. Martin said:
and trades,
earnings and assets which listed cor¬
eventuate,
Under
the
only
of
soybean meal under the jurisdiction of the Commodity
Exchange Administration.
The Agricultural Department's
registration
by
corporations
with
securities
the
in
such
exchange or those which made a public offering of securities
The great majority of corporations whose securities are dealt in
of
closures
their
therefore,
are,
their
progress—of
do not elect
which
of
market
unlisted
the
to
register,
a
required
not
make
to
broad
dis¬
earnings
process
and assets.
Corporations
which entails the making public
prescribed facts about themselves and the filing of ample reports with
the Securities and
Stock
The
situations.
facts.
announcement said:
Stock
Exchanges
all publicly owned corporations would,
know, result in better service to investors,
promote wider ownership,
securities,
and
ensure
publicity when securities change hands.
The tomorrow of the Stock Exchange will write
time's
serve
on
a
an
estimated value of
those listed by exchanges had
year on
$400,000,000.
over
The Chicago Board of Trade has been authorized to trade on soybeans,
lard, and cottonseed oil; the New York Produce Exchange, on cottonseed
oil, soybean oil, and tallow; the New Orleans Cotton Exchange, on cottonseed oil.
V':^
.
-'"vi
'■■■■■'
•"
V ■■■"'. K:
-
Under the Commodity Exchange Act the exchanges cooperate with the
CEA
in
enforcing fair practices in futures trading to provide protection
against price manipulation and excessive speculation.
The
signing of this amendment by President Roosevelt
reported in these columns Oct. 19, page 2285.
was
satisfactory page for
which increase its power to
record, with the aid of outside forces
investors and traders of all groups.
delivered by Mr. Martin at Portland,
Dec. 2 is referred to in another item in this issue.
National City Bank of New York Sees No Reason Why
Inflationary Price Movement Should Develop—In
Survey Finds Volume of Industrial Pro¬
Ore.,
address
An
but trading during the past fiscal
ability
desirable price
a
;
Futures trading Is not at present conducted in all of the commodities,
of
positive on the basis of long experience, would further market
their
of
registration
prominent companies.
any
equalization of these opposed
an
whom the exercise of good judgment depends vitally upon adequate
The subsequent listing of well-managed, eligible corporations, we
among
are
desires
earnestly
The
the
of
we
Exchange Commission, include
Exchange
Agriculture.
effective Dec. 8, places futures
since 1933.
in
was
ment of
hands
law,
public, with
securities
it
Amendment
Pace
the Securities and Exchange Commission, is required
corporations as list their stocks or bonds on a national
change in the law is necessary.
a
Exchange—as contract markets authorized
trading in futures in the commodities named in
to the Commoditv Exchange Act,
announced on Nov. 29 by the United States Depart¬
to conduct
The Pace Amendment, which becomes
trading in all fats and oils
(including lard, tallow, cottonseed oil, peanut oil, soybean
oil), cottonseed meal, cottonseed, peanuts, soybeans and
on
porations make public under Exchange rules, is well known, we trust that
listings may increase substantially.
But to see this desirable process
of
7, 1940
Orleans Cotton
the
advantages of listed securities to investors
periodic reports
Dec.
Business
duction At
Highest Level in History of Country
In
Market
of
Value
Listed
Bonds
New
on
Stock
York
Exchange Nov. 30 Above Oct. 31
Announcement
was
made yesterday (Dec. b) by the New
of the close of business Nov. 30,
York Stock Exchange that as
1940, there were 1,307 bond issues aggregating $54,237,356,842 par value listed on the New York Stock
total market value of $50,755,887,399.
Exchange with
This compares
issues aggregating $54,328,793,417 par
value listed on the Exchange Oct. 31 with a total market
value of $50,438,409,964.
In the following table listed bonds are classified by govern¬
mental and industrial groups with the aggregate market
value and average price for each:
a
with
bond
1,312
discussing business conditions the National City Bank
of New York, in its December "Monthly Letter" issued
Dec. 2, states that "it is regrettable that the recent Presi¬
dential campaign produced little debate upon the fiscal
and economic policies to be followed as the defense ex¬
penditures proceed."
These policies, it notes "are still
forming, and they become of more pressing importance as
business expands under the spending." Continuing the bank
:y^yr^y-:;
says:
During the past two months the volume of industrial production has risen
to the
highest level in the history of the country, but the output has not
kept pace with orders.
In lines affected by the defense
Defense contract awards still
ahead.
more
of November exceeded the October rate.
their immediate capacity
Nov. 30, 1940
position
Oct. 31, 1940
Aver.
Market
Aver.
Value
Price
Value
Price
%
S
Financial
38,041.688 103.74
95.75
73,329,403
Electrical equipment
Food
;—
80.95
19,376,824
36,868,950 107.41
231,959.047 105.01
manufacturing-
37,768,345 102.98
20,383,751 85.15
36,973,048 107.71
.....................
Building
242,159.677 104.46
73,651,900 104.20
10,792,520
Amusements
Land and realty
Machinery and metals
—
—
55.29
94.95
93.40
96.19
43,795,703
10,5 4,553
25,837,952
85,055,020
-—
95.17
72,885.740
73,573,300 104.15
45,351,866 96.72
Rubber and tires
34,240,945
50.32
...
Paper and publishing
50.72
85.729,477
010,320,188 103.68
73,125.610 101.54
Iron)
Petroleum„
72,796,888 101.21
commitments
It
that
1,069,322,029 109.06
1,057 ,896,799 107.89
equipment
58.96
86 467.341
99.76
56.44
19 ,085,625 101.25
is the reasoned
they
12,790,529.697
1,223,491,514
764,800,213
(Incl. Cuba and Canada).
Foreign cos.
50,755.887,399
74.93 12,865,010,448
74.98
40.15
1,202,772,838
754,640,417
be drawn
can
are
restraint.
on
to increase pro¬
says:
demands,
provided
they
are
spaced
Where priorities
in machine tools and possibly
necessary, as
lines, they will undoubtedly be accepted as preferable
inflationary alternatives, and in fact
unlikely to be gravely burden¬
are
V:
some.
Buying of
39.45
93.58 50,438.409.964
92.84
67.42
some
materials and manufactured goods this fall, par¬
raw
the metal
products,
has exceeded
any
previous
following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Averag*
Market
Acer age
Value
Price
Value
Price
S
I
Nov. 30
45.441.652,321
90.34
Nov. 30
47.839.377.778
of actual consumptive
made against
are
demand, for it has plainly exceeded current
But there
case.
general
a
state of mind.
the commitments.
are
47,053,034,224
91.27
Dec.
49.919.813.386
92.33
bottleneck
Thus
there is
condition than
a
as
deliveries
greater margin
may
seem
to
of
be the
specific bottlenecks, and there is danger of an inflationary
The tendencies since last
summer
give warning of the latent
danger of overbuying, which would end in business recession, but meantime
inflationary trends. To avert this danger requires not
only cooperation and self-restraint
all elements of the population,
among
but also sound public policies adopted with the threat in
92.02
mind.
91 24
31
on
In the aggregate, however, the buying is not to be considered a
measure
would contribute to
Marie i
volume
record.
safety against
The
1938—
ex¬
40.12
34 .667,050 105.06
58.26
They ex¬
materials and
requirements, and will be followed by increases in inventory
All listed bonds
to
as
Business has been in this atmosphere of
prospective
for the armament industries
ticularly in
Total United 8tates companies
Foreign government
-O
v.,
judgment of authorities in the peacetime industries
supply
can
to the
82 .328,004
40.45
more
according to actual needs and not swollen by hoarding.
later in some other
82,984,559
34,366,250 104.94
W"
The policy is rational, if not pushed to
The bank further
51.91
42 ,986,361 126.18
52.01
business, and need
own
that
resources
duction,"
70.88
74.88
17,177.078
42,896,587 125.92
_
technical
16 ,259.528
14.619.171
Shipbuilding and operating
U.S. companies operating abroad..
Miscellaneous businesses
accordingly.
14 ,588,681
Shipping services.
Tobacco
,v.
buyers become concerned
declaring that "the country dreads an inflationary
price movement," the bank says, "there is no sound reason
why such a movement should develop, in view of the abund¬
ance of raw materials,
the idle labor and capital and the
178 125,724 105.75
9 091,300
19,368,375 102.75
and
build new
some cases
In
3,105 921,282 107.91
Business and office
labor, and in
markets in many lines, and prices held in check largely by sellers'
178,473,561 105.96
84.72
684, 953,654 102.89
56.62
in this
great activity during a good part of the fall, with at least temporary sellers'
3,110,729.592 108.12
86,589,456
new
of situation in which
spreads under such conditions.
Gas and electric (operating)
.......
are
subcontracting,
to
However, the susceptibility to suggestions of impending inflation
tremes.
Textile
Communication (cable, tel. & radio).
Miscellaneous utilities
resort
goods in process and in stock; and they build up inventories and lengthen
20,397,448
Gas and electric (holding)....
approaching
priorities, and fearful of cost and price advances.
or
perience improvement in their
6,256, 538,530
Railway
Steel, Iron and coke......
are
Those which
years.
••:y\-; v.:'
plants.
deliveries
6.203,441.693 58.64
527,929,348 103.41
99.28
33,867,286
20,085,834
.......
operating and holding com
panles <fc equipment manufacturers.
More industries
many
make major increases in production only
can
they get new machinery, train
83.43
Retail merchandising—
manu¬
heavy, and in the first half
53.05
618.795,002 105.12
Mining (excluding
adjustments, but
This is the kind
U. S. Govt. (Incl. States, cities. &o.)_. 35,977,005,975 109.66 35,615,974,261 108.56
United Stales Companies—
Autos and accessories—....—
15,460,671 104.50
15,669,931 105.20
Chemical.....
as
than in
run
improve operating methods,
can
make other
Market
program
facturers are working against backlogs running from months to a year or
Dec.
1939
%
—
30
%
Federal
1939—
Jan.
31
49.678.805.641
Jan.
31....
46,958,433,389
91.03
Feb.
29
49.605.261.998
28....
47,471.484.161
91.85
Mar. 30
50.006.387.149
92 86
48.351.945.186
91.80
Apr. 30
49,611,937.544
92.48
29....
48.127,511,742
91.56
May 31
48.920.968,566
92.92
June 29
46.936.861,020
47.665.777,410
87.87
May 31....
June 30
More
91.97
Feb.
Mar.
Apr
1
that
90 96
ownership from all
91.33
than
92 08
31
Nov. 30
50,755,887,399
93.58
93.15
Aug.31
47 207.289 186
90.59
Sept. 30
46,430.860.982
88.50
Oct.
47.621.245.885
90 7(>
July
31
___
92.84
of
a
year ago
New
Contract
Exchange, Chicago Board of Trade
Orleans Cotton
Exchange Designated
Markets—Authorization
Goven
Trading in Commodities Named
Exchange Act Amendment
tures
in
for
Fu¬
Commodity
Secretary of Agriculture Claude R. Wickard has desig¬
nated three commodity exchanges—the Chicago Board of
Trade, the New York Produce Exchange and the New
Bank
money
sources
of
was
Chicago
reported on
for home
borrowed
during September of this year
for the Illinois-Wisconsin district.
was
A total
recorded,
making September the fourth ranking month of 1940 in the
bered
New York Produce
Loan
more
$27,938,000 in home mortgages, it is stated,
volume of
and
Home
30%
49,643,200.867
50.438.409.964
49.007,131,070
31.
31..
23
49,238.728.732
92.08
31
Ausr
Oct.
Federal
The
Nov.
90 14
48.601.638.211
48.570.781.615
July
Sept. 30
Home
Loan Bank of Chicago Reports 30%
Money Borrowed for Home-Ownership in
September Than Year Ago
1940—
Continuing
the
savings,
their
Over
the chief
as
building
around
half
of
1,606
$3,357,300
home
politan
area
Borrowers
and
of
source
loan
dollar
money
for home
on
owners
num¬
to
state:
to
borrow,
associations in the two States increased
39.9%.
Their contribution had
volume to
37% for several months previous.
the
September of last
used
expansion.
The Bank's announcement went
proportion of the
hovered
credit
home-owner
8,893.
volume
year
more
of
increase
took place
mortgages
for
in
home-owner
in Cook County,
loans than in 1939.
borrowing over
Illinois, where people
Altogether Cook County recorded
$8,822,000 in September.
The other metro¬
recorded 828 home mortgages for
in the district, Milwaukee,
Volume
All
than
of
the
R.
just $60,000
was
statistics
$20,000
A.
The Commercial & Financial Chronicle
151
$2,861,700, which
based
are
home
as
more
than
for the like month of 1939.
the counting of all mortgages
on
for less
mortgages.
Gardner, President of
Home
Loan
Bank
of
Chicago,
pointed out that the Illinois-Wisconsin district is
playing a larger part in
/the home-owner credit expansion of the Nation than it was this time last
In
year.
in
the
of
September
$14.38
United
a
$1
States
out
of
in
was
all tenders received at the Federal
.
Federal
the
$12.79 of
every
this
district,
as
home mortgages recorded
compared with only $1 out
year ago.
3319
Immediately after the closing hour for receipt of tenders
to the
as soon as
totaling $1,280,392
made
by the Federal
New York during November to its
were
Home Loan Bank of
member savings and loan associations in New York and New
Jersey, which compares with advances of,; $1,137,733 in
October, and with credits of $738,100 extended in Novem¬
ber, 1939, the Bank announced Dec. 3. The Bank attributes
the gain over last year to the
increasing proportion of home
mortgages being financed by savings and loan associations
in the Second Federal Home Loan Bank
District.
The net
balance of outstanding advances to member institutions of
to
amount
applied for, and his action in
submitting tenders will be
♦
Tenders of $374,375,000
as to
principal and interest, and any
gain from che sale
of
Secretary
91-Day
Treasury
Bills—$100,968,000
Average Price of 0.002%
at
of
the
Treasury
Morgenthau announced on
offering last week of $100,000,000, or thereabouts, of 91-day Treasury bills totaled
$374,375,000, of which $100,968,000 was accepted at an aver¬
age price of 0.002%.
The Treasury bills are dated Dec. 4
Dec. 3 that the tenders of the
and will mature
on
other disposition thereof will also be
exempt, from
taxation, except estate and inheritance taxes. (Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
the gift tax.)
No loss from the sale or other disposition of the
Treasury
or
bills shall be allowed
as
a
deduction,
poses of any tax now or hereafter
or
otherwise recognized, for the pur¬
imposed by the United States
or
any
of
its possessions.
Treasury Department Circular No. 418,
prescribe the terms
of the
as
Treasury bills and
amended, and this notice
the
govern
conditions
of
their issue.
United
States
Lend
to
China
Roosevelt
Additional $100,000,000
Reveals—Two
$50,000,000
Stabilize Currency—Congressional
Approve
Policy—Use
of
$2,000,000,000
Stabilization Fund Opposed by Senator Adams
one to
President Roosevelt announced on Nov. 30 that the United
States has arranged to provide China with additional credits
in this country oi! $100,006,000.
The
Export-Import Bank
$50,000,000 to assist China in meet¬
has granted a credit of
ing her present financial
make
available
another
problems, and the Treasury will
$50,000,000 from its stabilization
fund
for
ment
between American and
the
of monetary protection and
purpose
Chinese currencies.
manage¬
The
$50,-
000,000 loan for general purposes will be guaranteed by the
Central Bank of China and will be retired by deliveries in
this country of wolframite, antimony and tin, for which
the Government has entered into contracts
totaling $60,000,000 needed for the defense program.
Approval of the Administration's plans in this matter was
on
Dec. 2 when members of the Senate Banking
Currency Committee and the House Committee on Coin¬
Weights and Measures gave a unanimous vote of con¬
accorded
and
age,
This action
fidence.
Received to Offering of $100,-
be made at
all
♦
The Federal Intermediate Credit Banks last month sold
must
immediately available funds
Treasury bills will be exempt,
The
date last year.
through public offering a total of $33,165,000 %% con¬
solidated debentures, all dated Dec. 2, 6f which
$14,615,000
mature Sept. 2, 1941 and
$18,550,000, Dec. 1, 1941.
An
additional $1,285,000 %s, also dated Dec. 2, were sold
within the system, and mature Jan.
2, 1941, Sept. 2, 1941,
and Dec. 1, 1941.
The total amount sold, $34,450,000, was
less than the $35,550,000 of maturities on Dec.
2, and the
total debentures
outstanding at the close of business on that
date was therefore reduced by $1,100,000 or to a total of
$200,475,000.
The public offering was, as usual, made
by Charles R.
Dunn, New York, fiscal agent for the banks, and the price
was the
customary "slight premium above par."
>
Those
other
Credits,
Groups
Accepted
such respect shall be final.
1940.
$20,760, 76, the announcement said, a new high point in the
eight-year history of the bank, and an increase of 10% over
000,000
any
advised of the acceptance or rejection thereof.
or
Dec. 11,
President
Intermediate Credit Banks Market Total of
$34,450,000
Debentures—Amount
Less
than
Maturities
accept¬
possible thereafter, probably on the follow¬
The Secretary of the Treasury expressly reserves the right
reject any or all tenders or parts of tenders, and to allot less than the
the New York Federal Loan Bank at Nov. 30
amounted to
same
branches thereof up
ing morning.
the Federal Reserve banks in cash
$1,280,392 Reported Made by Federal Home
Loan Bank of New York
During November—Below
October But Above Year Ago
the
or
Dec. 9, 1940,
announcement of the
Payment at the price offered for Treasury bills allotted
Loans of
Credits
Reserve banks
closing hour will be opened and public
able prices will follow
on
New
of
York
after
made known by Senator Wagner
joint session of the two committees
was
a
had
heard Secretary of State Hull and Secretary of the
Treasury Morgenthau explain the Government's policy on
the subject.
Reporting on their testimony, Washington ad¬
vices of Dec. 2 to the New York "Herald Tribune" said:
Mr.
Morgenthau and Mr. Hull appeared before
Senate
tion
an
executive session of the
Banking and Currency Committee and the House Coinage,
Measures
and
fund
Committee to outline the general plan of using
extend
to
financial
help
to
the
Chinese.
on March 5,1941.
Reference to the offering
appeared in our issue of Nov. 30, page 3159.
The following regarding the
accepted bids to the offering
is from Mr. Morgenthau's announcement of Dec. 3:
proposed
Weights
the stabiliza¬
step
been
has
mittee, explained that the congressional group
Total applied for
The
$374,375,000
Range of accepted bids (excepting
Total accepted
one tender of
$100,968,000
Interpreted
nition
High
ment
99.999
Equivalent rate approximately 0.004%.
amount
bid for
Offering of $100,000,000 of 91-Day Treasury Bills
of National Defense Series—Will Be Dated Dec. 11
1940
Tenders to
a new
offering of 91-Day Treasury bills to the
of $100,000,000, or thereabouts, to be sold on a
discount basis of the highest bidders were invited on Dec. 6
amount
by Secretary of the Treasury Morgenthau.
Tenders will be
Reserve Banks, and the branches
thereof up to 2 p.m. (EST), Dec. 9, but will not be received
at the Treasury Department, Washington.
The Treasury
bills, designated National Defense Series, will be dated
Dec. 11 and will mature on March 12, 1941, and on the
maturity date the face amount of the bills will be payable
without interest.
There is a maturity of a previous issue
of Treasury bills on Dec. 11 in amount of $100,120,000.
received at the Federal
This
issue
new
of
bills
will
be
issued
pursuant to the
provisions of Section 302 of the Revenue Act of 1940, ap¬
proved June 25, 1940.
Under that authority
tions
may
be
issued
expenditures made,
The Treasury's announcement adds:
of that section "National Defense Series" obliga¬
to
after
provide
the
June 30,
reimburse the general fund of the
Mr.
Treasury
with
funds
1940 for the national
to
meet
defense,
to
demonations of $1,000, $10,000, $100,000, $500,000 and $1,000,000
or
(ma¬
turity value).
tender
must
be
in
amount
less
than
multiples of $1,000.
pressed on the basis of 100, with not
99.125.
$1,000 will
more
be considered.
The price offered
must
Each
be
ex¬
than three decimal places, e.g.,
Fractions must not be used.
incorporated
banks
and trust companies and from responsible and recognized dealers In invest¬
ment securities.
of
Tenders from others must be accompanied by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
are
accompanied by
an express guaranty
bank or trust company.
of payment by
an
the
without
stabilization
the
job that
China is
doing."
He did not amplify this
notifying Congress.
fund
incorporated
before
was
When a bill to extend the life of
Mr. Morgenthau, at a public
Congress
declared:
hearing before the Senate Banking and Currency Committee,
there is
fund
itself
ask
war
a
or
in
against
a
on
war,
a
the Treasury to assist any country
in protecting
I would come up before the proper committee and
is the statement issued by President Roose¬
Nov. 30:
between
discussions
The
tho
in
guidance."
The following
velt
"If
foreign country, before we would use the stabilization
any
money*
any
for
field
financial
of
the
and
American
the
authorities
Chinese
in
cooperation have progressed.
There is contemplated
$100,000,000.
Of this, a credit for
credit to the Chinese Government of
general purposes to the amount of $50,000,000 has been decided upon by
Arrangements for early allocation of the balance, namely,
this Government.
for purposes of monetary protection and management as be¬
Chinese currencies are now in process in consultation
$50,000,000,
American and
tween
with
the
appropriate committees of
the Congress.
the Treasury will appear Monday forenoon before a
joint session of the Senate Committee on Banking and Currency and the
House Committee on Coinage, Weights and Measures.
At this time he will
The
Secretary of
bring to their attention the
proposed extension ot a $50,000,000 stabiliza¬
Bank of China.
arrangement with the Central
tion
House
White
The
addressed
Nov. 30, 1940, by
Mr.
Dear
to
also issued on Nov. 30
President
Roosevelt
the following
under date of
Federal Loan Administrator Jones:
President:
,
.
critical and strategic materials in
the Metals Reserve Company, a subsidiary
of the
Reconstruction Finance Corporation, is arranging for additional
purchases of wolframite, antimony and tin from the National Resources
Commission of China to the value of $60,000,000, to be delivered during
our
connection
the next
metals
few
are
years
the
purchase of
program,
at prices commensurate
with market conditions as the
delivered.
assist
Import
with
defense
national
To
Tenders will be accepted without cash deposit from
"Under the circumstances it is the least
matter," adding:
for
Morgenthau said he asked both committees to meet in order to keep
fund
In
They (the bills) will be issued in bearer form only, and in amounts
an
fund to support the
said he considered the Chinese agree¬
promise made in March, 1939, not to expand operations of the stabiliza¬
tion
letter
Morgenthau, in his announcement of the offering,
for
"vital
do
Secretary Hull
meeting
any
or
Treasury therefor.
further said:
No tender
recog¬
Senate Banking and Currency Com¬
was concerned only with the
the
of the $2,000,000,000 stabilization
operation
a
Mr.
a
New
the formal
statement.
the low price was accepted.)
at
Chairman of
Wagner,
the
can
we
Average price— 99.999 4-Equivalent rate approximately 0.002%.
(23% of the
to
Chinese currency.
$100,000):
—100.001
—
answer
by Tokio of the puppet regime of Wang Ching-wei.
Senator
After
Low
the Roosevelt Administration's
as
China
.
in meeting her present
financial problems, the lExport-
Bank has agreed to lend the Government of Chum an additional
the loans to be guaranteed by the Central Bank of Cjuna ®ud
deliveries in this country of the metals covered by the
$50 000 000,
retired
through
above referred to
Tt
is
contracts.
cooperation with a
I
the loan will be made in
representative of the Secretary of the Treasury in con
contemplated
that
disbursements on
The Commercial & Financial Chronicle
3320
nection with further assistance to
China by the Treasury of
like amount,
a
providing China with additional credits in this country at this time
$100,000,000.
"The circulation of newspapers in our great
commercial
thus
on a
of
urgent need.
to
interested
be
will
You
know
to
that China is
her
to
up
schedule
in
making payments on previous loans made against her commitment
sell us these essential materials.
•
is
this
Earlier
25)
(Sept.
year
Export-Import
the
Bank
$25,(XX),000, which will be liquidated through
the sale of tungsten; this action was mentioned in our issue
loaned China
of
against the loan
Associated Press accounts
from the stabilization fund, said
Senator
he would
represented,
as
of Colorado,
Democrat
Adams,
were
told reporters that if the
oppose
to
Prior
of
"Most
session,
Senator
said:
Adams
"I
.
the
think
within the bounds for which
operations should be kept
fund
created
was
committee
the
pro¬
the ground that the
it on
stabilization fund was not the proper source to supply the money.
stabilization
by Congress.
thought
us
in the
that
fund
this
to
was
used
be
maintain
to
the
reservoir for loans.
a
as
an
democratic
With the rapid growth
the reading public has grown enormously.
speed of communication through the world, the number of daily
editions has steadily increased.
"In this constantly
growing development in the dissemination of news,
and his corner newsstand have achieved a definite and essential
y'.-Y'
place.
is
a
y.v'.V"
yyy
'y",;
y-'./y
money,
public convenience and a proper public use of the sidewalk and not
but there must be other Gov¬
agencies from which it can obtain funds."
a
public nuisance, per se, and therefore cannot be enjoined so long as it
does
obstruct free passage along the sidewalk, and is
in fact,
not,
not
otherwise objectionable."
or
Judge Oliver dismissed, says the "Inquirer" suits in equity
brought by Mrs. Sallie E. Wilson, of Woodbine, York
County, owner of the premises at the northeast corner of
50th and Market Streets, and her son, Robert J. Wilson,
of 101 North 62d St., manager of the property.
The advices
also said:
Mrs. Wilson and her
of
doubt that China needs
don't
"I
ernment
have become more and more vital to the
newspapers
the newsboy
parity of the American dollar, and I don't think it was ever intended to
serve
meeting
It is a fact of common knowledge and a proper subject of
excessive in size
Washington, Dec. 2, from which we also quote:
posal
has become a well-established custom,
corners
1940
"The Chancellor concludes that a newsstand upon a commercial corner
note of congressional sentiment struck
from
it
"As
process,
Sept. 28, page 1821.
Before the meetings of the congressional groups there was
one
7,
cities through newsstands
judicial notice.
which method
wood oil and tin to the United States through
deliveries of
she
Dec.
a
had sought to have Joseph A. McGill, proprietor
son
newsstand under the stairs of the 56th St. Station of the Market St.
elevated line, abutting their property, ousted from using the space on the
grounds that his stand constituted
a
public nuisance.
Mrs. Wilson charged also that Mr. McGill was trying to obtain a right to
her premises without paying any compensation to her.
Argentina to Receive $50,000,000 Credit from Treasury's
Stabilization Fund—Export-Import Bank
to Grant Another $50,000,000
>
Expected
in their sales.
men
on the financial assistance to the Argentine,
Secretary of State Hull said that it was designed to strengthen
Commenting
the economic defense of the Americas.
Mr.
Press
Mr.
Morgenthau's remarks were discussed in Associated
Washington advices of Dec. 5 as follows:
Morgenthau
to prevent
asked whether any arrangement would be made
was
Argentina
or
its business
debts to Germany
money to pay
from using some of the American
men
buy goods from the Reich.
or
He replied:
"I have every confidence in the good faith of the Argentine Government.
I do not believe that they would take our money
and do anything with
it but do business with us."
He
added that,
in view of the British blockade,
he did not
how
see
Argentina could do any business with Germany at present.
He
said
also
certain extents
that
•;
"But
ment
we
feel
stabilization
v
■
,
"profits"
on
was
to
a
of the stabilization
definitely," he added, "that it will help
a
friendly
relation to the dollar and help
us
govern¬
in
our
rr:r..;
.
The stabilization fund is
of
Argentina
purposes
v
stabilize its currency in
sales there."
operation for
departure from the original
a
fund.
the
a
$2,000,000,000 account created in 1934 out
the gold devaluation of the American dollar.
Up to time
of the present war, it was used primarily to stabilize the American dollar
in
terms
war
of British,
French, Dutch, Belgian and
Swiss money,
but the
brought that activity to a virtual standstill.
The
Secretary
of the
as
similar, in
to
Treasury
described
the
respects, to $50,000,000
Argentina arrangement
that a newsstand had been in
until Mr. McGill purchased the
to Mrs. Wilson or her son.
Judge Oliver placed the costs of the proceeding upon the Wilsons, who
were
given 10 days in which to file exceptions to his decision.
Local 20442, Philadelphia Newsboys Union, A. F. of L. backed McGill
in his court fight,
and counsel for the union, Arthur W. A. Cowan, repre¬
sented the newsboy's successful attempt to prevent ouster.
President
Roosevelt
Ask
to
Construction of St.
Congress for Immediate
Seaway—Says It Is
Lawrence
Vital to Defense of United States
President Roosevelt will propose to the new Congress when
it meets in January that the necessary steps be taken for
the completion of the St.
project. This was disclosed
Lawrence seaway and power
Dec. 5 when a message from
Seaway and Power Con¬
ference in Detroit was read by Adolf A. Berle Jr., Assistant
Secretary of State. Mr. Roosevelt's statement said that he
was "preparing to press for the immediate construction of
this project" on which "so much of our national safety and
welfare depend." The President recalled that in his message
to the conference four years ago he said the development of
the seaway was an "opportunity." He now calls it "a vital
necessity." He added that the United States needs the sea¬
way "for defense" and as
"a secure haven in which it will
always be able to build ships."
Mr. Roosevelt on Oct. 17 informed Congress that he had
allocated $1,000,000 to finance preliminary investigations
toward development of power on the St. Lawrence River;
this was mentioned in our issue of Oct. 19, page 2283.
Opposition to development of the project has been ex¬
pressed by the New York State Chamber of Commerce and
the Merchants' Association of New York; as was reported
in these columns of Nov. 9, page 2740 and Nov. 30,
page
3030, respectively.
on
the President to the Great Lakes
The
of
text
follows
President's
the
to
message
As I said in
a message
to your last conference four years ago, this assem¬
many
purpose is a welcome and
sections of the country for
said that, in general, the
to
be settled,
$50,000,000 would be used to enable the Argen¬
tines to buy American dollars with their native pesos.
most practical
I said then that "an opportunity is presented to complete a seaway com¬
a seaway
"the public development of St. Lawrence power is
It
was
The
Mr. Morgenthau
a
significant event.
parable in economic value to the Panama Canal,"
of the details remain
the conference
according to the Associated Press:
To my friends of the Great Lakes Seaway and Power Conference:
China, "because
some
answer
in question since 1926, and that Mrs. Wilson had
Mr. McGill paid half a month's rental then refused to pay further amount
important difference that Argentina is at peace."
Although
corner
stand more than two years ago, paying its previous owner $2,300.
commitment given
currency
He said, however, that he did not feel it necessary to consult
Congress
about the Argentine arrangement, as he did in the case of
of the
pointed out In McGill's
blage of leaders from
China last week.
some
was
been receiving from $10 to $25 a month
Secretary of the Treasury Morgenthau announced on Dec.
5 that $50,000,000 of the Treasury's stabilization fund will
be loaned to Argentina to help stabilize its currency.
Fol¬
lowing this disclosure Warren Lee Pierson, President of the
Export-Import Bank, indicated that a similar amount would
be forthcoming from the bank when he said that "I'd hate
to see the Ireasury be better than the bank."
Final details
of the $100,000,000 credit are being worked out with the
Argentine mission which came to Washington nearly a month
ago seeking financial aid, and it is expected that formal
announcement will be made shortly.
Mr. Morganthau said
that the transaction with Argentine was similar to the ar¬
rangement made with China last week (referred to in another
item). Stating that it is "to a certain extent" a departure
from the original purpose of the Stabilization Fund, the
Secretary said that it was an Administration policy to help
a friendly nation
stabilize its currency in relation to the
dollar and by thus providing dollar exchange help American
business
It
operation at the
then
United
an
opportunity.
States
needs
It is
the
St.
Lawrence
United States needs this great land-locked
to which the
inseparably linked."
vital necessity.
now a
Seaway for defense.
sea as a secure
The
haven in which
it will always be able to build ships and more ships in order to protect our
trade and
our
shores.
The United States needs, tremendously needs, the power project which
will form
Newsstand
a
Oliver of
Public
Convenience, According to Judge
Philadelphia—Holds that Liberty of Cir¬
culating Is Essential
to
Freedom of Press—Suit
a
ruling
on
adelphia corner on the ground that it was a public nuisance.
The Philadelphia "Inquirer" from which we
quoted indi¬
cated as follows the ruling of Judge Oliver,
"It is readily apparent," the jurist said, "that under modern
conditions
"The fact
that
newspapers
are
not
necessity.
are a
public utilities
and
therefore
not
here.
constitutional doctrine of freedom of the press," Judge Oliver went
as
essential to that freedom
as
on.
liberty of pub¬
lishing; indeed, without the circulation the publication would be of little
will
assure
tell
you
command of the air.
that I
cloaking this great project in
am
But I tell you that it has always been dear to me because I recog-
nized its vital importance to the people in peace and in war.
Let those who oppose the immediate undertaking of this project sit here
at
the
center
of the
national
pressure of the National
power
for
our
defense effort
in
Washington and feel the
Defense Commission calling for more and more
great aluminum plants and for other munitions
requiring lots of cheap
power.
I
am sure
opposition which defeated the St. Lawrence treaty in 1934 was
opposition, based
on
What would
supreme
we
to waste,
industries
that they will know that the
a
mistaken
failure to appraise the full needs of their country in
not
was
even
then developing.
give today, we who are responsible for the country's
defense effort, if the great St. Lawrence turbines were already in
place, steadily revolving under the drive of St. Lawrence waters
"Democracy, so much dependent upon a well and quickly informed public
opinion, cannot be expected to survive without the organized publication
and the speedy and unhampered distribution of
news, protected by the
value.
interests
the world situation which
subject to regulation with respect to their advertising rates is immaterial
► "Liberty of circulating Is
Selfish
to me.
Nov. 30 President Judge L. Stauffer Oliver
convenience; they
Rapids section of the
national defense in order to gain an objective which has always been dear
of the Philadelphia Court of Common Pleas No. 7
quashed
an action to have a newsstand
ousted from a West Phil¬
newspapers are more than a public
link in the seaway in the International
plane program which will
to
Oust Newsseller Quashed
In
a
St. Lawrence River to produce aluminum and more aluminum for the air¬
producing
every
now
running
hour of the day 1,000,000 horsepower to supply
the expansion of our essential defense industries.
Had this project
been started in
1934,
as
we
urged, it would
now
be
complete and occupying a place with other great projects, such as the
Tennessee Valley in the Southeast, Boulder Dam in the Southwest, and the
Columbia River projects in the Northwest, among the great national
assets of this continent.
defense'
'
Volume
No
who
one
The Commercial & Financial Chronicle
151
has studied
national situation
can
possibly fail to
defense of the continent.
funds for
a
two-ocean
national defense problems and the inter¬
our
Navy
on a program
recognized the essential place of
world's merchant tonnage is
of
tons
month.
a
bombing planes
The
sea
covering
power
which
rate of tens
Land
supply of labor, raw and finished materials, further removed from
possible attack, may be a vital factor in successful defense of this continent.
commerce to the
harbors of the Atlantic Coast ports.
the
danger.
assurance, that we shall not need for
defense
our
or
Who
can
say,
particularly those that exist and
developed in the interior of
country ? Only one who
not need the
our
battleships that
we are now
can say
building will dare to
do not need the essential Great Lakes-St.
Lawrence
with
loans
Seaway.
by
be
may
that
was
lateness
of
source
cheap
for
power
national
defense
be
developed
home owners, and farmers.
the lower
What
too
Mississippi
this
project
highly stressed.
means
It
to
and
means a more secure nation.
It
woman
means
more
industries,
both
cheapest power in history.
It
defense
and
domestic,
thriving
on
toward
progress
the
solution
of
debt
has
been
difficulties
Most of the loans
affected
are
in the Great Plains
through Land Bank
former
be
good.
chase.
protected and served by the additional shipping built in inland shipyards.
It
pay¬
For the benefit of farmers who lost their properties
continent
means a
The
slow
of
most
banks
the
relatives
who
began
have
late
in
1939
resell
to
farms
to
reasonable opportunity of making
In other instances long-term leases were made, with option to pur¬
Since December,
1939, nearly 2,000 farms have been sold or
owners
or
leased to former
the
so
particularly in North Dakota.
foreclosure,
cannot
States.
the
second-mortgage
is groundless."
the ordinary man
of
reamortizing relatively short-term mortgages for longer
by placing loans of excessively indebted families on a sounder
More than 100,000 Commissioner loans were reamortized in the 12
area,
The fear that the Seaway will result in injury
or to our Atlantic ports
tobacco
some
There
States.
States.
Commissioner loans.
tion
agencies. This has been the history of all new navigation projects and
improvements directed to better commercial communication in this county
on
and
for
part
not
increased,
payments
those
largely
are
and suspended payment" plans on about 6,000 loans; and "standstill
agree¬
ments" wer$ put into effect on about an equal number of
in the Great Lakes-St. Lawrence Basin
unquestionably will result in greater activity for all ports and transporta¬
and throughout the world.
cotton
in
in
for
debts
30, 1940.
Altogether, about half of all Commissioner
outstanding are now on a 20-year basis or longer.
Beginning in
December, 1939, the Land banks and the Commissioner granted "variable
I said in 1936 and I say now, "such a develop¬
ment as we propose to carry out
accounts
whose
loan
farm income
the
of
and
States
loans
multitude of laborers, small business men,
a
some
crop
accounted
was
incomes
and
basis.
peacetime welfare of
in
increase
Western
months ending Sept.
Along with its benefits to national defense, this project will contribute
to the
the
good
Middle
this year by
terms
immediately.
the
cotton
cotton
Considerable
only temporarily.
must
the
of
in
of
decreases
sharp
were
made
to supply this power
1939,
proportion to the rise in
.
our
can agree
in
relatively
in
not
greater imports and Canada
new
have
some
ments
A
who
In
defense industries in the Northeast have been required
to import huge blocks of electric
power from Canada.
They are asking
Already
than
greater
farmers
but
we
The need for the Seaway is coupled with an
increasing demand for the
power.
of
to
heavy.
that we do
say
period
amounted
bound
peaceful pursuits every
possible shipbuilding resource,
nine
first
like
we are
Bank
months of 1940, or an increase of 7%
compared with the
1939.
Corresponding payments on Commissioner loans
$43,700,000, or a decrease of 6%.
Although the dollar amount of principal payments on Federal Land Bank
entirely self-liquidating.
But
Black's
Governor
Farmers obtained 28,652 Land Bank and Commissioner loans aggregating
$74,629,000 during the first nine months of 1940, compared to $59,860,000
during the like period of 1939.
Farmers' principal payments on Federal
Land Bank loans, including loans paid in
full, aggregated $70,400,000 in
years to
build this seaway.
They know, but fail to mention, that it takes at least
that long to build a battleship.
They also know that this project will cost
the United States less than three
battleships and that the power project
We hope that the world situation
may soon improve.
to be prepared for a
long period of possible
$27,000,000.
,
to
sources of
will be
than
more
and
Commissioner foreclosures and voluntary
deeds have
dropped sharply this year—from 14,629 in the first nine months of 1939
6,414 in the corresponding period of this year.
With sales running
considerably ahead of acquirements, the inventory of real estate on hand
dropped to 31,027 farms on Oct. 1, a decline of 17% compared with one
year earlier.
Seacoast shipyards are already overtaxed with
uncompleted construction.
on the Great Lakes, with access to the
ocean, yet close to the
Opponents of the project have pointed out that it takes four
to
statement continued:
by
Shipyards
They will help to build the ships which will bring back
than one-fourth of the entire inventory, Mr.
out.
The total purchase price, he said,
more
pointed
amounted
of thousands
rapidly increasing.
are
1940,
Black
The
be Effectively covered
may
of
has properly
many years,
Farmers bought 10,800 properties from the Federal
Land banks and the Commissioner in the first nine months
States, in providing
in continental defense.
diminishing at the
distances
tration.
the need for this project in the
see
The Congress of the United
3321
or
owners
a
relatives.
means more comforts in the homes of many
cities and rural
areas.
It means more work for the ordinary citizen in
shipyards, factories, and other transportation services connecting the center
of this continent
international
I
with
SEC
markets.
-VV-'
preparing to press for the immediate construction of this project.
am
Because of its vital defense character
In
I have allocated $1,000,000 of the
in
January, that it take the necessary steps toward completion of this St.
Lawrence seaway and power project, on which so much of our national
Stamp
•
Surplus
Purchases
Mark for
Pass
Five
Million
October
Using $5,000,000 worth of
new buying power in the form
surplus food stamps, more than 2,200,000 members
public assistance families consumed large quantities of
of
blue
of
farm
surpluses in October, the Surplus Marketing Adminis¬
tration
of the Department of Agriculture announced on
Dec. 2 in its monthly report on the operation of the Food
Stamp Plan.
The Department further said:
Participating families used their blue stamps, which gave them approxi¬
mately a 50% increase in food buying power, as follows:
14% for
butter, 14% for eggs, 17% for flour, rice and other cereal products,
12% for vegetables, 13% for fruits, and 30% for pork products.
Nearly 5% of all blue stamps were used for the purchase of 15,361,000
pounds of potatoes, which appeared
Families
of pork
taking
in the Food
Stamp Plan also ate
10,450,000 pounds
products and consumed about 2,158,000 pounds of butter.
Other
combined
cabbage,
cauliflower,
and celery,
and
tomatoes,
2,478,000
bunches
of
beets,
carrots
and carloads of apples, pears, oranges, raisins and dried prunes.
The following table is also
ESTIMATED
USE
OF
THE
BLUE
furnished by the Department:
FOOD
ORDER STAMPS
1940
FOR JULY,
on
exemptions
Dec. 3 that it had repealed its present
simplified procedure does not require the
new
To avail itself of the exemption,
any case.
a
to sell,
2,045,000
1,995,000
Value—
1,710,000
$538,000
$647,000
$635,000
Eggs—Dozen
2,194,000
2,558,000
$61P,000
2.531,000
$675,000
6,108.000
$1,147,000
2,610.000
6,630,000
$1,187,000
3,172,000
$220,000
$259,000
18,425,000
20,499,000
$719,000
Commodity
Butter—Pounds
$504,000
Value
6,031.000
Pork—Pounds
$1,054,000
Value
Lard—Pounds
—
Value
Cereals—Pounds——.—
$780,000
$868,000
$640,000
$5,100,000
$663,000
Vegetables—Value
$576,000
*
Fruits—Value
$407,000
$129,000
$497,000
$495,000
$629,000
$3,516,000
$4,501,000
$4,633,000
♦
Quantities
not given for fruits and vegetables
used for the various commodities.
are
units of measure
2,158,000
$718,000
2,657,000
$718,000
6,619,000
3,249,000
$272,000
22.349,000
Value
Total value
October
$1,200,000
3,831,000
$321,000
25,130,000
•
Increased
Property
Buying
$635,000
because of the different
in
First
Three-
improvement in farm income in 1940 is being reflected
by increased activity of farmers and tenants in purchasing
properties of their own, according to a statement issued
Dec. 2 by Governor A. G. Black of the Farm Credit Adminis¬
need
now
plan to
may
give this
can
as
the
of the company, the name of the underwriters, the name of the issue to
be sold and a brief summary
of the intended
use
of the proceeds.
notice, at Its option, either through
an
convenience.
Where the issuer chooses to
use a
The issuer
Informal letter
through the use of a two-page form which will be supplied
on request
or
for its
prospectus, the regulation
indicates certain skeleton information to be included.
new
regulation.
For example, the Commission takes
a new
position
sion's rules have been such that, if the offering was a part of a larger
program,
involving the future sale of additional securities of the
the exemption was not
available.
The
new
as
Heretofore the Commis¬
financial
same
class,
regulation specifically states
that the exemption is available even If "it is contemplated that after the
termination of the offering an offering of additional securities will be made."
This will apply In instances, among others, where issuers wish to make
nual offerings of
already
outstanding securities for such
ployees' participation plans.
over
an¬
purposes as em¬
In such instances, where the offering is not
$100,000, the exemption will be available.
Furthermore, the exemption Is now available to issuers and their
con¬
trolling stockholders even though each may wish to offer $100,000 under
Regulation A within a single year.
Heretofore, In such instances,
a
regis¬
tration statement has been necessary.
The
new
regulation shifts the Commission's administrative emphasis from
the disclosure requirements of the Act to the fraud prevention provisions.
Quarters of 1940, Reports Governor Black of FCA
The
prospectus In
This letter of notification need contain only such information
use.
name
The examination procedure which
Farmers
a
together with any selling literature It
to future sales of the securities of the same Issuer.
September
of
use
domestic issuer will
only to send to the nearest Regional Office a letter notifying that office of
the
August
the
A broadened exemption is available In several important respects under
AUGUST, SEPTEMBER, AND OCTOBER,
July
under
Exchange Com¬
■
.
The
its intention
stamp purchases made during October included: 2,657,000
17,456,000 pounds of flour; 7,674,000 pounds of other cereals,
total of 7,245,000 pounds of dry beans, fresh snap beans,
of
a single
simplified
regulation containing a single integrated exemption which
in many respects substantially broadens the availibility of
the exemption.
It was explained by the Commission that
Sectibn 3 (b) of the Securities Act gives the Commission the
power, under such rules and regulations as it may deem
necessary in the public interest and for the protection of
investors, to exempt from the registration requirements of
the Act security issues up to and including $100,000.
Here¬
tofore, says the Commission, the Commission has given a
total exemption on issues up to $30,000.
As to other issues
not in excess of $100,000, an exemption, up to now, has been
available only upon varying terms and conditions, such as
the compliance with the laws of the States in which the
securities were sold, or the use of a prospectus containing
certain specified information.
Where prospectuses have
heretofore been required, they have been examined in the
Registration Division of the Commission.
The SEC further
says:■
\ \•', V/'v
V; :
V'
blue
dozen eggs;
a
part
the surplus list for the first time.
on
granting
rules 200 to 210 inclusive and substituted
States, which will assemble
Food
the
mission announced
I am conducting conversations with our
neighbor, Canada, to work out
the international aspects of the development of this
great common asset.
I shall propose to the Congress of the United
♦
with
Securities Act of 1933, the Securities and
so
safety and welfare depend.
substantial revision of its procedures and its rules in
a
connection
defense funds made available by the
Congress to make the necessary engi¬
neering surveys and to prepare the preliminary plans and specifications
that no time may be lost in starting the
undertaking.
Exempts from Registration Security Issues Not
Excess of $100,000—Simplified Procedure Does
Not Require Use of Prospectuses
in
this great highway to and from our national and
abandoned.
The
use
of
has been followed in the past will be
a prospectus
is
no
longer required, although any
selling literature which is employed must be forwarded to the appropriate
Regional Office for its information.
The
new regulation will
be admlnis-
from the Regional Offices under the usual supervision from Washington.
It is hoped that the shifting of this activity to the Regional Offices will
further simplify the problem of compliance with the Act by smaller issuers.
The
new
regulation becomes effective Dec. 9, 1940.
The Commercial & Financial Chronicle
3322
referred to in
Plans of the SEC to take this action were
issue of Sept.
our
28, 1940,
slock, and $1,300,000 were stock dividends on common stock.
The combined
total ror all surplus accounts for these 10
increased
SEC Issues 1939 Supplement Covering Financial Opera¬
made
and
Securities
The
Building
of
Manufacturers
of
tions
Other Than Clay
Materials
Exchange Commission
Nov. 28
on
series of supplements to the in¬
dustry reports of the Survey of American Listed Corporations.
The supplements cover financial operations for fiscal years
ending between July 1,1939 and June 30,1940. Supplement
a
No. 20 contains reports on 19
corporations whose business
primarily the manufacture of building materials other than
is
1934 at June 30,
under the Securities Exchange Act of
The Commission's announcement
1939.
balance sheet assets
combined
10 enterprises totaled $286,-
for all
$285,000,000
000,000 on or about Dec. 31, 1938, and declined slightly to
the end of 1939.
Land, building and equipment showed
no
at
material
approximately $85,000,000 in both years, while reserves for
land, building and equipment increased from $73,000,000 to $76,000,000
during the same period.
The liability side of the combined balance sheet for all 10 enterprises
showed an increase in current liabilities from $26,000,000 at the end of
1938 to $27,000,000 at the end of 1939.
Stockholders' equity, as indicated
by the total book value of capital stock and surplus, increased trom
$195,000,000 to $197,000,000 during the same period.
from
change
Copies of this supplement, as well as of Supplements Nos.
to 20, inclusive, and Volumes I and II, which are still
1
available, may be secured without charge
Publications Unit of the SEC in
stated:
further
enterprises
$88,000,000 at the end of the fiscal year ended
compared with an increase of $2,600,000 in the
to
preceding year.
All of these corporations had
clay products and cement.
securities registered
$1,000,000
about Dec. 31, 1939,
or
on
The
Products and Cement
public the 20th of
7, 1940
approximately $17,000,000, of which $1,200,000 were current cash
on preferred
stock, $14,600,000 were cash dividends on common
totaled
dividends
1821.
page
Dec.
by request to the
Washington, D. C.
Financial data for the fiscal years 1934-1938 for the enterprises included
in this supplement were
the
of
previously released as Report No. 26, Volume III
Works
Corporations,
Listed
Survey, of American
Projects
Ad¬
SEC
ministration study sponsored by the Securities Exchange Commission.
The companies
Blue
Diamond
Strip Co., Detroit Steel Products Co., The
The Kelley Island Lime & Transport
Flintkote Co., Johns Manville Corp.,
Co., Martin-Parry Corp., Masonite Corp., National Gypsum Co., Pacific
Coast Aggregates, Inc., The Parrafine
Companies, Inc., Pittsburgh Plate
Co., The Ruberoid Co., Tilo Roofing Co., Inc., Truscon Steel Co.,
United States Gypsum
7-" V"',/--;;.
Co.
The combined volume of business for these 19 enterprises amounted to
S336.000.000 in the year ended on or about Dec. 31, 1939 compared with
combined
of $39,000,000,
operating profit
11.7%
or
of sales,
was
reported by all 19 enterprises for the fiscal year ended on or about Dec. 31,
1939 compared with an operating profit of $19,000,000 or 6.9%
in
These
1938.
of sales,
enterprises showed a combined net profit after all
same
(including non-operating gains and losses, prior claims, interest
charges
and income taxes)
of $33,000,000, or 9.7% of sales, for the year ended on
about Dec. 31,
1939 compared with $18,000,000, or 6.5% of sales for
or
the year
1938.
Dividends paid out by the 19 enterprises during the fiscal year ended on
Dec.
about
or
dividends
31,
on common
and
preferred stock,
on
$1,700,000
$21,900,000, of which
1939, totaled
dividends
cash
current
$20,200,000
were
cash
were
In the fiscal year ended on or about Dec. 31,
stock.
1938, dividends paid out totaled $12,000,000, of which $1,700,000
current cash dividends on
on common
The combined
total
preferred stock, $10,000,000 were cash dividends
for
end
1939, compared with
all
of
of
the
fiscal
ended
year
$1,000,000
to
about Dec. 31,
on or
Registration is effected by filing a notification of
from
$152,000,000
the Commission said:
On
the
basis of
increased from
$89,000,000
reserves
for land, buildings, and
$94,000,000
to
during
the same
period.
Dec. 31,
equity,
increase
in
from
liabilities
current
1938 to $31,000,000
as
increased
classifications assigned to themselves by the regis¬
verified by the Commission, management com¬
predominated.
Of the registrants, 52 stated that they issued or
eold periodic payment plan certificates.
Excluding these, 273 registered
as
management companies and 56 as unit investment trusts.
Of the
management companies, 158 classified themselves as closed-end and 115 as
open-end companies.
The notifications received from the open-end com¬
panies were divided between 95, which registered as diversified, and 20,
which registered at non-diversified.
In the case of the closed-end com¬
panies, 72 registered as diversified, and 86 as non-diversified.
The names of the 381 registrants are listed below, segregated between
and
open-
The
closed-end management
The above
The
separately.
certificates are listed
plan
on
about Dec. 31,
or
19 enterprises
$24,000,000
on
1939.
or
about
Stockholders'
indicated by the total book value of capital stock and surplus
slightly from $335,000,000 to $337,000,000 during the
figures do not include any face amount certificate companies.
Company
Investment
Act does not become effective as
until
Jan.
same
period.
1939 Supplement on
of Manufacturers of Office
Financial Operations
Machinery and Equip¬
ment
1,
5
the
Exchange Commission made public
twenty-first
of
on
series of supplements to the
a
industry reports of the Survey of American Listed Corpora¬
The supplements
tions.
financial operations for the
cover
fiscal years ending between July 1, 1939, and June 30, 1940.
Supplement
whose
No.
21
contains
reports
and
equipment.
All
1934 at June 30, 1939.
Financial
this
of
the
tion
data
for
supplement
the
were
these
of
securities registered under the
in
10
on
corporations
business is primarily the manufacture of office
chinery
ma¬
had
corporations
Securities Exchange Act of
MANAGEMENT
1934-38 for the enterprises
years
previously released
Report
as
7,
No.
included
Volume I,
Survey of American Listed Corporations, Work Projects Administra¬
Aeronautical
Investors
Securities, Inc.
Investors
Affiliated Fund, Inc.
Amalgamated Investment Fund
American Business Shares, Inc.
American Foreign Investment Corp.
Securities
Associated
General
Shares
Utilities
Keystone
Keystone
Keystone
Keystone
Keystone
Keystone
Keystone
Keystone
Keystone
Keystone
Co.
Aviation
Capital, Inc.
Axe-Houghton Fund, Inc.
Axe-Houghton Fund B, Inc.
Bay State Fund, Inc.
Bonds, Inc.
v.
Boston Fund, Inc.
Boston Metal Investors, Inc.
Broiad Street Investing Corp.
Bullock Fund, Ltd.
Cambridge Investment Corp.
Century Shares Trust
Addressograph-Multi-
are:
Corp.,
Burroughs Adding Machine Co., International Business Ma¬
Corp., Marchant Calculating Machine Co., The National Cash Regis¬
Co., Remington Rand, Inc., Royal Typewriter Co., Inc., L. C. Smith k
chines
ter
Corona
The
Typewriters, Inc., Telautograph Corp., Underwood Elliott Fisher Co.
combined
volume
$223,000,000 in the
year
ended
$213,000,000 for the fiscal
combined
A
reported
Dec.
of
by
operating
all
10
year
on
for
ended
profit
enterprises
these
10
about Dec.
or
on
or
about Dec. 31, 1938.
$26,000,000,
of
for
the
enterprises amounted to
31, 1939, compared with
fiscal
or
11.9%
year
sales,
of
endted
on
or
was
about
31, 1939, compared with an operating
sales, in 1938.
after
profit
claims,
the
business
of
all
Although these
charges
same
(including
interest and income taxes)
profit of $25,000,000, or 11.8%
enterprises showed a combined net
non-operating
gains
and
of $21,000,000 in both
9.7 in
losses,
prior
1939 and 1938,
relationship to sales declined somewhat, being 9.5 in 1939
with
as
compared
1938.
Dividends
paid out bv
about
Dec.
the
10
enterprises
during the
fiscal
year
ended
1939, totaled $16,400,000, of which $1,200,000 were
current cash dividends on preferred stock, $13,900,000 were cash dividends
on
or
or*,
common
In
the
stock,
fiscal
year
31,
and
$1,300,000
ended
on
or
Stores
were
stock dividends
about Dec,
31,
1938,
on
Trust
Investors
Champion Shares, Inc.
Chemical Fund, Inc.
Commonwealth Fund Plans C. & D.
Commonwealth Investment Co.
Composite Bond Fund, Inc.
Continental Fund, Inc., The
Delaware Fund, Inc.
Diversified Aviation, Inc.
Diversified Investment Fund, Inc.
Eastern
States
•
.
Eaton & Howard Balanced Fund
Equitable Investment Corp of Mass.
Equity Fund, Inc.
Fidelity Fund, Inc.
Fiduciary Fund, Inc.
common
stock.
dividends paid out
Trust Fund
Fiscal Fund, Inc.
Fundamental Investors,
General
Capital
Inc.
Corp.
Trust
A Fund
George Putnam Fund of Boston, The
G M Shares, Inc.
Group Securities, Inc.
Guardian Assets Corp.
Haydock Lamson Fund, Inc.
H. K. k W. Investment Corp.
Income Foundation Fund, Inc.
Incorporated Investors
Independence Fund Declarations of
General Reserves Corp., Ser.
Knickerbocker
Fund
B-l
B-2
B-3
B-4
K-l
K-2
S-l
S-2
S-3
S-4
the Diversi¬
for
fication, Supervision and Safekeep¬
ing of Investments, The
Loomis-Styles Mutual Fund, Inc.
Loomis-Sayles Second Fund, Inc.
Manhattan Bond Fund, Inc.
Massachusetts Investors Second Fund,
Inc.
•: .V.."."1'- -:V:■/'*
Massachusetts
Mutual
Investors
Investment
Mutual
Co.
Trust
of
America
Investment
Fund,
Mutual
Management Co., Managers
National Investment Shares, Inc.
National
Investors
Corp.
National
Securities
Series
Nation-Wide Securities Co.
England Fund
Stocks, Inc.
Niagara Share Corp. of Maryland
Pan-American Investment Fund, Inc.
Plymouth Fund, Inc.
Portland
Fund
Public
Investing Co.
Republic Investors Fund, Inc.
Reserve Fund
•Reserve
Plan Investment Corp.
Saybrook Corp., The
Scudder, Stevens & Clark Fund,
Securities Corporation General
Selected
American Shares,
Shareholders Corp.
Inc.
Inc.
Southeastern Investment Trust,
Inc.
Sovereign Investors, Inc.
Spencer Trask Fund, Inc.
Standard Utilities, Inc.
State Street Investment Corp.
Supervised Shares, Inc.
Third Investment
Trusteed
Series
Counsel
American
Corp.
Shares,
Bank
B
Trusteed Industry Shares
Trust
Ltd.
Insurance Investors Fund, Inc.
Investment Co. of America, The
Union
Investment Counsel
United
Institutional
Securities,
Equity Fund. Inc.
Investment Counsel Investment Fund,
County Corp.
Union Trusteed Funds, Inc.
United
Funds, Income Series, TI
Power
States
Shares,
Electric
Inc.
Wellington Fund, Inc.
Inc.
Investment Trust Fund B
Investors
Certificates)
Management Trust
Mutual, Inc.
Custodian Fund Ser.
Custodian Fund Ser.
Custodian Fund Ser.
Custodian Fund Ser.
Custodian Fund Ser.
Custodian Fund Ser.
Custodian Fund Ser.
Custodian Fund Ser.
Custodian Fund Ser.
Custodian Fund Ser.
New York
Corp.
General Investors
,
New
Dividend Shares, Inc.
Dow Theory Fund
First Mutual
companies covered in Supplement No. 21
graph
•
COMPANIES—OPEN-END
(Not Selling Periodic Payment Plan
V
Eaton & Howard Stock Fund
The SEC further explained:
fiscal
study sponsored by the SEC.
The
:
;
list made public by the Commission;
The following is the
Chain
The Securities and
Dec.
such com¬
to
have the privilege of
1941, though the companies
registering prior to that date if they so desire.
panies
..
SEC Issues
and unit investment trusts.
companies
companies which stated that they issued or sold periodic payment
52
American
The liability side of the combined balance sheet for all
an
the
panies
to
Land, buildings and equipment at
period.
same
$200,000,000 at the end of 1939, while
showed
In its announcement
(a) of the Act.
tion index to Section 8
19 enterprises totaled $395,-
increases
assets
their net book value declined from $210,000,000 on or about Dec. 31, 1938'
equipment
1940.
registra¬
registered under the Investment Company Act of
had
31, 1938, compared with $406,000,000 at the end
Current
year.
$171,000,000 during the
to
announced on
Nov. 12, 1940, 381 investment companies
increase of $5,030,000 in the preceding year.
an
on or about Dec.
following
increased
surplus accounts
the
The combined balance sheet assets for all
000,000
were
stock, and $3,000,000 were stock dividends on common stock.
$137,000,000 at the
and Exchange Commission
Securities
The
Nov. 19 that, as of
trants, which have not been
$278,000,000 for the fiscal year ended on or about Dec. 31, 1938.
A
Act
covered in supplement No. 20 are: Barber Asphalt Corp.,
Corp., The Celotex Corp., Certain-teed Products Corp.,
Chamberlain Metal Weather
Glass
Have
Companies
Investment
381
Reports
Registered Under Investment Company
Distribution
Investors Fund C, Inc.
Shares, Inc.
World Investment Trust
W. Wallace Alexander, Inc.
Light
&
Volume
The Commercial & Financial Chronicle
151
MANAGEMENT
COMPANIES—CLOSED-END
COMPANIE3
Express Co., The
Air Investurs, Inc.
Hutchins
Investing Corp., The
Alleyhany Corp.
Alliance
Insuranshares
Securities
Illuminating
&
Power
Corp.
Inland Investors, Inc.
Aldred
Investment
Trust
Investment
American
Corp.
Capital Corp.
American Cities Power &
American
Light Corp.
Co.
Investment
American
Investors
European Securities Co.
Corp.
Corp.
American
General
American
International
American
Investment
American
Co.
Life
Medical
Associates,
Inc.
American Public Welfare Trust
American
Superpower Corp., The
Securities
Co.
of
Boston,
Atlantic
Certificates, Inc.
The
Corp.
Co.
Italian
Superpower Corp.
Corp., The
Liberty Share Corp.
Maritime Corp.
Maryland Fund, Inc., The
Middle States Securities Corp.
Minnesota Investors Corp.
Modern International Corp.
Morristown Securities Corp.
National
Investing Corp.
Beacon Participations, Inc.
Blue Ridge Corp.
Bond & Shares Trading Corp.
Boston Personal Property Trust
Brooklyn National Corp., The
Burco, Inc.
Business Property Associates
Byrndun Corp.
Canadian National Commodities Corp.
Capital Adm.nistration Co., Ltd.
Carib Syndicate, Ltd.
Carriers & General Corp.
Central Capital Corp.
Central-Illinois Securities Corp.
Central National Corp.
Central New York Utilities Corp.
Central States Electric Corp.
Chain Store Investment Corp.
Chartered Investors, Inc.
Chicago Corp.,
The
Securities
Christiana
Commercial
Co.
Property Associates
Securities, Inc.
Commonwealth
Commonwealths Distribution, Inc.
Community State Corp.
Investment
Connecticut
Management
Corp., The
Consolidated
Corp.
Consolidated
Investment
V
Foster
&
Crum
Trust
Shares
Insurance
Corp.
Securities Corp.
Dubuque Securities Co.
Elmira Shares Corp.
Empire American Securities Corp.
Dominion
Empire Investment Corp.
Empire Power Corp.
Equity Corp., The
Federal
Light Co.
United Corp.
Investment
First
New
First
Co.
of
Concord,
Hampshire, The
Ohio
Investment
Co., The
First York
Corp.
Corp.
Foresight Foundation, Inc.
Foundlution Investment Co., The
General American Investors Co., Inc.
General Investment Corp.
General Public Service Corp.
General Shareholdings Corp.
German Credit & Investment Corp.
Goodall Securities Corp.
Fitrust
Guardian
Trust,
Bank
Shares
Investment
Guardian Investment
Trust, The
Corp.
Guardian
Investors
Public Utilities Investment
The
Rail
Guardian
Trust,
Union
Shares
Co.,
Corp.
The
North American Investment
North
American
Utility
Investment
The
Hooper, Kimball & Williams, Inc.
Hueneme Investors Corp., Ltd.
Corp.
Oilstocks, Ltd.
Old Colony investment Trust
Overseas Securities Co., Inc.
Pacific Coast Mortgage Co.
Pacific Southern Investors, Inc.
Pathe Film Corp.
Penn Investment Co.
Series A
Liberty Thrift Foundation, Inc.
Mutual
Fund of California,
Ser.
Trust
Fundation
Trust
tracts.
Trusteed
Trusteed
Corp.
Con¬
Income Estates Certificates,
Income Estates Certificates,
Original
dium
G
Agreement
Trust
of
American
Me¬
Bank
Income Estates Certificates,
Original Series (Investment Me¬
dium, Trusteed Industry Shares)
Trusteed Income Estates Certificates,
Con¬
tracts, Plans D & E
Independence Fund Declarations
Trust and Agreement
(Investment
Series B)
Trusteed
Con¬
& C
Investment
Series
Trusteed
Shares,
Plans
Investment
Plans A, B
Inc.
Trusteed Estates of Oregon
Trusteed Estates of Washington
E
Foundation
Endowment Agreements
Trusteed Annuities,
Original Series (Investment Me¬
dium Sovereign Investors, Inc.)
Fund
Foundation
A
v
Standard Trust Foundation
Pay¬
Series
C
United Funds, Accumulative Ser. TA
United Funds, Inc.
of
Wellington Plan Certificates
SEC Adopts Rule on Dividend Payments Under
Investment Company Act
>
The Securities and
Exchange Commission announced on
adoption of a rule under the Investment Com¬
pany Act of 1940 temporarily exempting, until the close of
business on Dec. 31, 1940, certain dividend payments and
accumulated undistributed net income, determined in accordance with good
distributions in the nature of dividend payments from the
provisions of Section 19 of the Act.
its announcement, stated:
or to
make any distribution in the nature of a dividend
accounting practice and not including profits or losses realized from the sale
of securities
other properties, or
or
termined for the current
or
(2) such company's net income
so
de¬
preceding fiscal year, unless such payment is
accompanied by a written statement adequately disclosing the source or
sources
of such payment.
The Commission is empowered under Section
19 to prescribe the form of such written statement.
The staff of the Commission has been studying the numerous technical
problems which must be disposed of in any rule prescribing a form of written
statement
Section
under
Before promulgating definite rules on this
19.
subject, however, the Commission wishes to consult with representatives of
the companies affected and of the
Securities
Foreign
&
States
dividend,
payment, wholly or partly from any source other than (1) such company's
Jersey Securities Corp.
United States Foil Co.
United
The Commission, in
Section 19 makes it unlawful for any registered investment company to
pay any
United
Corp.
accounting profession to obtain their
sug¬
To allow sufficient time for such consultation, the
gestions and comments.
temporary
exemptive rule, known as Rule N-6C-6 has been adopted.
United States & International Securi¬
ties
Corp.
Associates,
Inc.
Utilities
Securities Co.
Utilities Employees
Chairman
Utility Equities Corp.
Utility & Industrial Corp.
Wasatch Corp.
Western Commonwealth Corp.
Western New York Securities Corp.
Western Reserve Investing Corp.
Western States Corp.
Wisconsin Investment Co.
Eccles
Federal
of
Reserve
System
Believes
Congress Should Consider Advisability of Loan to
Great Britain Taking Their Gold as Collateral—
Corp.
Shares
Remarks
National
Before
Industrial
Conference
Board
Because, he said, of "incorrect and misleading accounts"
published regarding his remarks in an "off-the-record" ad¬
before the National Industrial Conference Board
28, Marriner S.
Trust
that he had advocated
Britain, and it is pointed out that the only portion of his
do with aid to Great Britain, was the
1953
American
Trust Shares,
1956
1958
following paragraph.
1955
Equities
North American
Trust Shares,
Collateral
Trustee
North American
Trust Shares,
Trust
Selected American
Shares,
Ser. A
"I believe that
Congress in considering all the interrelated elements of
the monetary picture,
should consider whether or not it would be wise to
make credits available at low rates, as a means
ing
Shares
or
Cumulative Shares
Selected
a
remarks having to
North American Trust Shares,
Service
Mr. Eccles denied reports
loan of $2,500,000,000 to Great
Dec. 4 the text of his address.
Co.
Certificates, Series B
York Bank Trust Shares
Public
on
Eccles, Chairman of the Board of
Governors of the Federal Reserve System, made public on
Securities
Nation-Wide
dress
Nov.
TRUSTS
Collateral
Series
Trust
Lexington Trust Fund
Agreement
1935
Investment
&
Certificates
Income
Securi¬
F
B, C, D,
A,
Co., The
Sisto Financial Corp.
Southwest Consolidated Corp.
Standard Holding Corp.
Standard Investing Corp.
Tobacco & Allied Stocks, Inc.
Tri-Continental Corp.
Trusco Shares, Inc.
United Gas & Electric Co.
United Gas & Electric Corp., The
North
Series A
Plans
tracts
and
New
Shares,
Trust
0
Fund
Foundation
Income
Income
North American Bond Trust
Corporate Trust Shares
Corporate Trust Shares, Accumulative
1,
Trust
B
Ser.
Setay Co., Inc.
Shawmut Bank Investment Trust
Bank Stock Trust Shares,
tificates
May
Mutual
A
Investors Ser.
Investors
Nov. 29 the
Basic
Series C-l
Industry Shares
Capital Savings Plan Contract Cer¬
Trust
Corp.
Hamilton Depositors
Income
(Not Selling Periodic Payment Plan Certificates)
Associated Standard Oilstocks Shares,
Investors Ser.
Insured
Quarterly Income Shares, Inc.
Railway & Light Securities Co.
Reserve Investing Corp., The
Salta Corp.
Scottish Type Investors, Inc.
Second Investors Corp.
Securities Co., The
Security Co.
Security Investment Trust, Inc.
Selected Industries, Inc.
Selected Securities Corp,
INVESTMENT
UNIT
Investors, Inc.
Insured
Fundamerican
Corp,
Securities
Pennsylvania Bankshares &
ties Corp.
Pennsylvania Industries, Inc.
Petroleum Corp. of America
Petroleum & Trading Corp.
Phoenix Securities Corp.
Prudential Investing Corp.
Prudential Investors, Inc.
York),
(New
Founders
Mortgage Corp.
Niagara Share Corp.
Utilities
The
Guardian
Trust,
Shareholders
National
National Union
Simsbury
Power &
Federal
National
Insured
Insured
1933
1,
Plan
Foundation
Inden¬
Insurance Stock Plan
Fully Paid Plans
Trust
Agreement,
Jan.
Massachu¬
Inc., Trustee under
Trust, Series 1-26 '
Insurance Securities, Inc.
ture of
Plan
Foundation
Dated
Periodic
Massachu¬
of
setts,
Security Fund, Inc., The
and
ment
Narragansett Securities Corp.
Aviation Corp.
National Bond & Share Corp.
Associates
Industrial
Shares
of
Inc.
setts,
Con¬
Plan
Investors
First
Associates
Industrial
& B
The
Investors Co.
Mutual
Bankers National
Cer¬
Corporate Leaders Trust Fund, Ser. A
Diversified
Fund
Corp., No Stock¬
holders Liability
Dominion Plan, The
Dominion Plan, Series TS
?
Financial
Independence
Founders,
Series
D
Periodic
Payment and
Fully Paid Plans
F-I-F Plan Corp., Series XD Periodic
Payment and Fully Paid Plans,
Financial
Participations
Participations
Plan
Plans A
Leaders Trust Fund,
tinental
Lehman
Atlas Corp.
Bankers Investment Trust of America
Foundation
Fund
Independence Fund Trust Certificates
Independence Trust Shares Purchase
Trust
Commonwealth Fund
The
Trust
Fund
Franklin
Corporate
Philadelphia,
of
Associated
Fund
Agreements
tificates
Insuranshares Corp. of Delaware
Interbanc Investors, Inc.
Electric Securities Corp.
American Electric Share Co.
Independence
Independence
Participations, Inc.
Participations Trust Fund
Arkansas Fund, The
Benjamin
International Equities Corp.
American
SELLING PERIODIC PAYMENT PLAN CERTIFICATES
American
American
(Not Selling Periodic Payment Plan Certificates)
Adams
3323
as
of aiding the British, tak¬
collateral their gold, as well as their security holdings here, in Canada,
elsewhere, rather than to continue to accumulate more and more of the
Selected Income Shares
world's gold supply at the cost
(Modified)
Corporate Trust Shares, Series AA
Corporate Trust Shares, Series AA
(Modified)
Super-Corps, of America, Ser. AA
Super-Corps, of America, Ser. D
Texas Fund, The
Trust Endowment Shares, Ser. A
A program was suggested by Mr. Eccles for a revision of
the New Deal's depression-funded monetary policies," re¬
Cumulative Trust Shares
Trust Shares of America
Deposited Bank Shares, Series B-l
Deposited Bank Shares, Series N. Y.
Dpoeited Bank Shaes N. Y., Ser. A
Deposited Insurance Shares, Ser. A
Diversified Trustee Shares, Ser. O
Diversified Trustee Shares, Ser. D
Ser. A
Trustee Standard Oilshares, Ser. B
Trustee Standard Investment Shares,
Corporate Trust Shares, Accumulative
Series
Fixed Trust Oil
Fixed
Trust
Fixed Trust Shares,
Foundation
Plan
Series B
Indenture,
1, 1932
Fundamental Trust Shares,
Fundamental Trust Shares,
Hamilton Trust Shares
Dated
The War
D
New York
Bank
Shares
Fixed
United New
York Bank Trust Shares
United States Electric
Series A
Series B
Inc.,
Shares,
Series
Light & Power
Certificates,
Trust
A
United States Electric
Shares,
Series
Universal
Allots
Additional $25,000,000 for
Shares,
Shares, Series Y
United Insurance Trust Shares
Independence Trust Shares
Investors Sponsor Corp.
National Trust Shares (Re-Modified)
Nation-Wide
Securities
Co.
Trust
Certificates, Series A
Standard Investment
Series
Roosevelt
President
Development of Bases Leased from Great Britain
C
Series
Trustee
United
Jan.
ference to which will be made in these columns another week.
Trustee Standard Oilshares,
Trusteed
Shares
Shares
of inflating our banking and credit structure.'!
Inc.,
Light & Power
Trust Certificates,
B
Trust
Shares
Department disclosed
on
Dec. 3 that President
Roosevelt has allotted $25,000,000 of emergency funds for
initial expenditures of the Army in developing the sites
recently leased from Great Britain for air and naval bases.
The Department said that preliminary work on defense
installations in Newfoundland and Bermuda has been started
by Army engineers and that work on the six other sites
will begin soon.
As was reported
in
our
issue of Nov. 30, page 3161, the Presi¬
Navy for its share of
dent has allotted $50,000,000 to the
the
work
on
these islands.
The Commercial & Financial Chronicle
3324
President Roosevelt
Defense Inspection Cruise in
on
Caribbean
■
a
Area
President Roosevelt left Washington on Dec. 2 for a com¬
bined vacation and defense inspection trip which is expected
to
keep him away until Dec. 16.
After traveling by special
train to Miami, Fla., the President on Dec. 3 boarded the
cruiser Tuscaloosa for a voyage in the Caribbean Sea.
On
Dec. 4 he visited the Guantanamo Naval Station in Cuba
on the following day (Dec. 5) inspected the sites on the
and
Island of Jamaica which the United States leased from Great
The cruiser Tuscaloosa is
that if an emergency arose which required his
in Washington, he would return by airplane.
plained
presence
A. B. A. Names Defense Loans Committees—To Increase
Assistance of Banks to National Defense Program
Perfection of plans to increase the assistance of savings
commercial
through
the
announced
the
to
of
Washington
at
President
banks
financing
of
national
orders
for
Nov.
on
American
the
26
Bankers
goods was
D. Houston,
P.
Association,
by
who
is
Nashville, Tenn.
A nation-wide organization has been set
up, Mr. Houston said, to acquaint banks with the details of
making loans on Government orders, to assist in uncovering
suppliers and to
generally stimulate the use of
bank credit in the financing of the defense program.
Mr.
Houston said:
During the past two days
of
section
the
bank assistance
increasing
has been
in consultation
mission,
nors
representative group of bankers from every
in conference here perfecting plans for
a
has
country
been
the national defense program.
This group
representatives of the National Defense Com¬
to
with
the Reconstruction Finance Corporation, and the Board of Gover¬
the
of
Federal
Reserve
System, which
Board
the liaison with banks, to explore the ways in
in
cooperate
the
has
been
which banks
designated
may more
result
a
program.
manual
A
simplify
this
In
banking
organized
of
placed
instruction
banks
for
be
the
is
Banks
until
about
making
carried
here this
active
in
announced last
recently
in
XX '
the
such
forward
making defense loans
needs
of
loans.
ever
since
the defense
However, not enough has been known
armed forces and the procedure
summer.
the
As
a
result
of
the
studies
which
week, this deficiency is being
appointed by Mr.
L.
St. Louis,
President
Mercantile-Commerce
Bank
&
Trust
Co,,
Mo., who is Second Vice-President of the A. B. A.
Keehn
W.
Charles
Berry, President Whitney National Bank, New Orleans, La.
Blinn Jr., Vice-President Philadelphia National Bank, Phila¬
P.
delphia, Pa.
Brown, Vice-President Harris Trust & Savings Bank, Chicago, HI.
Sidney B. Congdon, President National City Bank, Cleveland, Ohio.
L.
Converse,
Vice-President
Mass.
Merchants
National
Bank,
immediate
One
are not
requiring
step
in
your customers, or
Florence,
President
National
Republic
Bank
of
DallaB,
S.
S.
Ford, President Northwestern National Bank & Trust Co., Minne¬
apolis, Minn.
:
Hugh H.
Andrew
W.
J.
McGee, Vice-President Bankers Trust Co., New York City.
Price, President National Bank of Commerce, Seattle, Wash.
Waller, Vice-President and Cashier Hamilton National Bank,
Washington, D. 0.
R.
Clyde
lanta,
Ga.
In
an
trator
«
Williams,
'■
Executive
Vice-President
First
National
Bank, At¬
=
announcement
Jesse
H.
on
Jones
Nov.
26
indicated
Federal
that
the
Loan
Adminis¬
Reconstruction
this statement is referred to elsewhere in this issue.
♦
York
Federal
Reserve
:
Bank
Names
Leslie
R.
Rounds, Arthur Phelan and Reginald B. Wiltse to
Serve as Its Representatives in
Furthering the
National
Small
w
Defense
Program
Through
Loans
to
Business
or
of the Navy Department
national defense program.
are
asked to
are no
doubt
Among
concerns
which
other branches of the armed service.
or
A sample report form indicating the data you
is enclosed.
secure
is desired to have it
The information called for is brief, but it
as accurate as
obtain from the individual
possible, and it is expected that you will
concerns
wise unable to furnish readily.
information which you
any
It is hoped that
are
other¬
cooperation in fur¬
your
nishing this information will make possible the participation by some of
these concerns in the production program for national defense.
We shall
be glad to furnish you with an additional supply of report forms after
you
have estimated your requirements.
which
ment
already
are
on
Information with respect to concerns
the invitation bidding lists of the local Army
officers, the Navy Department
procure¬
other branches of the armed service
or
should not be supplied to us.
It is possible that
other information
we may
as
be asked, from time to time, to assist in securing
supply of articles which may be in demand
to sources of
of supply are
sources
inadequate.
in your area which you feel may be
cerns
If there
are any con¬
particularly qualified, because of
technical ability or equipment, to fill what might be unusual needs of the
defense program, we shall be glad to have you advise us in detail
ing them and their facilities.
as
you may
our
wish
hope that
concern¬
This may be done by writing such comments,
the back of the report forms which
on
we
will supply to
you."'
will actively participate in this endeavor to further
you
the national defense program and that you will not hesitate to call
upon this
bank or its Buffalo Branch for any assistance which we can
give to you.
The form submitted
above, concerns questions as to
facilities for defense supplies by concerns seeking contracts.
The action by the Federal Reserve Bank is in accordance
with the policies heretofore indicated by Donald M. Nelson,
as
,;V
,
RFC Will Extend
Banks
»
Credit
'
to
■
Defense^Manufacturers*if
Cannot, Says Federal Loan Administrator
Policy in
Letter
to
Head
of
Jones—Outlines
A.
B.
A.—Comments
Regarding
on
Previous
Announcement
Interest Rates for Loans
Federal Loan Administrator Jesse H. Jones stated on
Nov. 26 that there had been a "misconstruction"
placed by
some bankers and some of the
press on his recent letter to
the Secretaries of War and of the Navy outlining the defense
financing policy of the Reconstruction Finance Corporation.
In a letter to P. D.
Houston, President of the American
Bankers Association, Mr. Jones points out that the "RFO
will be glad to participate with the banks in
making defense
The New York Federal Reserve Bank, in line
with the
tion and construction of additional plant facilities, through
loans to small business, announced on Nov. 30 the names of
the officers which it has designated to serve as field repre¬
sentatives of the Director of Small Business Activities and
of the Board of Governors.
The officers designated by the
New York Reserve Bank for this purpose in its District are
Leslie R. Rounds, Vice-President,
and Arthur Phelan,
Vice-President, at New York, and Reginald B.
loans," but would extend the credit itself to reputable manu¬
facturers with defense contracts if the credit could not be
obtained from banks.
Mr. Jones had announced
on
Nov. 18
(noted in these columns Nov. 23, page 3021) that the RFC
would lend at 1%% on defense plant construction or
expan¬
sion calling for Government reimbursement over a
five-year
period and at not more than 4% where the reimbursement
feature does not exist.
Mr. Jones's letter follows, in part:
There
is nothing in my letters that can be
properly misinterpreted.
I
clearly that "where there is a definite undertaking on the part of
War or Navy Departments,
in a manner mutually acceptable, for
stated
the
reimbursement
banks
through
action which all of the Reserve banks are to pursue with a
view to assisting in the financing of national defense produc¬
Assistant
cooperation is suggested.
your
community, there
your
.
Finance Corporation will extend credit to manufacturers
for the financing of defense contracts if the banks cannot;
New
enter¬
Business
It is the purpose of the present inquiry to obtain such information regarding
concerns as would be pertinent to their possible
participation in the
"
Dallas, Tex.
of Small
these
Cooke, President Columbia National Bank, Kansas City, Mo.
Edward
Elliott,
Vice-President
Security-First
National
Bank,
Los
Angeles, Calif.
F.
Director
yet on the invitation bidding lists of the local Army procurement
officers,
Thornton
Fred
The
Activities also desires to promote the use of customary banking channels in
Boston,
..X'
''X'.'
in touch with other business
contractors.
financing the credit needs of the small business enterprises that participate
in meeting the requirements of this program.
Mark A.
Frank
learn of the future
purchasing agent, and Ernest G. Draper of the Board was
named to supervise the system's activities.
This was noted
in our issue of Nov. 30, page 3164, in which the names were
given of those representing the Federal Reserve banks of
Philadelphia and St. Louis.
Va.
Hemingway,
men to
mission in this respect the Board of Governors of the Federal
Reserve System was asked by the Commission to serve as its
Chairman, J. Harvie Wilkinson Jr., Vice-President State-Planters Bank &
Co., Richmond,
a
Commission, mention of which was made in our issue of Nov.
16, page 2879.
To decentralize the operations of the Com¬
overcome.
Houston consists of the following:
W.
as
Coordinator of National Defense Purchases and Director of
Small Business Activities Division of the Defense
Advisory
have
during the past few weeks and the conferences held
The Natioanl Defense Loans Committee
Trust
required by the primary
It is
being prepared designed to explain and
making defense goods loans under the
soon as ready this manual will be sent
•
been
have
program was
involved
that the entire machinery of
defense program.
•.
the
As
banks.
to all
expected
behind
of
process
terms of the defense contract.
been
is
it
manner
will
serve
for smaller business
as
time it will endeavor to assist primary contractors who
same
have been awarded defense orders to get
but whose known
a
Associations.
At the
ment.
of
of
well
as
needs and requirements of the military and naval branches of the Govern¬
as
fully
the two days of study a committee has been appointed
banker in each Federal Reserve district who will have
charge of promoting defense loan activity in his district.
He will work in
liaison with the local Federal Reserve Bank, will name subcommittees in
the respective States and employ the facilities of the various State Bankers
As
consisting
Activities will
Business
Navy Departments,
It will endeavor to assist business
enterprises.
defense .program
defense
Chairman of the Board of the American National Bank at
potential
The office of the Director of Small
clearing house for information for the National Defense Advisory Commis¬
sion and the War and
prises which may be able to furnish special types of goods and services
»
and
7, 1940
Wiltse, Assistant Manager, at Buffalo.
These officers,
says the Reserve Bank, will be glad to confer with business
men and bankers concerning the procedure to be followed in
obtaining Government contracts and subcontracts, and also
concerning means of obtaining needed credit, in those cases
where credit may not be available from the usual sources.
In its circular issued by President George L. Harrison, the
New York Reserve Bank presents information concerning the
national defense program and the opportunities for par¬
ticipating therein.
From the circular we quote:
Britain for air and naval bases.
being accompanied on the tour by the destroyers Mayrant
and Trippe.
At his press conference on Nov. 29 Mr. Roosevelt ex¬
Dec.
such
over
or
financing at
within
a
the
period
of
Defense
five
Plant
interest rate of 1%%
an
the
years,
Corporation,
per
RFC,
will
annum
either
directly
arrange
on
or
or
adjust
payments made
the period."
"Definite"
does not
probable.
mean
"In
a
manner
mutually acceptable"
that the form of the undertaking by the War or
Navy Departments
be acceptable to the lender as well as the Department.
"Directly or
through banks" means that the RFC would be willing, as in the case of
other industrial lending, to provide banks with a take-out agreement for
some
part of the loan.
"Through the Defense Plant Corporation" means
means
must
that
funds
the
RFC
and
lease
would,
as
them
to
for reimbursement
It
that
is
the
my
from
understanding
emereencv
already
it
the
ihe
Plant
is doing, build plants with its own
manufacturer, having obtained an agreement
or Navy Departments.
War
that
the
facilities
War
and
contract
Navy
now
used
Departments
intend
by them should
be
The Commercial & Financial Chronicle
Volume 151
relied upon as an obligation of their respective Departments.
not,
of
relieve
course,
reapect to
interest
is
average
maturities of
contracts
ciedit,
on
high rate
a
not
are
for
the
from
the
usual
such contract.
any
care
and
This should
supervision
One and one-half
for
in
Government-guaranteed obligation with an
a half years, and
if the War and Navy
banks should not rely upon them as a basis of
a
interest
rate.
Necessarily, a very large part of industrial financing for defense will
be for working capital and to sub-manufacturers who will not have a War
or
Navy undertaking to reimburse the cost of the plant.
These loans
should wherever possible be made by banks and should bear interest rates
appropriate to
consider
I
such
the ciedit
factors
factors, but in
no
the individual
of
case
The
case.
will charge more than
will
RFC
4% interest.
might add
will
that, in accordance with its established policy, the RFC
glad to participate with banks in making defense loans, but the
extend proper credit at a appropriate rates to any reputable
be
RFC
will
manufacturers
be had
from
In
a
refer
who
have
defense
if
such
credit
not
can
readily
banks.
the
announced
by
Houston
Mr.
we
for
in¬
creased
participation by savings and commercial banks in
defense financing.
♦
Competitive Bidding Favored by Otis & Co. as Means of
Discouraging Private Sales of New Security Issues
—Urges Endorsement
at I. B. A. Convention
declared in
letter addressed to members of the Invest¬
a
Bankers Association
ment
Nov. 29.
on
The
said
letter
that the system of direct sales of entire issues to
few large
purchasers constitutes the "greatest threat to the future of
the investment banking business."
The letter said, in part:
a
Is there any question that municipal bonds and
equipment trust cer¬
tificates would be privately placed if competitive bidding were not required?
Competition in these fields,
a
on a
basis where every investment banker has
chance to participate, has not been disastrous to the issuer, investment
banker
or
the
public;
the contrary, it has been extremely successful.
on
to
of securities
in
these
fields.
market—is
the
underwriting banks if the financing of
on
competitive basis,
a
open to
great public industries
our
draft
I.
B.
poised
to
undertake
a
task to
be ranked
of
Nation's
capital
users
accumulated
upon
capital.
final
The
quarter
both
which
and
investors
distributors
the
of
stocks
and
bonds
need
to
travel.
reference
When
revert
must
the
to
made
is
to
capital
market
surrounding
uncertainty
handicaps,
taxation
our
before
attention
other
items
Are the provisions so recently made into law, setting the
scale for excess profits and income taxes, likely to be raised again in
the next session of Congress, and still again, if present defense financing
explored.
are
is
be retained,
to
business
other
such
because
and expenditure exceeds estimates?
Are manufacturers
men to
be obliged to abandon forward-looking plans
The
plans face frustration?
power
to
tax
is the power to
kill; the power to elevate taxes frequently, and to alter the bases of taxa¬
tion, may fall this side of killing but go beyond the near borders of dis¬
couragement, as far as industrial initiative is ooncerned.
few
A
New
days ago Colonel Frank Knox, a seasoned business man and now
of the Navy, was quoted to this effect in an address before
England Conference:
"Business
the
to
in the next
five years is not going to be like it
has been in
We've got to make sacrifices such as we never have been asked
make before.
Profits will necessarily have to become secondary and
past.
national
first."
security
Knox's
Colonel
conclusion
national
that
security
must
stand
first in
citizen's conception of his duty and his work will be subscribed to
by all business men; and sacrifices need only to be understood and they
will be accepted willingly.
every
We believe that
the
and
brought a further gain, according to incomplete reports in the financial
industry.
These exists, however, long-standing barriers across the road
ail the investment bankers in
the country.
available
essentials.
I have recited figures which show that
in the third quarter of last year some increase occurred in the potential
among
The requirement of such competitive
is not done
symbol of quite dormant capital.
as a
strong instrument for use in setting idle capital to work—the securi¬
A
ties
Secretary
owned
alarmist if the warning could contribute
and prices which would most certainly
highly-geared defense undertaking begins
military and peace
the Nation is fortunate in that capital itself is abundant.
It is
plentiful but, at the same time, a great deal of it is hardly more energized
than are the crown jewels and extraordinary diamonds until lately on
display in the Tower of London.
The $7,000,000,000 excess reserves of
the Federal Reserve banks, which comprise a credit base for upwards of
the
bidding, far from harming the in¬
its opponents suggest, would strengthen the industry in all parts
of the country.
There is the further alarming possibility of Government-
after the
goods,
in such securities.
as
an
production
us
taper off.
Dealers, large and small, would participate in their distribution, while in¬
stitutional buyers of all sizes would be afforded an opportunity to invest
dustry
between
For the raising of adequate private capital for both
and
Compulsory competitive bidding for the securities of companies enjoy¬
ing monopolies and subject to Governmental regulation, such as public
utility companies, railroads and telephone and telegraph companies, would
automatically eliminate private placement
being considered
balance
a
be beneficial to all of
$30,000,000,000, stand
Compulsory competitive bidding for new security issues
of public utility and railroad companies is the solution of the
"private placement" problem, Otis & Co., investment bank¬
ers,
would risk
to
in this issue of the "Chronicle"
program
the
It is not too early to become concerned about price tendencies, even
though the defense-spending program is just beginning to gather headway.
I
separate item
to
contracts
"financing the great commitment."
He discussed some
probable effects of increased payrolls, heavy pur¬
chases of raw materials, and other items attached to heavy
expenditures to grow out of defense.
He foresaw an en¬
larged investment of surplus private incomes, and expressed
belief that the current rise in spending power throughout
the Nation would stimulate an extensive expansion in the
production of goods and materials for non-military ^con¬
sumption.
Mr. Martin stated that "if our economy is to be
maintained on a reasonably even balance during the period
when defense is made secure, production of non-military
goods must be held at a level high enough to keep prices to
consumers from going through the roof."
He continued:
of
cent
per
and
two
good,
whatever
lender
a
loan based
a
3325
A.
endorsement of the competitive bidding principle by
forthcoming convention—a step which would go far
an
its
at
toward curing monopolistic practices within the
beneficial to the
industry than
any
industry—would be
more
Touching upon the Securities
other action which could be taken.
Exchange Act of 1934* Mr.
proposed revisions which are now
under discussion include steps to equalize differences be¬
tween securities listed on national exchanges and others
traded in the unlisted market.
As to this he said:
The Stock Exchange would like to see a kind of equalization which. Is
not now provided in the Securities Acts or by regulation.
Under law and
regulation, corporations whose securities are dealt in on the unlisted market
escape many of the arbitrary provisions which specifically apply to com¬
panies whose securities are listed on a national exchange.
Unless they
publicly offered their securities since 1933, they are not required to
register with the SEC.
And, being exempt from the fact-disclosures and
recurrent reports which registration involves, they sit like an inert, dead
weight upon the right which the Stock Exchange maintains that investors
Martin recommended that
President Martin of New York Stock
Exchange Urges
That Private
Capital Be Afforded
*
Opportunity
Finance Defense Program—In Address at Port¬
to
land, Ore., Recommends Revisions in Securities
Exchange Act Include Equalization of Differences
Between
Securities
Listed
on
and
Unlisted
Ex¬
changes
William
Stock
McC.
Martin
Exchange, in
an
Jr., President of the New York
address on Dec. 2 before the Port¬
land, Ore., Chamber of Commerce, at a luncheon meeting,
urged that private capital be afforded the opportunity to
finance a large part of the military defense undertaking.
"The task of military preparedness has passed
swiftly from
preliminaries of survey and estimate," he said, "into coordi¬
nated
production.
The costs
have been counted,
point, and the methods of providing the
devised
and
point."
Mr. Martin went
are
in
process
Beyond these points, which
on
of
money
up
to
a
have been
application—also
up
to
a
of
The
ours.
well
as
the
of
We
as
is
that
for employment in
in
the
national
private
the
funds
should
production
of
have
an
materials
attractive
for
production of many kinds of goods which
defense,
an
increase
income stimulates.
military defense itself has to be paid for in the long
the people, through taxes.
Whatever money is borrowed by the
them
and
the
from the people—must be paid back
proceeds.
But to tax too heavily in the early stages
factory operation would be to discourage capital now at work
from
of intensive
tax
disturb long-term production.
To borrow too extensively in
early stages would arouse questions about the position of Govern¬
credit if the defense undertaking should prove to be longer drawn
perhaps
same
ment
out, and more costly than original estimates contemplated.
In
application, the proposal that much of the task be financed by corpo¬
through the sale of their securities to investors would enable Gov¬
project fair and equitable taxation far ahead.
It would enable
rations
ernment to
Government to borrow with moderation.
It would provide for the periodic,
hut not extravagant, amortisation of corporate
of
plant and equipment.
Government funds, derived through
debt and the writing down
excess
taxes
or
conservative Government
borrowing, would ultimately provide for the reduction of these outlays for
defense.
True, such a procedure would stretch out the time during which
preparedness was being paid for by the people—the taxpayers.
is also being designed to last for a long time.
Mr.
in
a
Martin said he would "be neglecting a
grave
But defense
solemn duty
hour" if he should fail to point out
a practical
method which could utilize the existing machinery of finance
detailed
which
information
shapes
judgment
in
regard to
Securities Acts which are to come under discus¬
in the new year, the Stock Exchange trusts that steps
Among changes in the
sion
to
in Washington
taken, for the improvement of both in
This is the final element among the
cast in perspective in the course of this
equalize the two markets will be
of service
point
essentials which
to
the
public.
I have sought to
discussion.
+
Government for this work—borrowed
to
the
are
all know that
by
run
principle
to
investment in securities.
to say:
marked already by heavy taxation and a
strain on Government credit, lies an area in which private capital should
be called upon.
I want to be clear and precise in stating the democratic
principle of finance which has always applied in this democratic country
opportunity
have
Reduction in Non-Military Governmental Ex¬
penditures Urged by National Association of Manu¬
Sharp
facturers—Report Asks Study Be Made of Federal
Fiscal and Taxing
Policies—Another Report Sug¬
Means of Maintaining Efficient LaborManagement Relations
Drastic curtailment of all non-military governmental ex¬
gests
penditures
12
such
as
was
promised recently by President
Congressional leaders is the keynote recom¬
mendation in a report of the National Association of Manu¬
facturers' Committee on Government Finance to be pre¬
sented to the Forty-fifth Annual. Congress of American
Industry, which wilfbe held in New York City, Dec. 11-13.
The report, as made public Dec. 4 by Committee Chairman
H. Smith Richardson, Chairman of the Executive Committee
of the Vick Chemical Co., is a reiteration of the Association's
Roosevelt and
long standing position
favoring wise and careful use of public
funds to insure a maximum
of defensive strength. The report,
the N. A. M. Resolutions Com¬
which has been approved by
mittee, climaxes several months
of study by the committee
during which time it has followed day to day fiscal operations
of the Federal Government.
The N. A. M. Committee, in this report, calls upon Con¬
gress
to establish a
review and to make
cial fronts:
"competent, impartial commission to
recommendations'
on
four broad finan¬
The Commercial & Financial Chronicle
3326
1.
Relations of expenditures to appropriations-
2.
Means of financing Government expenditures, both defense and non-
defense-
financing of our preparedness efforts/' the report
states, "involves the extension of weighty taxes far into the
future.
The new deficits which will inevitably arise during
the emergency will also add to our already huge
mental indebtedness, and accordingly amplify the
(5)
"The wage for each
actually engaged in war."
recommendation for defense program financing on
"pay-as-you-go" basis as far as this can be done without
drying up sources of Government revenue or restricting vital
industrial production, five changes in the present tax law
are proposed in the report, as follows:
a
profits already carrying a heavy load
this burden should be accompanied by
that
suggest
we
certain changes in the present tax
unjust burdens but in some
effect of taxing statutory, but actually
alsp has the
cases
These recom¬
non-existent profits.
X. Restoration of the right to file consolidated returns for normal income
>.
;
double taxation
of dividends
.
received
porations.
by
cor¬
V
;
3.
4.
Repeal
declared-value
excess
profits tax and related capital
••
-••
(6) Employers
labor in
as
On the
As
new
principle no corporation should be discriminated
against merely because of size.
larger corporations who
levying
excess
method
should
could
profits
be
may
taxes
included
the
above
To protect the small stockholders in the
be penalized through the existing method of
dollar
on
in
apply graduated rates
the
amounts of income, an optional
Under
law.
this
option
companies
various percentage increases in income
on
earnings base.
average
Such
an
option
was
included in the
Second Revenue Bill of 1940 as passed by the Senate and could easily be
written into the present law.
The existing law
also discriminates against the average earnings method
of computing excess
While this discrimination is
profits taxes.
tively small—a 5% reduction in the
average
earnings base—as
compara¬
a matter
of
principle such discrimination is inequitable and should be removed from
the law,
■'/'
/•
The existing method
of computing invested capital which
requires daily computation of assets represents a practically
impossible task and should be amended.
It is recommended
that this amendment of the method of determining invested
capital under usual circumstances should require only the
computation of assets at the beginning and end of the taxable
conclusion, the report calls for two amendments to the
provisions of the Second Revenue Act of 1940
designed to stimulate the expansion of defense facilities by
providing for the rapid write-off of factories and machinery
which will be useless after the emergency is over.
These are:
Extension of the amortization privilege to individuals and partnerships
engaged in business instead of limiting this privilege to corporate enterprises.
Amendment
of
Section
124 (f)
(3)—relating to
the
date
which the
amortization certificate must have in order to be effective—so that after
5,
within
of
1941 there shall be
a
some
practical way of securing
reasonable period after the
acquisition.
beginning of construction
a
certificate
the date
or
Such amendment should also provide that the amortization
certificate be dated
of the time of application
as
by the taxpayer rather
than the date of issuance by the War or
Navy Department and the National
Defense Advisory Commission.
Another
which
report,
Congress,
was
The national defense program is not an end in
itself—it is necessary to
because it is designed to supply a means of
protecting and
preserving
the American Way of Life.
success
of national defense
program
duction of goods- this
What
means
employment
depends primarily
on
the pro¬
the employment of millions of workers.
problems
are
created—what
principles
should
be
applied in their solution?
(8)
following suggestions in the belief that they are fully
consistent with, and an essential part
of, the American Way of Life- that
they will speed up defense production- and that they will obtain the most
value for taxpayers who foot the bill for defense costs:
(1)
and
The Government should not play favor it ies
employees, or between different unions.
There should be
(2)
unions
most
skilled
In the interest of preventing espionage and sabotage, employers in
employees
in any other
or
capacity.
(9)
Labor unions should abandon
prevent maximum production
suspend rules and practices which
or
by individual workers.
(10) Jurisdictional disputes
between rival
unions
in
national
defense
industries should
not be permitted to obstruct defense
production; they
do not involve
any real differences between employers and employees, and
the employers, since not a
party to the dispute, is helpless to end it.
(11) When disputes between employers and employees arise in national
defense industries attempts should be made to mediate them in a
manner
a
strike
or
lock¬
out occurs.
In
the
World
War
the
Committee
National Defense declared April 2, 1917,
that
the
status
quo
in
as
Labor
on
of
the
Council
of
its first national labor policy
between employers and
bargaining relationships
are not now at war,
importance, and
we
believe that again "in the interests of national defense the
status quo in
so
period
are
of
taxes for armament expenditures and the
dividuals under the Conscription Act.
As primary efforts to preserve the status
propose—
long
as the
preparedness
policy."
Two tests of the duration of such
found in the continued levy
continued
quo
in
drafting
labor
of in¬
relations
we
v"-
(a) That the Government should not interfere with standards that exist
by mutual agreement
or
in
custom
ployers.
''
,
the relations
conserve
raising forces for military service.
(c) That the Government should
courts, and not by withholding,
tracts
between labor and
or
enforce
the skilled
use
nor
through the
threatening to withhold, defense
from
(d) Neither employers
labor supply in
labor statutes
those whose
policies are under criticism
boards charged with administration of specific statutes.
should
em¬
/;>:/>■/v
(b) That the Government should
by
con¬
Government
employees, nor their respective organizations,
the national defense emergency as a means of
bringing
about
changes in their bargaining relationships.
New
York State Chamber of Commerce Favors Con¬
stitutional Amendment to Decide Whether Future
Governmental Bond Issues Should Be Tax Exempt
to
Send
Resolutions to
President and
with
the
competent
right
as
between
employers
arbitrary interference by either Government or
of employers to employ, retain and promote the
no
workers
Congress Recommending Amendment.
At its
monthly meeting held on Dec. 5, the Chamber of
Commerce of the State of New York voted to send resolu¬
to President Roosevelt and
Congress recommending
tions
that the question
of removing tax exemption from future
Federal, State and municipal bond issues should be decided
by submitting it as a proposed amendment to the Federal
constitution.
William J. Schieffelin Jr., Chairman of the
Committee on Taxation which drew up the resolutions, an¬
nounced that his committee was studying the subiect of a
Federal sales tax and invited members of the Chamber to
send in their views to George H. Coppers of the Committee.
Mr. Coppers is Assistant General Counsel of the National
Biscuit Co.
President
Roosevelt
and
Congressional
available.
If
employers
cannot
do
this
then
Tax
Leaders
Decide Against Any Further Retroactive Taxes
1940 Incomes—President
on
Opposes Sales Tax
Following
White House dinner conference which Presi¬
on Nov.
29, with Congressional and
Treasury tax leaders, it is said to have been decided that
there will be no further change in the tax rates on 1940 in¬
comes of individuals and
corporations.
Earlier in the day
the President announced at his press conference that he would
not look with favor on a general sales tax to help finance
dent
a
Roosevelt held
defense costs.
Prior to the conference he also said that
fiscal matters would be explored but that no definite con¬
clusions would be reached.
The announcement that there
would be
no
retroactive taxes
on
1940 incomes
Senator
submit the
We
of
threatened, giving
made
Committee declares:
The
supply
or are
will
be presented to the forth¬
public on Dec. 5, entitled
"Labor Relations and the National Defense
Program."
The
committee's report contains 12 specific
suggestions for creat¬
ing and maintaining smooth and efficient labor-management
relations during the defense program
and, it is said, if the
recommendations are put into practice
they would "speed
up defense production" and "obtain the most value for tax¬
payers who foot the bill for defense costs."
The report of the Association's
Employment Relations
coming
us
the
augment
national defense industries Should provide
adequate checking or identifica¬
tion of those admitted to
company premises as
In
Feb.
to
—Votes
amortization
2.
endeavor
(7) In the interests of safeguarding national defense production, em¬
ployers should carefully review the citizenship status, the job requirements
and the physical and mental qualifications of their watchmen
and guards.
year.
1.
should
occupations where shortages now exist
program is a major national
excess-profits tax, the committee report states:
matter of basic tax
a
experience, physical
diversified training and work-experience as is practical.
bargaining relationships should be maintained
Extension of the two-year loss carry-over period to five years.
5.
rates; pro¬
job being determined in relation to all other jobs
employees should be maintained during the war.
We
but the national defense
program is of major national
Relief from normal taxes of dividends received by individuals.
stock tax.
wage
less than equal to the
demands and hazards which the job requires."
(12)
tax purposes.
of the
wage rates are not
satisfactory to both employers and employees before either
mended tax changes include:
of the
should be made in the form of tem¬
in the plant, with due regard for skill, responsibility,
diverted to Government without such interference when not
Elimination
cases
bonuses rather than increases in the basic
the following factors:
question of what is the maximum tax load possible
without hindering national productivity and individual wel¬
fare"; adding, "there is some evidence to show that only
about one-quarter of national income may continue to be
2.
period in individual
wage
general wage level for similar work in the community, with due regard for
additional taxes to finance the national defense program we
law which not only imposes
accomplish¬
group
Such increased earnings as are necessary and desirable during the
armament
viding, however, that the basic
face the
business
fitted.
national defense.
existing
Considering the limits of maximum taxation, the N. A. M.
Committee concludes that in view of the "possible need for
With
the pubic
as
effort to employ workers
to workers who produce the most for
thus giving the most return
ment,
porary
injurious inflation."
a
efficiently
as
every
feasible, workers according to their individual or
govern¬
Tax Recommendations
With
use
(4) Employers should continue and expand the practice of paying, wher¬
ever
"The
threat of
Employers should continue to
in the occupations for which they are best
the tax laws- and
Possible economies in non-defense expenditures.
4.
7, 1940
need requires.
(3)
3. Changes needed in
Dec.
they cannot produce national defense materials
was
made
by
Harrison, Chairman of the Senate Finance Com¬
mittee.
Those attending the conference in addition to
Senator Harrison were Secretary of the Treasury Morgenthau; Assistant Secretary of the Treasury Sullivan; Senator
George of the Senate Finance Committee; Representative
Doughton, Chairman of the House Ways and Means Com¬
mittee, and Representative Cooper of the Ways and Means
Committee.
Reporting on the meeting Washington Asso¬
ciated Press advices of Nov. 29 said:
The Commercial
Volume 151
Senator Harrison said that consideration of new tax
legislation affecting
Representative Cooper added that It was "a good guess" that
March 15, the date when individual income tax returns are
installments
come
nothing
recapitulation of receipts on
taxes until after a
on
filed and first
~
due.
Senator Harrison asserted that one of the questions to be
studied early
the overlapping of levies imposed by the Federal Government
next year was
and those imposed by the states
There
was
"general discussion" at the conference with the
a
he said, of increasing the present
clusions
reached
were
that
on
or
President,
$49,000,000,000 debt limit, but no con¬
anything else except the question of 1940
retroactive taxes.
The conference lasted three and a half hours and was preceded
by an in-
formal supper.
Senator Harrison said there
There
added, but
was
no
discussion of any sales tax levies.
and probable
discussion of probable expenditures
was
decision was reached
no
as to
revenues7*he
the amount of money that
probable
1940 tax legislation would have to raise.
Forthcoming Annual Reports of Life Insurance Com¬
Will More Fully Explain Operations to
Policyholders, Says H. J, Johnson of Institute of
panies
Life Insurance—Announces
of life insurance com¬
panies will mark an important step toward creating a more
adequate understanding on the part of policyholders of the
life insurance business and of its operation in the public
interest, Holgar J. Johnson, President of the Institute of Life
Insurance, predicted on Dec. 4 m announcing the results of a
survey of the annual policyholder reports covering operations
for 1939.
The results of this survey were released by Mr.
Johnson in connection with the annual meeting of the In¬
stitute held Dec. 4 at the Waldorf-Astoria Hotel. Mr. Johnson
the survey, a 40-page booklet entitled "De¬
veloping Policyholder Interest in the Annual Report," as a
characterized
report on the efforts of management to tell the
story of life insurance operations simply and interestingly to
large groups of policyholders.
The survey is based on an
analysis of reports, material and information supplied by 167
companies. An announcement regarding the study said:
progress
65% of the reports, the survey shows, used illustrations of one
More than
or
another,
with
an
increasing emphasis on human interest both in
The
presentation of benefit payments and in the type of picture used.
number of companies which presented income
and disbursement figures in
addition to the balance sheet showed an increase, with the revenue form
statement,
contrasted with
as
of
the traditional cash or ledger statement,
The trend toward simplification of the balance sheet con¬
gaining favor.
"im¬
tinued, the survey characterizing the efforts towards clarification as
differentiate policy reserves form the usual
conception of reserves for unpredictable contingencies and other liabilities
and make it clear that they are set aside for the protection of the
portant to the extent that they
policyholder."
"More and more," the survey says,
to
until today It stands as one of the
"life insurance companies are coming
for
broadening audience.
advantage in an annual report
of the life insurance business.
It extends beyond
regard the annual report to policyholders as an advantageous medium
"The range of topics which can be covered to
as
the scope
the immediate facts of che business itself to the factor in
the economic or
general situation which affect the interests of policyholders or influence
their
."■•/'-V
•'
'v.:''>
"It is in the story of the year's operations that management has the chance
to indicate how it is discharging its obligation as trustee for the security of
lives,
In the development of this story, management can
its policyholders.
policyholders
a
better understanding of how life insurance works.
properly take policyholders into its confidence as to the problems
The President of the Commissioners
that whenever funds
Declaring that the value of life insurance in terms of family
protection is best measured by the income which it will
provide rather than by the face value of the policy, the survey
says that, in pointing out the growth of the income plan of
settlement, the annual report properly is establishing a basis
for the conservation of the benefits for which people buy life
insurance.
Included in the survey
is
study of annual statement ad¬
a
vertising, 112 companies reporting that they had advertised
their figures. After analyzing the progress made in thi,s field,
the survey says:
Publication of the statement in advertising
from the public relations
his at least three advantages
It demonstrates on the part of the
standpoint.
provides
demand
a
for frank disclosure of information
It meets the
about business.
It
medium for conveying the basic institutional
story of life
discussing the results of a study of the make-up of life
investment portfolios, Walter
LeMar Talbot,
President of the Fidelity Mutual
Life Insurance Co.,
Philadelphia, Pa., stated that "many gratifying evidences
are present that trends influenced by depression conditions
have been modified and, in some cases, reversed during the
past five or six years." The investment records of 49 United
States legal reserve life insurance companies, holding approxi¬
mately 92% of. the total admitted assets of all such com¬
panies, were included in the survey. The results, as reported
by Mr. Talbot were given in the following announcement:
In
bonds
from
a
relatively insignificant place in the
of 1930, when they represented only
1.8%
19.8% of total
assets at the present time.
Although the volume of Federal securities, held
by the 49 companies at the end of 1940, amounting to $5,595,000,000, is
at an all-time high, the annual Increases in this class have slowed up greatly
in the last four years.
In contrast to increases ranging between $900,000,000
and $1,000,000,000 annually during the years 1934, 1935, and 1936, the
of total assets, to a place
of major importance, comprising
$532,000,000.
1940 increase amounted to only
State,
and
county
also have experienced a rapidly
bonds
municipal
upward trend, comprising 6.3% of total assets,
The speaker
a more
Mr. Talbot said.
disclosed that total corporate securities, although
stable ratio to total assets than government
maintaining
securities over the past
three subsecurities.
Public
change in distribution among the
10 years, reveal a marked
public utility and industrial
classifications—railroad,
Canadian
2.0% of total assets.
Government bonds represent only
increased 142% in volume
9.7% to 14.4%.
the decade and
doubled their ratio to total assets from 3.1% to 6.0%.
On the other hand,
railroad holdings representing 17.1% of total assets 10 years ago have
fallen to 10.7% at the present time.
The volume of railroad securities,
however, has remained relatively constant during the decade.
In contrast to bond investments, mortgage loans are less than half as
utility securities held by the 49 companies have
since 1930, and in proportion to
Industrial
securities
have
total assets have risen from
tripled
their volume during
mportant in the composition of the
life insurance Investment portfolio at
having dropped from 40.5%
Mr. Talbot
During the past four years, however, there has been an upturn in
such loans and their present volume represents an increase of 14% over the
amount so held at the end of 1936.
Of the present mortgage loan total,
only about one-seventh represents mortgages on farm properties.
time as they were 10 years ago,
the present
of total assets at the end of
1930 to 18.9% at the end of 1940,
said.
Commenting on a reduction in investment earning power
a rate of 5.03% of mean ledger assets in 1930 to 3.54%
in 1939, Mr. Talbot said:
from
Inasmuch
policyholders themselves have to carry
as
both, their protection was, therefore, more
dividends, greater premiums or
1939, inclusive, the net investment
1931
legal
$2,000,000,000 less than it would
of investment return remained constant at the
life insurance companies was over
reserve
been had the rate
have
that during the nine years,
income of all United States
This decline in earnings has meant
costly.
to
the burden of the
investments, through reduced
earning capacity of life insurance
reduced
1930 level.
allegations" made before the
"Reckless
Senate Special
Campaign Expenditures thatlife
Committee to Investigate
companies had participated in political
and made available lists of their
activities
policyholders for political
described as "fantastic" by Leroy
President of the Metropolitan Life Insurance
purposes were
A. Lincoln,
Co., in an
Mr. Lincoln,
that it is the
considered policy of the institution of life insurance to abstain
from participation in elections "in any manner whatsoever"
and attributed suggestions, made before the Senate com¬
mittee, of life insurance participation in the recent campaign
address opening the convention on Dec. 5.
who is Chairman of the convention, asserted
"which attracted attention on the stump
and in the press"
right to speak
"activity of an organization having no
for life insurance companies."
Mr. Lincoln continued:
to the
I believe it
that
is the considered policy of the
it should,
and does,
institution of life Insurance
in any
either in the late campaign
abstain from participation in elections
I know of no instance,
whatsoever.
manner
during which I have been associated
expended a cent directly or indi¬
given out a list of policy¬
policyholder for such purpose.
previous campaigns, in the years
with the business,
♦
risen
have
Investment portfolio at the end
or
insurance.
institutions for the
insurance
companies a recognition of their obligation to the public.
current
Association asserted
held by private
public, some form of public supervision is both
necessary and desirable.
On the whole, he said, life insur¬
ance companies have administered their funds successfully.
insurance
business."
are
benefit of the
give
It can
of the
increased in strength and
system of doing business.
telling the story of life insurance in action to a steadily
is'as broad
negligible, and the
usefulness
proudest monuments of our American
business of life insurance has steadily
Federal
Results of Survey
The forthcoming 1940 annual reports
form
obligations have been
through circumstances beyond their control, their
duly met, with exceptions which percentagewise are
1941 income would begin in January.
definite would be done
3327
& Financial Chronicle
when any company has
rectly in advocacy of any candidate or party or
Convention of Association of Life
Held in
New York—J.
tribution
of
Sound
Insurance Presidents
C. Blackall Discusses Con¬
State
Supervision—Study of
Make-Up of Investment Portfolios—S. N. Stevens
Talks on Education's Role in Democracy—Other
Speakers
Stressing the stability of American
life insurance
com¬
panies, John C. Blackall, President of the National Associa¬
tion of Insurance Commissioners and Insurance Commis¬
sioner of Connecticut, told life company executives at the
convention on Dec. 5 that "such an institution as yours
cannot fail to exercise a profound influence for fundamental
soundness and the preservation of the American way in the
troubled years ahead." Referring to the record of stability
of the legal reserve life insurance companies, Commissioner
Blackall said:
Over a long period
the directing
or
managed so to invest their
of what may have happened to some particular item
the name of a single
claimed that assertions were being made to
of the contending parties
would lead to inflation to an extent—suggested to be 50%—
sufficient to depreciate the value of life insurance policies
accordingly, he said:
Stating it
was
the effect that the success of one
I know of no way
verified.
by which that assertion
I believe it is the view
there was no justification
such
If
a
could be conclusively tested or
generally that
of policyholders in
of life insurance executives
for playing on the emotions
fashion.
inflation
of
some
kind
or
degree should ultimately
materialize, Mr. Lincoln believes there is no reason to assume
that the holders of life insurance would suffer more than
holders of most other investments.
Declaring that, in
inflation merely means an increase in the price level,
specific variations in the retail purchasing power of
the dollar in the recent history of this country. Mr. Lincoln
essence,
he cited
of time and through all the vicissitudes of the years
heads of our life institutions have
funds that, regardless
holders
added:
The Commercial & Financial Chronicle
3328
If people
had seen fit to defer protecting their beneficiaries with life
insurance until they could foresee a long enough stable period of
high pur¬
chasing power for the insurance benefit dollar, probably few would have
bought any life insurance.
needed to
Fortunately for them and for those whom they
protect, insurance buyers were not so impractical.
Another
important fact is often overlooked.
Not only the paying in of
premiums, but also the spending of policy benefits, is, in the vast
majority
of cases, carried on over an extended period of
time, rather than at some
one moment
when the premium dollar
have
or
high
a
low purchasing
power.
insurance
in
the
In spite of the
as
huge
of income
during the past few
and
no one will claim that
this can go on
indefinitely,"
inflation itself, "in anything like the
commonly accepted
sense of the
term, is not the inevitable sequel," he said,
to
place
represented by aggregate assets reported in
are not rich corporations in the accepted
do they in any distinctive way or to any significant
degree act
earnings to pay
excess
sums
stewards of the rich.
power,
"have been disquieting to many thoughtful
persons,
"served
financial statements, the companies
of the many millions.
Federal Government in
has
Adams added:
ments over a
years
States
emphasis upon size which to some minds may obscure
the spirit and distort the character of the
institution," Mr.
sense, nor
Inflation, however, he said, "is only a possibility, not a
certainty, and, according to many experts, it is even now
not a very probable possibility/' While
expenditures by the
United
all
the benefit dollar may
happen to
prolonged period tends to equalize or stabilize their
purchasing
the one with the other, to a very considerable degree.
7, 1940
Reminding his audience that the spectacular growth of
life
Extension of both kinds of pay¬
or
Dec.
income tax.
an
is less than $2,000.
average
Life insurance funds constitute the small
savings
Less than 8% of
our
policyholders make sufficient
The average insurance estate per person
It is probably not more than $4,000 per family.
The
accumulated savings represented by life insurance is
approximately
$450 per policyholder.
Another speaker before the convention on Dec. 6
B. Cragin, President of the Association
was
Dr.
of
Life
Donald
Insurance Medical
Aetna
Life
of his talk
Directors
and
Medical
Director
Insurance
was
Co., Hartford, Conn.
"Medical Preparedness."
of the
The subject
adding:
One of the
reasons
for
this view
is that our country
luckily possesses
productive capacity, national wealth, and other economic
resources, suffi¬
ciently strong to make it far more resistant to inflation than
were, for
instance, some European countries.
Another reason for that view is that
the
Government
controls against
of
this
inflation
country
now
has
than
available
were
ever
much
stronger
Assertirg that there are "those who, looking upon the dis¬
patch with which national energies are mobilized under a
dictatorship, express the conviction that we are inefficient,
our
knowledge we know nothing, that with
training we are incompetent," Dr. Stevens said:
as never
our
before,
should be proud of the very
inefficiency which
is the subject of derision
by men whose ideologies are so different from
our own.
Now is no time to put
intelligence on the shelf, to imprison the
emotions, or to dominate the will of our people.
We must have an educa¬
tion continuing to exist which liberates.
we
Dr. Stevens contrasted
objectives of education in America
with those in the dictator nations of
Europe. After pointing
out that as authoritarian
systems of government have gained
strength in Europe, educational systems have declined in
productiveness, he continued:
social
In America
and
we
have placed the individual in the center of
our
philosophy
that education must be
thought of as an instrument
each student might use to discover his
abilities and capacities to
discipline and release his mental energies, to
socially condition and control
his emotions, and to
give direction to his will.
which
In sharp contrast to this
point of view
one
which places the individual
as
we
find the European philosophy
the instrument of the state and education
a means
which the state may use to
modify men for its own purposes. And
from the kindergarten and the
nursery school to the university there has
been a progressive
development of rules of administration and curriculum
designed to rigidly canalize the intellectual
powers, to restrict the free play
of emotions, and to
subjugate the will to the purpose of the state.
Harold J. Cummings, Vice-President and
Superintendent
Agencies of the Minnesota Mutual Life Insurance Co.,
St. Paul, told the convention on Dec. 6 that
by the end of the
of
year,
paid-for life insurance of all United States legal
companies is estimated to reach $11,250,000,000,
new
reserve
not
including revivals, increases and dividend additions. Mr.
Cummings said this betters by a little more than 1% the
1939 record of
$11,124,000,000. He also pointed out that
for the first half of
1940, the lapse rate for both the United
•States and Canada was the lowest ever
recorded in any
like period and that the volume of
terminations is also the
lowest.
Expressing the hope that
further progress would be
made, Mr. Cummings,declared that the
improvement in
persistency is "another real tribute to the life insurance
agent." He spoke on "Preparedness
even
Agency-wise."
Asserting that private management of life insurance has
justified the confidence of the public, Claris Adams, Presiof The Ohio State Life Insurance
Co., Columbus, declared
yesterday ^Dec. 6) that effective state supervision has con¬
tributed much "both to the
strength of the institution and
its widespread public
acceptance."
In addressing the 34th
annual convention of The Association of
Life Insurance
Presidents in New
York, Mr. Adams, in support of his
statement, said:
Under the present system there
public
interest.
hang above
must be
our
The sword
49 sentries
of Damocles does
on
guard in behalf of the
not,
however,
heads suspended by a
single bureaucratic thread.
approved,
resources
either checked
or
constantly
Contracts
Although,
*
the basis of assets, several life insurance
companies rank with the largest corporations in the
country
and some are among the
largest in the world "there never
on
has been and from the nature of
the slightest vestige of
things there never can be
monopoly," Mr. Adams stated.
"In no business, within my
knowledge, is rivalry so keen,
are the instrumentalities of
competition so evidently ade¬
quate, is the field so fairly open," he said.
Railroads
to
the democracies at war, consideration must be
given to the
period, and' to adjustments which are
inevitable when hostilities cease, Jesse H.
post-emergency
Jones, United
Secretary of Commerce and Federal Loan Adminis¬
trator, declared on Dec. 5 in addressing the opening session
States
of
the 34th annual convention of the Association of Life
Insurance Presidents in New York.
Asserting that the out¬
come of the war will "to a
large extent, determine the serious¬
of the situation with which
ness
said "the
same
unity of
will be faced," Mr. Jones
and action will be required
we
purpose
then as is required now in
preparing for our own defense,
materially, mentally and spirtually."
The question of the balancing of the
budget was referred
to by Mr. Jones, who in
citing increases in the national
income since 1932, said that this is "of
greater importance
than balancing the budget, and a still
greater national income
is necessary before the
budget can be balanced without too
heavy a tax on that income." On this point we quote the
following from his address:
We
must
are
living through
an era of
adjust ourselves, like it
difficulties of fact
of course.
The
thinking of
we
■>/
domestic
our
of mind—of
as
change at home and abroad to which
not.
or
difficulties—certainly
difficulties—are
not
so
much
opinion, personal and political,—honest,
of
some
lacks
us
breadth.
We
have
been
worrying too much about the New Deal, and the changes it is bringing
about.
We have been worrying about a
budget out of balance. We forget
that
we
have brought the national income from 40 billion dollars in 1932
to 70 billion dollars in 1939 and near to 75 billion in
1940.
importance than balancing the budget, and
is necessary
that
before the budget
This is of greater
still greater national income
be balanced without too heavy a tax on
income.
Aside from
present
as
can
a
defense expenditures,
income, but
we
well realize that we
the
budget
can
would all object to the
are not
be balanced
higher taxes.
on
our
We might
going to turn the pages of progress backwards
and repeal social laws that increase the Government's
budget.
In discussing the investment situation Mr. Jones disclosed
that consideration has been given to
reducing interest rates
for government loans on sound railroad
obligations.
"I
think" he said "4%, which is our rate to
industry and rail¬
roads, is
a
high rate
Our railroads
new
are
good loan."
on a
having difficulties enough,
He added:
as you
well know, meeting
competition from the highways and the airways, and in
narrowing spread between income and the
cost of
operation.
a
continually
The railroads
are
necessary, and if the Government must help them, one way of doing it
without cost to the taxpayer is by providing senior
money at lower interest
rates.
And while on the subject of interest, there should be more
uniformity
in the rates.
A note
or
majority,of borrowers
bond
a
are
can
those that
be
no
are
better than good, yet the great
required to pay the high rates.
Mr. Jones said that iu his view "interest rates have
always
been high."
"It is the borrower," he
said, "that enables
lending institutions to put money to work.
We ought to
make it easy and not hard for him to do so."
Mr. Jones
challenged the statement that "the Government is responsible
for low interest rates."
He further said:
The Reconstruction Finance Corporation does not compete with
private
lenders.
It has helped many lending institutions
directly
to others.
none
when
or
through loans
Our rates have been high enough to enable us to sell at a sub¬
stantial premium more than
a
billion dollars worth of loans and securities,
of which lending institutions such as yourselves cared to take at fair
all when they were originally made.
they become seasoned,
sufficient
or
you would
you
not.
We make the loans, and
fellows buy them, and
Then, when
we
our rates must
be
sell the loans, it is to the
bankers who distribute them.
calculated, assets properly
valued, all
investments made in accordance with
statute, periodical examin¬
ations held all under the watchful
eye of various departmental authorities.
But within the legal framework erected
life insurance operates freely as a
free enterprise.
Balanced—Federal
everything "short of war" that can reasonably be
done is being done by the United States Government to aid
rates if at
are
Be
While
Our
have insisted
Can
Addressing Association of Life
Insurance Presidents Indicates
Possibility of Lower
Interest Rates for Government Loans
He said that the tradition in American education
"has been to liberate the mind rather than chain
it; to dis¬
cipline yet release the emotions rather than imprison them;
to direct and motivate rather than to
dominate will."
Today,
Budget
Loan Administrator
positive
Dec. 5.
all of
Before
sary
before available to it.
Perpetuation of the American way of life is safeguarded
by habits developed through this country's educational
system, Dr. Samuel N. Stevens, President of Grinnell
College, Grinnell, Iowa, declared before the convention on
that with all of
Jesse H. Jones Says Greater National Income Is Neces¬
Referring to the life insurance companies, Mr. Jones said
"the condition of your institutions today is the best
evidence that as a Nation we are in a measure meeting most
of our domestic problems, and that our country is sound."
that
In part he continued:
The institution of life insurance has
can
people almost
as
confidently
as
come to
be relied upon by the Ameri¬
the Government itself.
We entrust to
this great industry the savings of a lifetime acccumulated for the protection
of
to
our
loved ones, of those dependent upon us, and those for whom we wish
provide.
are
These
are
sacred funds.
In their
administration the people
entitled to integrity, intelligence, fidelity and the best attainable business
ability.
I am sure that those of you who assume this responsibility realize
this, and that you realize you represent a great cooperative social trust.
The Commercial & Financial Chronicle
Volume 151
It is because of the belief in the integrity and stability of life insurance
taxes and
that you have been permitted to exercise control of your companies with
so
little governmental supervision and restraint.
by State insurance supervisors, but
which
supervision.
The
railroads
under
are
you are
national banks and
our
members of the Federal Reserve
are
True,
System
the
constant
wise.
banks
of
supervision
issuance of investment
There
still those employers who
are
dream and imagine that their
business is purely a personal affair and who propose to rim it to
selves.
the
Interstate Commerce Commission.
The
It wants to maintain, if not increase, the price level of its
products, while it resists the efforts of labor and of agriculture to do like¬
under strict Federal
are
public indebtedness, while it favors the benefits of inflationary
public spending.
examined
our state
3329
It is mainly men and such an attitude, survivals from
securities
Securities and Exchange, Commission.
under
is
the
tendencies,
legislative and otherwise.
of the
supervision
suit them¬
the paleolithic
levels of industrial development, that have made for present day
If
Private business and industry must
our
system of private enterprise is to continue, if business management
live within the limitations of fair competition imposed by the Federal Trade
is to continue to function as under our present economic
Commission.
realize that "unity" in industry so essential for the maintenance
But
Federal agency supervises life insurance.
no
These citations should not be taken
as
hint from
a
me
Government contemplates any supervision of life insurance.
meaning at all.
my
being done to protect investors in other phases of
funds
fair and
national
You would do well, therefore, to
intelligent,
see to
it that your
be
must
This
capital.
condition of continuity of income.
to
other method of dealing.
that within the realm
of prudence you should
conduct your associations so that it can never be said that the concentration
which
of capital in your hands is in any sense a menace to any part of our economy.
That this
bility has been the lesser
The
relationship
between
operations—and
investments—your
your
national welfare is very close.
You
public servants
are
as
much
it
accepted
became
as
no
occasion for any
has not been done is not something
of organized labor.
be laid primarily at the door
can
That
the
I am a
as
There should be
and businesslike basis.
reasonable
You
I know,
Continuity of employment is
From the beginning, labor has been
management—the other party to the transaction—on a
meet
policyholders, but with the broadest possible vision for the general welfare.
appreciate,
has wanted to substitute the council
picket line, the wage cut, the lockout,
yellow dog contract, the injunction, etc.
a
anxious
of thinking and acting not only in the interests of your
It
...
From the beginning, organized labor
the
the
upon you
co-partnership.
a
table for the strike, the boycott, the
concentration of capital means power—the power of money—and imposes
duty
involved
be adequately or accurately
conceived in terms of the ancient doctrines of "master and servant."
in life insurance has concen¬
tremendous reservoirs of investment
to
own.
in the operation of our economic system cannot
Government.
in your hands
we are
and preser¬
American labor has long believed that the industrial relations
economy may
make unnecessary any supervision by the
as to
The faith which the American people have
trated
bisides its
clean, the administration of these billions of dollars of trust
so
so
national
our
order, if
democratic ideals, then it must be willing and be prepared to
our
accept the sharing of responsibility of providing for the security of others
That is not
It should, however, be evident to you that what is
sometime reach you.
house is
vation of
that the Federal
Its responsi¬
one.
necessary
to enact into a law what should have been
operating principle was inevitable in the presence of the
an
which we have not yet recovered.
public servant, and I have long thought that such jobs should be professions
great disorder and social breakdown from
and rewarded
May I state definitely and imequivocally the Wagner Labor Relations Act
I
am
such.
as
aware
of the
difficulty
your reserves at what now is
for
sary
adjust
you to
regarded
as
us
clock
Other
businesses
have
much
sided law.
as we can
about their
This is freely
device may be used by
We
trying,
are
where
possible,
some
We
extent.
can
buy nitrates from
Chile,
and other minerals from Brazil; iron
ore
copper
from
tin and tungsten from Bolivia; and probably other
not necessary to
control
our
Government
to shape, regulate and control the destiny
organizations and as may best please the whim and
Insofar
as
determining
preferred that this legal development might have
But in the presence of a great emergency
loans have been made on
a
unavoidable.
It is admitted that an economic situation
and
has made it a humanitarian necessity for the State
ceiling beyond which working hours may not reach.
our
was
Federal Governments to fix a floor under which wages may not go and a
loans, and the purchases will be in connection with our defense
operations to date, I think
it
encroachment by Government into the realms of
and hours.
wages
which
has arisen
Today that
it may be otherwise. Organized
the Fair Labor Standards Act is concerned, labor is not free
from fear regarding undue
commodities and minerals
mention.
Tomorrow
pro-labor.
be
may
been avoided.
program.
In
status of equality with
growing number of workers it is becoming evident that this
a
labor would have greatly
Chile,
from Brazil and Chile;
Obviously purchases from these countries will be of greater assistance
to them than
a
fancy of those temporarily in control of its administration.
those
This can be done, at least
Mexico and Peru, wool from Argentine and Uruguay; hides from Argentina;
manganese
To
of labor and of labor
emergency.
increase our purchases from
to
countries which have lost their export markets.
to
their present
over
labor to
To many employers it appears as a
device to raise an additional element of conflict between labor and manage¬
circumstances, their exchange
determine what they will need
reasonably restricted basis to tide them
on a
This effort has produced a one¬
one-sided law cannot produce equitable results.
The purpose of this law was to raise
employers in collective bargaining.
ment.
We try to
We have attempted,
by law what have been
And there is no disagreement to the
admitted.
fact that in the long run a
ades and other
conditions.
repudiated by many large industrial manage¬
the inequities and injustices of decades.
Why should
positions, how much of their normal exports have been lost through block¬
war
Nor is it
labor as a co-partner in industry.
in all too characteristic American fashion, to repair
In discussing the problems of governments that need to
borrow, Mr. Jones said:
as
of recognition to
ments, should be imperfect in form and in results.
and
found it
the life insurance companies be excepted?
We ascertain
measure
wholly unnecessary if employers in the past had given
strange that the first efforts to crystallize into law those principles of indus¬
say—in the good old days.
back.
adjust themselves to the changed conditions.
to
necessary
turned
be
cannot
full
have been
trial order, which even yet are
There again, I call attention to the fact that we are living in 1940,
the
a
high interest, and that it is neces¬
dividends and yield to your policyholders to a
your
somewhat lower level than—let
that
would
have in finding sound investments for
you
sound
rather change the economic
Labor would much
situation that causes these low wages and long
thesis that Government regulation of wages
basis, and that barring complete disorganization in world affairs, they will
work hour evils than accept the
be paid.
and hours must increase because unemployment cannot be cured.
countries,
to be
From
I
am
experience with representatives of the Latin American
my
impressed with their desire to meet their obligations and
We recognize
good neighbors.
governmental
fully that there is ever present the danger of the use of
powers to
fix definitely the given sum of wages or the particu¬
lar length of the work weeks for all industry
industrial and labor relations but to
Matthew WoII, of A.
trade and labor organizations.
F. of L., In Address Before New
to constitute an encroachment upon
as
Capital and Labor—Discussing Wagner Labor Act
Says One-Sided Law Cannot Produce Equitable
we
ought to
follow—voluntary collective bargaining or a means
private enterprise is to con¬
tinue, industry must share the responsibility of providing
for the security of workers, Matthew Woll, Vice-President
of the American Federation of Labor, told members of the
♦
Coast
continued existence but that of the whole of the Nation."
Mr. Woll continued:
I and my fellow workers and trades unionists are
and have been convinced
it is possible to promote satisfactory human relations
and make
secure our
national safety under our present economic and industrial order.
Indeed,
persuaded that the enduring basis of cooperation between Capital,
Management and Labor for the promotion of these objectives is essential
we are
principles of democracy but the very
to safeguard not alone the
life blood of free enterprise and the liberties of
free workers.
Today Europe is again engaged in another world war.
ultimate outcome,
we
cannot
hope
Europe faces bankruptcy and social revolution.
to
escape
or
evade its
dire consequences.
America are not free from the dangers inherent in this conflict.
in the larger sense, from the broader point
true
historical background
And
We here in
Considered
of view, and in keeping with its
and perspective, this conflict is not merely an
other outbreak of continual European
aU nations have slowly but surely
turmoil.
progressed
It is the crisis toward which
ever
since the birth of
man¬
This conflict is a war of all mankind—in which all fronts are merged
kind.
into one—the front of government by law
the Masters, Mates and Pilots of America
overwhelmingly on Dee. 4 to accept a new contract
on
coastal freighters, thus ending a two-month tie-up of
more than forty ships available for transporting defense
voted
_
materials.
The Deck Officers Union was the last
defending itself against the
on¬
of five with which
ship-owners negotiated new agreements to end the tie-up,
which began Oct. 4 with a strike of marine firemen. Twenty
passenger and freight vessels manned by about 650 unlicensed
seamen are covered by the agreement.
In reporting the set¬
tlement of the tie-up, the New York "Times" of Dec. 5
said:
An
outstanding feature of the contract Is the provision for wage increases
All unlicensed men in the deck and
ranging from $10 to $30 a month.
engine departments
will receive a $10 increase and those in the
department will get increases as high as
on
as
The contract
cents an hour, and
increases
steward
another outstanding improvement in working conditions
will work nine hours within a specified fourteen
Stewards
the line.
hours.
steward
$30.
provisions for an eight-hour day in all but the
The union hailed
department
Regardless of its
Ending
Members of
last meeting of the year on Dec. 5.
"Capital, Management
and Labor, which together compose industry," said Mr.
Woll, "do have a common interest and a common public
responsibility. This is ever reflected in the continuing and
continuous operation of our national economic system.
If,
then" he stated, "our present industrial order is to survive
its major purpose must be to promote satisfactory human
relations and national security.
On the success or failure
of that achievement depends not alone its own welfare and
shall
of industrial fascism.
Ship Union Signs Contract
Tie-up of Coastal Shipping
Pacific
Chamber of Commerce of the State of New York at their
if
in the field of free and voluntary action of the people
preserve
Ultimately it rests with industry as well as labor what path we
In the American system of
are
people
those areas of life and action which
themselves.
Results
we
This would lean strongly toward such a re¬
adjustment of our governmental relations to the daily life of all our
York Chamber of Commerce Urges Unity Between
In part
and to determine not alone our
prescribe the form and character of our
are
to
also cails for overtime payment at the rate of
70
The wage
while other provisions
substantial increases in the manning scales.
become
effective
immediately,
await ratification.
Mr.
Curran said
that
the unlicensed men on ships
previously worked as many as sixteen hours a day,
provisions.
signed by the concern,
tion
on
of this company
without overtime
bargaining agreement ever
which is said to be the oldest in continuous opera¬
He said it was the first collective
the Atlantic and Gulf coasts.
What this whole present trend signifies
peril to civilization of the growth of the totalitarian state. This grow¬
slaught of government by man.
is the
ing centralization of authority is
dangerously augmenting the powers of
government and diminishing both the scope
enterprise and of personal initiative.
are
and the resources of private
The extent to which we as a people
influenced by this trend will be the extent to which we will have limited
and restricted our system of free enterprise
and restricted the liberties of
our
people.
Today, the business community in our
of Government into the whole area
of
our
land is alarmed by the intrusion
economic life.
It complains of
Briggs Manufacturing Co.,
Walkout Settled
production dispute at the Briggs Manu¬
facturing Co. of Detroit. Mich., on Dec. 1, was announced
by Federal Labor Conciliator James F. Dewey, and 20,000
idle men returned to work on Dec. 2.
Mr Dewey said conferees for the Congress of Industrial
Organizations United Automobile Workers and the company
Settlement of the
The Commercial & Financial Chronicle
3330
reached
agreement "satisfactory to both sides." Details
production schedules in a side-panel division,
which caused a strike on Nov. 29, would be worked out
an
of curtailed
later.
.
:
.
In reporting the settlement a United Press
Detroit, Mich.,
on
dispatch from
Dec. 1 said:
The Briggs Mack Avenue plant and the Plymouth division of
Chrysler
Corporation closed Friday when 17 Briggs employees stopped work after
union steward was sent home,
a
release of six
Mr.
allegedly for ordering a slowdown and
Briggs supplies Plymouth with materials.
men.
Dewey said that the panel production schedules would
ranged tomorrow and that the
be
United
an
Mr.
Dewey
for
the
W. P. Brown, Vice-President W. D.
nel director.
Meeting This Week of Bank of Manhattan Co.
50th Anniversary of Election of Stephen
Baker as a Director of Bank—Report of J. Stewart
Baker Indicates That Net Operating
Earnings for
1940 Will Approximate
$2,270,000—Special YearEnd Dividend Planned—Bank Pledges Assistance
to Government in Defense Program
rear¬
Frankensteen and
T.
today
Emil
President
were
Robinson and F. H. Taylor, person¬
R. J. Thomas, president of the U. A.
Mazey,
president
The
W.-C. I. O.: Richard
of Local
212, represented
the union.
was
50th
Employees
of
the Firestone and Rubber
Memphis, Tenn., Plant Scrike
Company's
the A. F. of L.
Rubber Workers' Union struck
piece-work system that
place of hourly work.
over
a
Members
of
the
Dec. 4,
on
introduced, to take the
was
said:
'
'y/;
"The A. F. of L. is objecting to
week,"
said
Cliff
Reynolds,
a
10%
We figured it would
than they
more
were
superintendent
men were to
mean
being paid
on
of
they could make
the hour
labor
here.
be paid for the work
basis,
much
as
and
as
we
could
F.
of
also step up production.
"We
have
workers
we saw
There
and
as
a
been
negotiating with
representatives
of the
L.
matter, and didn't know they intended to strike until
the picket line. We couldn't negotiate with this union on a
contract.
are
two unions at the
neither
has
been
plant—one A. F. of L. and the other C. I. O.—
certified
by the
National
Labor
Relations
Board
bargaining agency is pending before the NLRB.
William R. Henderson, Jr., vice-president of the Tennessee
O. I. O.
Council, said C. I. O. workers would not return to work until the A. F.
a
of L. unionists ended the strike.
has
Twenty-five
lumber
Pacific Northwest
were
on
idle
dispute which has involved
this
the
number
and
strike-bound
A.
F.
of
an
hour, from 62
union
5
in
camps
because of
there.
a
the
wage
Five
seeks
a
to
basic
70
wage
week's
a
,
► Anxiety concerning the Rational defense contracts was
expressed by M. J. Muckey, manager of the Tacoma Indus¬
trial Conference Board.
"Our mills have been working at
full capacity to
supply plywood for airplane manufacturers
and siding and straight lumber for
Army cantonments in
Wash., Alaska and the Canal Zone," Mr. Muckey said in
a statement.
"Several plants are supplying finished doors
and window sills for
Army barracks. If more sawmills and
logging camps go down, the source of supply will be cut off.
The strike is
crippling not only the lumber industry but also
national defense work."
Supply
Workers
Strike
Fifteen hundred
employes of about
120 electrical supply
strike on Dec. 2 for increased
companies in New York went on
wages and improvement of
working conditions in response
to a call of Electrical Workers
Union, Local No. 3 A. F.
of L. affiliate.
last
the
Affected by the strike will be
clerks, salesmen, buyers and
supplying retail
electrical appliances,
issued after expiration of the union's
agreement with the Eastern Electrical Wholesaler Association
and failure to negotiate a new contract.
The strikers demand
a union
shop, a 40-hour week, 20% wage increase, time and
one-half for overtime and
legal
was
holidays off with pay. The
employers take the position that the industry cannot bear
the increased costs of these
proposals.
♦
on
Nov. 30,
of the five-week strike of 1,190
workers at the Aluminum Ore
Company plant at East St.
Louis, 111.,
was announced on Nov. 30
with
50
Stephen
years
the
Baker
management
of
the
Chairman's
the
says
bank grow from
report,
has
he
as
In
the
seen
$21,800,000 to $720,700,000;
30,738; the number
1,200 to
than
more
300,000, and
three months,
the net operating earnings of your
for the calendar year 1940, not including net
profits realized on the sale of securities, will amount to
approximately $2,270,000, which is about $44,000 more than
for 1939."
total
Net
Mr. Baker goes
will
of
equal
the
have
amounted
entire year
net
year
to say:
on
of the
stockholders'
$2,060,000.
Following
realized
a
as
"no-yield" basis
$1,143,000
our
Government
bond
this
$76,000
of
United
reserve
obligations which
States
up
Government
portfolio.
During
mark
to
purchased with
we
for
continuing to set
are
we
sale
against
Government
with
compares
cuptom,
the
against
charged
which
our
from
reserve
have
we
to
1939.
profits
obligations
the
4.85%
equity of $46,773.000—the
capital, surplus and undivided profits shown on the statement.
realized on the sale of securities for the 11 months of this
the
profits
year
to
a
view
a
to
exchanging them for new issues when such opportunities were offered
by the Treasury Department.
The average return on loans and securities
the
first
nine
months
of this
year
2.05%,
was
.08% less than the
or
for the year 1939.
our
operating income, not including net profits realized on the
of securities, approximately 75% comes from interest, discount and
gross
dividends.
16%
from
commissions,
and the balance
rents,
fees
service
and
miscellaneous
from
5%
charges,
from
sources.
Mr. Baker also states that "in addition to the regular divi¬
dend for this quarter
[20c.] the directors plan to declare
special year-end dividend of 10c. per share.
He adds:
If
this
is
an
earnings, in
of dividends declared
have
will
excess
been
charge off
by William F. White,
a
done the total dividends declared this year will amount to
At the end of the year undivided profits will stand at approxi¬
$1,800,000.
mately $6,880,000,
increase of $368,000
used,
together
with
write down certain
or
over a
Net operating
year ago.
additions to undivided profits,
and
recoveries,
to
set
up
and
reserves
assets.
From Mr. Baker's report we also quote:
Cash
and
due
$303,100,000.
Federal
this
Bank
or
for
were
them
of
New
who
as
aggregated
$243,800,000
feel
we
willing
to
was
one
[on
Sept.
than
1940]
the
30,
deposit
on
more
with
our
required
funds to work by lending them
but have been unable to find borrowers
could
or
meet
reasonable
the
conditions
bank should require.
our
States Government obligations was $132,700,000,
compared with $114,400,000
obligations
was
$113,100,000
York,
small amounts,
Our portfolio of United
within
hankers
and
amount
We have sought to put our excess
either in large
which
banks
from
Of
Reserve
reserve.
seven
a
The
year ago.
average
maturity of these
and approximately $38,400,000 of them mature
years,
year.
Other public securities, which stood at $44,400,000, included $33,500,000
obligations of the State and of the City of New York maturing within
two
years
and, of the balance, approximately $8,000,000 had a like
maturity.
.■
.
Bank
in
of
the
$17,900,000
Manhattan
Safe
other
of
securities
were
investments
our
County Trust Co., White
Plains, and the Federal Reserve Bank of New York, aggregating $3,800,000,
and
Deposit
The
Co.,
approximately $6 800,000 in obligations of the 12 Federal Intermediate
The balance was made up of miscel¬
Credit banks due within nine months.
laneous
securities.
Of the demand loans against collateral
bonds and
and
loaned
loans
and
to
62,427
were
secured by stocks
aggregating $169,800,000 represented money we had
firms and
individuals.
borrowers,
separate
You" will
less.
or
$20,200,000
$3,700,000 by commodities.
discounts
corporations,
to
$5,000
see
that
This item
whom
of
25% of
our
61,021
made
was
up
of
borrowing
were
deposits were being used in
this manner.
Real
605
estate
were
Mr.
for
mortgages
$5,000
Baker
consisted
of
864
different
mortgages,
of
which
less.
or
indicated
that
the
company
has adopted the
policy of paying one month's salary to empToyees called to
active service with the Army and Navy, and at its expense
will
keep in force their
to the bank's
Our
Strike at Aluminum Ore Co. Plant Settled
Settlement
For
identified
company
Loans
managers in wholesale and jobbing concerns
and department stores with
j* The strike call
a
number of employees from about 40 to
1,915.
In his
annual report J. Stewart Baker stated that "based on actual
ir.
Electrical
meeting.
actively
period,
Included
York
as
Mr.
of accounts from less than
increase of
cents, and
vacation with pay.
New
did, the
Baker
more
7K cents
L,
it
as
Stephen
the
sale
logging
Dec.
on
plants were
idle at Everett, Wash., one at
Snoqualmie Falls near Seattle,
Wash., and three logging camps in the Morton-Mineral
timber region near Tacoma, Wash., were closed. The strike
started in Tacoma, Wash., two months
ago.
The
of
the number of stockholders from 540 to
Of
Union, and A. F. of L. unit, and employers.
Four Tacoma, Wash., mills closed on Dec. 5
bringing
16
the
at
been
average
than 9,000 workmen and
slowed down fulfillment of national defense contracts.
The
dispute was between the Lumber and Sawmill Workers'
to
bank.
the
marking,
election
first as Vice-President, then as President, then
Chairman of the Board, and now Honorary Chairman.
Pacific Coast
mills
the
bank,
for
Northwest Lumber Strike Slows Defense
Work
of
of
Co. of New
Baker, who is 81 years of age,
is Honorary Chairman of the bank, and father of J. Stewart
Baker, Chairman of the Board, whose annual report was
our
bargaining agency for the employees."
Choice of
director of
This
A.
the
over
(the 142d)
figures for the first nine months and estimated figures for
piece-work plan put into effect this
Firestone's
"Instead of being paid by the hour the
they turn out.
noteworthy occasion,
resources of the
Congress
of Industrial Organizations
union also remained outside the plant when the A. F. of L.
workers established a picket line.
Associated Press dispatch from Memphis, Tenn., on Dec.
4
a
submitted
Approximately 2,000 employees of the Firestone Tire and
Rubber Company's plant at Memphis, Tenn., members of
meeting this week, on Dec. 3
anniversary
use
+>
annual
the stockholders of the Bank of the Manhattan
York
Briggs supplies most of the bodies Which Chrysler Corporation plants
on final assembly lines.
agreement,
Marks
equal number of workers
company
The
Annual
released in another department, he said.
Conferring with
States conciliation commissioner.
7, 1940
following ten days of negotiations between the company and
the A. F. of L. Aluminum Workers Union, provided
wage
increases ranging from 2 to 5 cents an hour for all employes.
The plant converts bauxite ore into aluminum oxides used
in making alloys necessary for aircraft manufacture.
of the six workers would be studied.
cases
It is possible they will be returned to jobs and
Dec.
foreign department has been
customers
at
disturbed
international
and
home
assistance
As
life insurance policies.
group
foreign department, Mr. Baker said:
of
abroad
and
the
conditions,
most
able to Tender valuable service to its
who,
because
required
exacting
of
complications
personal
character.
and
During
caused
business
the
12
by
advice
months
ending Sept. 30, 1940, the volume of commercial credit operations increased
27%
over
the
preceding
period.
This
gain
took
place
in
spite
of
the
fact
that
amount of credit transactions,
substantial
a
consummated
clients
for
been
by
war
Since
liquidated.
Britain,
Great
Sept. 2, 1939, the eve
reduced by 96%
and foreign clients.
have
we
made with domestic
ccntracts
which
were
formerly
intensified in every part of the country
Excellent
principal countries of the European conti¬
the
in
Germany
of the declaration of
our foreign exchange
As I told you last year, all our credits in
nent, was eliminated.
have
of Mr.
Mr. Baker comments upon the "momentous
meeting of a year ago, and in part he says:
In
United States
the
we
have
to realize that we cannot assure our
come
from the rest of the world.
While we do
not believe that might makes fight, we are reluctantly forced to recognize
that without might we cannot preserve our way of life.
To be strong as
a
Nation we must have not only a large and well equipped army, navy
and air force, but also tremendous productive capacity.
We have adopted
selective compulsory military service and have planned a huge armament
which has the support of the American people.
In carrying out
many serious
problems will arise.
Large sums of money
by our Treasury Department; taxes must be increased;
skilled labor must be found without disrupting unduly our normal produc¬
program
this
program
borrowed
be
must
tion ;
the
profits
If
of living must be maintained
cost
at an equitable level, and
Government contracts must be reasonable.
to obtain the desired results within the
on
are
we
democratic
ment, business, labor and finance.
The Manhattan Co. will do its
framework of our
between Govern¬
to
assist our
Government
in
furthering the defense program.
It stands ready to provide funds to large
small manufacturers and to their sub-contractors and suppliers, and
and
will
endeavor
assist
to
concerns
with
limited
capital
in
financing their
sketch of the career of Stephen Baker,
a
furnished by
that he was born at Pouglikeepsie,
N. Y., on Aug. 12, 1859, and was educated in private and
public schools. He was elected Vice-President of the Bank
of the Manhattan Co. in 1891, was President from 1893 to
the
bank,
is noted
it
1927, and Chairman of the Board from 1927 to 1932, when
he was elected Honorary
Chairman of the Board.
His
various connections are:
Director Bank of the Manhattan
director Great Northern
By., director Church Pension Fund, Church Hymnal Corp.,
Church Life Insurance Co., Church Properties Fire Insur¬
ance Co., trustee The Northfield
Schools., Inc., member of
Board of Managers St'. Luke's Hospital.
Mr. Baker is also a member of the Union Club, Union
League Club, Downtown Association, Chamber of Commerce
State of New York, Wall Street Club, The Church Club of
York.
*r.
.
Opening of Art Week in Washington and Various Cities
Throughout Country—President Roosevelt Recom¬
mends that It Be Made an Annual Event
Sponsored by the President and Mrs. Roosevelt a national
painting, sculpture and crafts was opened in
Washington on Nov. 25, attended by high officials of the
Government directors of art galleries and museums, artists
and art critics at the invitation of Mrs. Henry Morgenthau
Jr., honorary chairman, and members of the local committee,
it was stated in special advices from Washington that day
to the New York "Times," which said that the purpose of
that and similar Art Fairs opening in all parts of the country
was to stimulate interest in and sale of the work of American
artists.
On Nov. 30, the day preceding the closing of the
first Art Week, President Roosevelt issued a statement
recommending that it be made an annual event under the
President's sponsorship.
He likewise recommended "the
setting up on a permanent basis of a National Council for
Art Week," which "should function with the colloboration
of Government agencies and should be composed of leaders
in the field of the arts and representatives of other organiza¬
tions, both public and private."
According to the "Times" more than 1,000 exhibits of the
125,000 contributed by 28,000 artists and craftsmen to the
nation-wide "Art Fair," were on display in Washington and
it was stated that as many as possible would be sold during
the week.
The Washington advices to the "Times" Nov. 25
exhibition of
also said:
Edward B. Rowan, head of
the Fine Arts Section of the Public Building
Administration and Chairman of the
District of Columbia Art Week Com¬
Kerr, Assistant Commissioner of the Works Projects
Taylor, Director of the Metropolitan
New York, participated in the opening ceremonies this after¬
mittee; Mrs. Florence
Administration, and Francis Henry
in
Museum
This program,
noon.
casting Co.. officially
connected by a radio hook-up of the National Broad¬
opened the celebration of "American Art for
American
a
Mr.
a
Committee of Government
Mr.
that
new
Agencies which cooperated in its development.
suggested
National interest would be forthcoming if a
Taylor, it is stated by President Roosevelt,
a
larger
appointed each year from a different section
The President's statement of Nov. 30 follows
chairman be
of the country.
In view of the
first Art Week,
in
President Roosevelt served as Chairman
Week, and Mrs. Kerr as Chairman of the
Taylor, at the invitation of
National Council for Art
gratifying success achieved during the observance
which will close tomorrow (Sunday, Dec.
recommending that
Art
of the
1), I feel justified
Week be made an annual event under the
sponsorship of the President.
While I believe the Federal Government has a proper responsibility in
recommend a
interest in American creative expression, I strongly
decentralized organization, working in partnership with the
Government,
to
fostering
national
emphasize as its first objective, Democratic support
American artists and
of
craftsmen through purchase of their work.
embrace a broader participa¬
tion of the several arts, active in each community, on a year-round basis.
My hope is that through the concentrated effort we put into one week we
we can create an interest in art which can be maintained and enlarged and
The
proposed annual observance also should
cultural life. It is the
I approve, that a larger national
chairman is appointed each year from
chairman's suggestion, which
different section of the country.
The National Council
councils
would work in collaboration with State
Naturally, the present Government committee,
and local committees.
in
act in a
coordinating capacity to develop a year-round continuing program.
Our
aim should be to provide for circulation of exhibitions of the work of Ameri¬
can artists and craftsmen, with special emphasis on making them available
to all the people—urban and rural—particularly those groups which have
cooperation with the Government art programs, would continue to
mot
hitherto had the opportunity to enjoy them.
I think
a
valuable advisory service could also be
satisfy an interest in art in every
A very
a
community.
practical and highly desirable result of this
market for the works of contemporary
gratified to learn from reports thus far
and local committees with
activity would be to
I am very much
artists.
available that more than 600 State
upwards of 6,000 members organized more than
1,600 sales exhibitions of works by some
men
Our aim must be to arouse and
accessible locations.
and other
rendered both to States
establishing art centers in public buildings,
and communities to aid them in
32,000 American artists and crafts¬
during the week now drawing to a close.
American art and American artists is
further reflected in the fact that associated
with the National Council in
their work were some 210 Government agencies,
organizations,
653
inluding the WPA, NYA,
Department of Commerce, besides 782 art
Department of Agriculture,
and schools and almost 5,000 commercial
V;;'/'v vin a brief preparatory period this year
museums
outlets.
The fact that so much was done
justifies the establishment of this work on a permanent
Roosevelt
President
Founder
Read at
Pays
Tribute
basis.
Wald,
Lillian
to
Henry
Street Settlement—Message
Memorial Service Held at Carnegie Hall
of
Joining with many others, President Roosevelt on Dec. 1
paid tribute to the late Lillian D. Wald, founder of the Henry
Street Settlement and of the Visiting Nurse Service of New
York, at a memorial service in Carnegie Hall, in
City attended by approximately 2,500 persons.
New York
Miss Wald
died
on September
l^Jjln a telegram read at the exercises
by George W. Alg^\(?fiairman of the Board of Directors of
the Henry Street Settlement, President Roosevelt charac¬
terized Miss Wald as "one of the outstanding social workers
because she had discernment and vision, a
overflowing with compassion, and possessed, also
indefatigable industry."
Among others who praised Miss Wald's work in messages
and addresses at the memorial service were Governor Leh¬
man of New York,
Mavor LaGuardia of New York City,
and former Governor Alfred E. Smith of New York.
Presi¬
dent Roosevelt's telegram paying tribute to Miss Wald was
contained as follows in the New York "Times" of Dec. 2:
of the country
heart
Lillian Wald became one of the
because she had discernment
outstanding social workers of the country
with com¬
She did her great
and vision, a heart overflowing
passion, and possessed,
also, indefatigable industry.
work without thought of
self.
superb record in bringing light to
only sorrow is her true monu¬
ment.
As one who was privileged to call her friend, I consider it also a
privilege to join with those who are honoring her memory.
The Henry
Street Settlement with its
jo> to hearts that had known
dark places and
of
Inauguration
Avila
Gen.
Camacho
as
Mexican
Pan-American
Unity—ViceWallace
Headed United States
President—Stresses
President-Elect
Mission
Manuel
General
Avila
Camacho was inaugurated as
1 at a ceremony which took
President of Mexico on Dec.
place in the Chamber of Deputies in Mexico City. Repre¬
sentatives of 31 nations attended the exercises.
Henry A.
Wallace,
Vice-President-elect,
headed
the
United States
delegation as President Roosevelt's special representative.
In his inaugural address, Gen. Avila Camacho made a plea
for solidarity of the American nations and for a strong
defense against any aggression which may threaten. He also
reaffirmed his faith in democracy and appealed for national
unity..
V V.v:
According to United Press advices from
principal points of the new President's
Homes" Week.
of
This Council should function with the
interest will be forthcoming if a new
Co., trustee Bowery Savings Bank,
New
National Council for Art Week, with chairman, secretary
What we shall be able to do for
Government work.
In
of the
create
utmost
a
private, interested in the further development of our
schools
principles, there must be complete coordination
the setting up on a permanent
and
collabora¬
Government agencies and sould be composed of leaders in the field
arts and representatives of other organizations, both public and
basis of
present
security by secluding ourselves
Chairmanship
of Art in
Henry Taylor, director, Metropolitan Museum
I would recommend, therefore,
New York.
tion of
In his report
during all the other weeks of the year.
organization has been done this year under the
Francis
other national officers.
changes" that have taken place in all parts of the world
since the
3331
The Commercial & Financial Chronicle
Volume 151
X. Mexico will build her own
::'v\;,
Mexico City, the
speech were:
naval bases as a direct contribution to Fan
American defense.
2.
Consolidation and defense of the social and
workers
3.
and
The necessity of
Mexico to face world conditions and seek
through increased production
Investors must have
5.
A warning to the army to stop
6.
An appeal for national
3
prosperity
under private initiative.
the incentive of legitimate profits.
4.
On Dec.
economic reforms of the
peasants.
Interfering in politics.
unity and the banishment of aU intolerance.
President Avila Camacho was honored at a
at the United States Embassy in Mexico
Solidarity of the Western Hemisphere and friendship
between the two countries was stressed in speeches made by
Gen. Camacho, Mr. Wallace, Josephus Daniels, U. S.
Ambassador to Mexico, and Representative Bloom of New
York, Chairman of the House Foreign Affairs Committee.
Mr. Wallace's visit was officially ended on Dee. 5 and,
after a two week's vacation in Mexico, he will return to the
United States.
Reference to the presentation of his ereluncheon given
City.
The Commercial & Financial Chronicle
3332
dentials
Nov.
on
29
referred to in
was
these columns
on
Nov. 30, page 3170.
Dec.
7, 1940
Deputy Federal Loan Administrator, a post carrying no
the White House announcement said. It is also reported
more of his time to the Maryland
Casualty
Co., (an organization controlled by the Reconstruction
Finance Corporation) of which he has been Chairman for
as
pay,
that he will devote
V. McNutt Appointed to Welfare Post—Federal
Security Administrator Designated to Coordinate
Health, Food, Recreation and Allied Activities
Affecting National Defense
Paul
Paul
V. McNutt, Federal Security Administrator, has
designated as "coordinator of all health, medical,
welfare, nutrition, recreation and other related fields of
activity affecting the national defense," according to a White
been
House announcement issued
on
Dec. 3.
The announcement
said that the
appointment, which has the approval of Presi¬
dent Roosevelt, was made by the Council of National
Defense, consisting of the Secretaries of War, Navy, Interior,
Agriculture, Commerce and Labor. The White House an¬
nouncement said:
Federal
President Roosevelt replying to a letter of resignation in
which Mr. McDonald cited the accomplishments of the
FHA during his period as Administrator, praised the "great
service"
I am
now
Security Administrator
as
coordinator shall,
.
.
.
.
formulate
establish and maintain liaison with such other agencies as he
may deem
desirable.
was
a
Roosevelt, will retain his post as Federal Security Adminis¬
trator, in addition to his new task.
Death of John V. Thayer—Over 60 Years an Offical of
the Central Hanover Bank & Trust Co. and Prede¬
cessors
John Van Buren Thayer, who retired in
July, 1938, as a
Vice-President of the Central Hanover Bank & Trust
Co.,
New York, died on Dec. 5 at his home in
Brooklyn, N. Y.
Mr. Thayer, who had been in ill health for
nearly a year, was
88 years old.
He had completed 66 years of service with
the Central Hanover and its
predecessors when he retired
and had been known as the dean of Wall
Mr. Thayer did not sever all his
banking
connections on retirement, however, but continued as senior
trustee of the Seamen's Bank for
Savings and a member of
its executive committee.
In December, 1939, he was elected
a Vice-President of the Seamen's
institution, continuing in
that post until his death.
Born in Buffalo, N. Y., Mr.
Thayer went to work when
he was 16 years old as a clerk for the Buffalo
City Fire In¬
ago,
Street bankers.
surance
Co.
In 1872 he
came
to New York
tained
way,
housing
or¬
you that modern
a
single-family homes
are
day, approximately the 1928
At last one-half of these
are for people with incomes
ranging from $1,000
and whose monthly payments average not more than
$27, including the mortgage insurance.
We have insured loans
on
small homes in excess of
$2,500,000,000, with
a
loss ratio to date of only 2-100th of 1 %.
Through insurance premiums and modest inspection fees, we are con¬
ducting this program at a profit, and for the present fiscal year, commencing
July 1 past, this nej; profit should be in excess of $9,000,000 after payment
and sustained mortgage-insurance losses.
candidate for the Democratic
Presidential nomination but withdrew in favor of President
two years
glad to be able to advise
being constructed at the rate of 1,000
of all expenses
McNutt, who
the
to
building level.
and
Mr.
McDonald had rendered
Mr.
ganization, said Washington advices, Nov. 29, to the New
York "Times" of Nov. 30.
These advices quoted in part
from Air. McDonald's letter of resignation as follows:
to $2,500 per annum
execute plans, policies and programs designed to assure the
provision of
adequate services of this character to the nation during the national defense
emergency; and to that end he shall coordinate the facilities of existing
Federal agencies with the respect to these several fields of action and shall
necessary or
time.
some
City and ob¬
a clerkship in the Union Trust
Co., then at 73 Broad¬
and worked his way steadily to a Vice-Presidency. He
served under all the presidents of the institution and retained
his office as vice-president
through the
mergers
with the
Central Trust Co. and the Hanover National Bank.
From
1905 to 1918 Mr. Thayer had served the institution
as a
R.
B.
Watts
Appointed General Counsel of
Succeeding Charles Fahy, Resigned
NLRB
The National Labor Relations Board announced on Dec. 1
the appointment of Robert B. Watts as General Counsel.
Mr. Watts, who has been associate General Counsel of the
Board, succeeds Charles Fahy who resigned in September
following his appointment as Assistant Solicitor General of
the United States; Mr. Fahy's appointment as
Solicitor
General was noted in these columns Sept. 14,
page 1515.
It is
expected that three other appointments to the NLRB will
follow shortly to succeed Nathan Witt,
Secretary of the
Board, Alexander B. Hawes, chief administrative examiner,
and Thomas I. Emerson, associate
general counsel, who
resigned following the nomination of Dr. Harry A. Nilles
as a member of the Board
succeeding J. W. Madden. Dr.
Milles is now Chairman of the Board, and his
appointment
thereto was referred to in our issues of Nov. 30,
page 3171,
and Nov. 23, page 3033.
The following regarding the ap¬
pointment of Mr. Watts as General Counsel of the NLRB
is from Washington advices, Dec. 1, to the New York
"Times" of Dec. 2:
Mr.
Watts
born
was
in
Portland, Me., and
graduated from Yale
was
Law School in
1925.
A former captain in the Army, he served as Chief
Assistant United States Attorney for the Southern District of New York
before being appointed to the NLRB in 1934.
.
In his work
as
associate general counsel for the
Board, Mr. Watts carried
much of the heavy burden of getting judicial vacating of
injunctions against
Board orders in Circuit Courts of Appeals over the
country before the
had upheld the constitutionality of the National Labor
Supreme Court
Relations Act.
■
trustee.
In January, 1932, on the occasion of his
eightieth birth¬
day and the sixtieth anniversary of service with the Central
Hanover Bank & Trust Co., Mr.
Thayer was presented with
an
illuminated engrossed, bound
parchment testimonial,
autographed by the trustees, vice-presidents and assistant
vice-presidents of the bank.
Admiral
Leahy, New Ambassador
to
France, Confers
with President Roosevelt
Admiral William
to
D.^Leahy, newly appointed Ambassador
France, conferred with President Roosevelt in Washington
Dec. 2 on the general world situation as it affects
France.
Admiral Leahy would not reveal
any of the details of his
conference with the President but said that he
expected to
leave for France soon. The former Chief of
Naval
on
Operations
had arrived earlier the same
day from Puerto Rico, where he
had been
serving as Governor for the past year.
On his
arrival in New York, Admiral
Leahy said that work on the
Umted States bases in Puerto Rico and
in
the
Caribbean
was
rapidly progressing and when completed will provide a
very effective defense."
His appointment to the
diplomatic
post and Senate confirmation
Nov. 30, page 3170.
—
were
mentioned in
nomination
Roosevelt
on
issue of
+
as
Minister to Haiti.
The
the Senate by President
as
Nov. 30, page 3170.
♦
Stewart McDonald Resigns as FHA
Administrator—Will
Continue Supervision of FHA Activities
as
Deputy
Federal
Loan
Administrator—A.
H.
Ferguson
Named Successor
Announcement
made at the White House, on Nov.
29,
of the acceptance by President
Roosevelt of the resignation of
Stewart McDonald as Federal
the
Housing Administrator and
naming by the present of Abner
Assistant
Administrator,
as
H.
Mi*. McDonald's
Ferguson, First
successor.
Mr.
McDonald, who has been Administrator of the FHA since
September, 1935, will continue to supervise FHA activities
death
on
The
Nov. 29
after
the
President
name
of
Roosevelt
sent
to
the
State Senator
Nov. 4.
following regarding the
new
collector is from the New
York "Times" of Nov. 30:
Senator
Nunan
entered
politics
Assembly District in 1930.
as
an
Assemblyman from the Fourth
That Autumn he
from the Second Senatorial District, Queens.
this year.
He
was
was
elected State
Senator
He has been reelected until
defeated by Seymour Halpern, Republican and former
secretary to Council President Newold Morris.
Mr.
page
Rasquin's death
was
referred to in
issue of Nov. 9,
our
2746.
W.
Ellsworth
Former
Joins
Editor of
Staff
of
Conference
the "Annalist"
to
Board—
Assistant
Be
President
Virgil
President of the Conference Board an¬
5 the appointment of D. W. Ellsworth,
former editor of the "Annalist," as editorial assistant to the
nounced
Jordan,
Dec.
on
President.
Mh.
Ellsworth,
who
assumes
his
duties
new
relating to the Board's publications of business and manage¬
ment research immediately, was associated with the "An¬
nalist" for 15 years, first as assistant editor, and, from 1933
until its recent merger with "Business Week," as editor.
Prior to becoming a member of the "Annalist" staff, Mr.
Ellsworth served
Co.
was
hour
an
on
Joseph D.
Nunan Jr., of Douglas Manor, Queens, N. Y., to be collector
of Internal Revenue for the First New York District, the
Senate, taking up the nomination out of order, unanimously
confirmed it.
Mr. Nunan, who was defeated on Nov. 5 for
re-election as State Senator by the Republican candidate
Seymour Halpern, succeeds the late Almon G. Rasquin; John
E. Brady had been acting as collector since Mr.
Rasquin's
to
submitted to
Nov. 26 as was
reported in these columns of
was
Senate
Minister
appointment of John
New York
Senate Confirms Nomination
Within
D.
Senate Approves Nomination of J. C.
White
to Haiti
The Senate on Nov. 29 confirmed the
Campbell White of
our
President Roosevelt Names J. D. Nunan Jr. as Collector
of Internal Revenue for First New York District—
and
the
Ellsworth is
Index
of
as
a
statistician with the General Electric
American
the author
Telephone
of
&
Telegraph
the "New York
Co.
Times
Mr.
Weekly
Business
"Encyclopaedia
Activity," and has contributed to the
Britannica Year-Book", the "American
Year Book," the London "Observer," the London "Times,"
the London "Financial Times," "Current History," the
"New York Times Book Review," and other publications.
He is a member of the American Statistical
Association,
Volume
The Commercial A
151
the board of governors of its New York Chapter,
Society of Security Analysts, the Analysts'
Club, and the Economists' National Committee on Mone¬
tary Policy.
serving
on
of the New York
reference
30,
page
Gordon
W.
but
Will
Hold
Post
Successor
Until
Will Help Keep United States
Out of War
In
the
a successor
formal statement issued Dec. 1, after a
a
is named.
conference with
President, Mr. Kennedy said that he would not return
The Ambassador's plans, "after a short holiday,"
in the world
to London.
to devote his efforts "to the greatest cause
are
today"—helping the President "keep the United States out
of war."
After paying farewell calls at the State Depart¬
ment, on Dec. 2, Mr. Kennedy was quoted by the Associated
Press
"I'm out of a job now and off the payroll
Later he went by airlines to Palm Beach, Fla., for
saying:
as
here."
The
vacation.
a
Ambassador's
statement
announcing
his
resignation follows:
On Nov.
6 I tendered to the President my
Court
the
to
resignation
as
his Ambassador
James's.
St.
of
Today the President was good enough to express regret over my
decision,
being prepared to appoint my successor, he wishes
designation as Ambassador until he is.
But I shall not
London in that capacity.
but to say that, not yet
me
to retain
to
return
My plan
to
my
is, after a short holiday, to devote my efforts to what seems
the greatest cause in
me
preservation
the world today, and means, if successful, the
of the American
the President keep the
form of democracy.
our
issue of Nov.
Brown
Bankers
Resigns
Secretary of New York
as
Join
Association—Will
Insurance
Inc.—
W. Gordon Brown for the past ten years Secretary
Joseph P. Kennedy, American Ambassador to Great
Britain, announced in Washington on Dec. 1 that he had
tendered on Nov. 6 his resignation to President Roosevelt
but that he would retain the title until
made in
was
H. J. Marshall Named Successor
Chosen —
Is
Congress
Brokerage Firm of Delanoy, Kipp & Swan,
Ambassador to Great Britain,
as
the
to
3171.
State
J. P. Kennedy Resigns
3333
inancial Chronicle
That cause is to help
January 1st to become associated with
effective
tion
De-
Swan, Inc. of New York City, general in¬
surance brokers, it was announced op Dec. 2 by W. Randolph
Burgess, President of the Association. It is pointed out that
during Mr. Brown's term of office and under his leadership
the facilities and services of the Association to the banks
of
the
State have substantially
expanded.
One of his
Lanoy, Kipp &
New
York
serves
as
has
contributions
principal
been the organization of the
System of which he
Bankers Retirement
State
Secretary.
Mr. Brown will be succeeded as
tion by
Secretary of the Associa¬
Harold J. Marshall, who has served as
Assistant Sec¬
Prior to his connection with the
Association, Mr. Marshall was Cashier and Director of the
National Spraker Bank in Canajoharie, Canajoharie, N. Y.
He also served as an instructor of courses of the American
Institute of Banking for a period of six years.
The New York State Bankers Association for the past
retary for the past year.
few
years
has greatly increased its
educational Activities
through the holding of Conferences on Bond Portfolios and
the current series of Present Day Banking Conferences,
which
being
are
held
in
a
number
throughout the State over a period of
United States out of war.
of the
resigned his posi¬
New York State Bankers Association has
of
important
cities
five weeks.
+
Oct. 27 from his post in London
the reelection of President
Roosevelt were reported in these columns Nov. 3, page 2583.
Mr. Kennedy was appointed Ambassador to Great Britain
on Jan. 7, 1938.
This was mentioned in our issue of Jan. 8,
1938, page 198. He had been Chairman of the United States
Maritime Commission at the time, and prior to this had
Mr. Kennedy's return on
and
address
radio
his
held the post
urging
of Chairman of the Securities and Exchange
Commission.
Production Aspects of Defense Program to Be Discussed
at Round Table Session of Congress of American
Industry to Be Held in New York, Dec. 11-13
"National Defense and the Economic Outlook"
will bring
together some of the country's leading industrialists and out¬
standing economists in a round table discussion during the
forthcoming Congress of American Industry in New York,
it has been announced by the National Association of Manu¬
facturers, sponsorers of the Congress. With "Total Prepared¬
ness for America's
Future" as a theme for the Congress,
beginning Dec. 11 at the Waldorf-Astoria Hotel, one whole
production aspects of the defense
analytical study of the problems facing Am¬
industries on the production line and the efforts being
by production experts to "short-cut" any possible
session will be devoted to
program—an
erica's
made
bottleneck.
one
the Town Hall of the Air, will act as
moderator and those to
participate in the panel are:
Conway P. Coe, Commissioner—U. S. Patent
Carl Breer,
Donaldson Brown,
Willford I. King,
R.
Office.
Council
Executive
to
Representative C. R. Hope of Kansas to Address Dinner
Meeting of Commodity Club of New York Dec. 10
forthcoming dinner meeting at the
New York, on Dec. 10, the Commodity
Club of New York announces that its guest speaker will be
As the feature of its
Park Central Hotel,
Representative
Clifford R.
Hope of Kansas, ranking
minority member of the House Agriculture Committee.
The
subject of the address will be "Commodity Exchanges and
Public Relations."
Representative Hope is known as a sup¬
and advocate of the American system of private
enterprise and an opponent of radical ideas.
His attitude
it is said has been one of friendliness to the principle of
University.
Vice-Chairman—General Motors Corp.
Chairman,
N.
A.
M.
whereby they may
his trip from Washing¬
of Congress who will be
guests of the Club. A large attendance is expected, and the
Presidents and officials of the various exchanges have been
invited by President Knell of the Commodity Club, to be
present as his personal guests.
Mr.
Executive Committee
and
Following the round table, B.C. Heacock, Vice-President,
Caterpillar Tractor Co., will preside at a session during which
other experts in various fields will speak on related phases of
defense production.
These speakers, and their subjects,
include:
ton
A.
Hope will be accompanied on
by several well known members
B.
A. Savings Division Announces Mortgage
to Be Held in Cleveland Dec. 12-13
Loan
Clinic
of the U. S.
Department of Labor—"Wages and Hours and National Defense"; Clifford
Stiilwell, Vice-President of Warner and Swasey Co.—"The Problem of the
Supply of Labor"; John R. Steelman, Director of Conciliation of the U. S.
Department of Labor—"Conciliation"; W. M. Angle, President of the
Stromberg-Carlson Co., and Chairman of the N. A. M. Employment
Relations Committee—"The Problem of Federal Labor Laws"; and J.
Philip B. Fleming, Wage and House Administrator
Edgar Hoover, Director of the Federal
Bureau of Investigation—"Sabotage
and the Fifth Column."
p Other principal subjects to be covered during the three day
session are "The Need for Total Preparedness," "Economic
Aspects of Preparedness," "Intellectual and Spiritual De¬
fense," and "Post-war Readjustments."
Leaders in in¬
dustry, government, labor, education, and the church are
scheduled to discuss phases of the various problems.
AlS announced previously H. W. Prentis, Jr., President of
The N. A. M.,
suggestions to the exchanges
good will throughout the country by setting forth
with simplicity and clarity the services which they perform.
Prof, of Economics—Princeton University.
Hook,
commodity exchanges, and their functioning through the
Future Contract System.
He is expected to offer some con¬
build up
President—American Rolling Mill Co.
Col.
A.
Meeting at Hot Springs,
structive
Director—Chrysler Corp.
Harley Lutz, Prof, of Economics—Princeton
Charles
B.
porter
this part of the program that the round table
discussion will be featured.
George V. Denny, director of
It is
Hold Annual Spring
Va., April 27-30
The Executive Council of the American Bankers Associa¬
tion will hold its annual meeting at the Homestead, Hot
Springs, Va., on April 27-30, it is announced by P. D.
Houston, A. B. A. President, who is Chairman of the
Board of the American National Bank of Nashville. • The
Association's Executive Council is its policy-making body
which acts for the membership in the interim between the
annual A. B. A. conventions.
It consists of 117 bankers
representing the banks of the 48 States and the District of
Columbia.
During the four-day meeting they will receive
and consider reports of the various divisions, sections, com¬
mittees, and councils of the Association.
A.
and President of the Armstrong Cork Co., will
sound the keynote for the
Convention^ the opening session
Dec. 11.
Principal speakersTat the annual dinner
on the evening of Dec. 13—another feature of the Annual
Congress of American Industry—will be William Knudsen,
industrial member of the National Defense Advisory Com¬
mission and Dr. Will Durant, philosopher and historian.
At
at noon,
special guests will include other members of the
Defense Commission, high ranking officers of the Army and
this dinner
Navy and leaders of America's greatest
industries.
Previous
A Real Estate Mortgage
Clinic sponsored by the Savings
Association for banks in
western counties of Penn¬
sylvania, and the West Virginian Panhandle will be held
in Cleveland, Dec. 12-13, it is announced by Roy R. Marquardt, President of the Division, who is Vice-President of
the First National Bank. Chicago.
Letters have been sent
to banks in the conference area inviting those institutions
to send two representatives of their real estate departments
to the meeting.
In all, there are 1,231 banks in the area.
Dr. Ernest M. Fisher, A. B. A. Director of Research in
Mortgage and Real Estate Finance, will direct the sessions
of the conference. They will be conducted on an open forum
basis, and bankers in attendance at the meetings will be
free to interpose questions and express their opinions during
the discussions.
In addition, banks that will be represented
at the conference have been invited to send questions on
mortgage lending directly to the A. B. A. Savings Division
in advance of the meeting for discussion at the conference.
The following subjects and discussion leaders have been
Division of the American Bankers
Ohio, southeastern Michigan, the
selected:
"Effects
M.
of
the
Defer.se
Dodge, President The
"Insured
Mortgages,"
Bank, Cleveland,
Ohio.
Program
Upon
the
Mortgage
Market," Joseph
Detroit Bank, Detroit, Mich.
Francis H. Beam, Vice-President National City
The Commercial & Financial Chronicle
3334
"Judging the Quality of Proposed New Mortgage Loans," John D. Bainer,
Vice-President
ville.
and
Cashier
Merchants
National
Bank
&
Trust
Co.,
Mead-
Pa.
"Operating Reports of the Mortgage Loan Department," George D. Web¬
ster, Vice-President Society for Savings, Cleveland, Ohio.
"Competition in Mortgage Loans," W. W. Clocum, President The United
States Savings Bank, Detroit, Mich.
The Cleveland Hotel will be headquarters for the
meeting.
Dec.
questions from the floor and
ideas
E.
encouraged.
a
1940
7,
full and free interchange of
Clinton
Wolcott of Rochester, New
York, President of the New York State League of Savings
and Loan Associations, will greet the delegates at the open¬
ing session and will introduce Douglas C. Vaile, director of
education of the American Savings and Loan Institute, Chi¬
cago,
Illinois, who will in turn introduce each speaker.
A committee in charge of arrangements for the conference
More than 600 delegates, representing savings and loan asso¬
has been named, which consists of the
ciations in all parts of the State, are expected to attend the
following:
H. R. Templeton, Vice-President Cleveland Trust Co., Cleveland, Ohio,
Chairman; John D. Bainer, Vice-Prseidcnt and Cashier Merchants National
two-day sessions and banquet.
The banquet will be held Thursday evening (Dec. 12)
Bank & Trust Co.,
the
Meadville, Pa.; Francis H. Beam, Vice-President National
City Bank of Cleveland, Ohio; James W. Cotts, Manager Mortgage Depart¬
Peoples-Pittsburgh Trust Co., Pittsburgh, Pa.; P. M. Eliot, Secretary-
ment
Farmers
Treasurer
Savings Si Trust Co.,
Mansfield,
Ohio;
G.
Gaskell,
R.
Vice-President Winters National Bank & Trust Co., Dayton, Ohio; Henry J.
Vice-President Fifth Third Union Trust Co., Cincinnati, Ohio;
Nichols, President Security-Peoples Trust Co., Erie, Pa.; W. E. Roe,
Central
National
Bank,
Cleveland,
Ohio;
William
H.
Schneider, Vice-President Toledo Trust Co., Toledo, Ohio; W. W. Slocum,
Grand
Copeland
Ballroom
Smith
of the
Waldorf-Astoria.
of the National
Association
Dr.
of
in
Charles
Manufac¬
turers, will be the banquet speaker.
His subject will
"The Savings and Loan Way is the American Way."
be
Mergler,
S
E.
CoL
Vice-President
President
dent
United
Savings
National
Ohio
Savings &
Dollar
Vice-President
Bank,
Bank,
Trust
Detroit,
Columbus,
Co.,
Youngstown,
Savings,
Society for
Mich.;
Ohio;
Leland A.
C.
Ohio.,
Cleveland,
Stoner,
Presi¬
Ullman,
George D.
and
Webster,
Open in Hollywood,
Fla., on Monday Next (Dec. 9)—To Be Concerned
Mainly with Questions Arising from National De¬
fense and Its Financing
bankers
will
gather
at
Hollywood, Fla., on
Monday (Dee. 9) for the 1940 convention of the Investment
Bankers Association of America, which is expected to be the
most important
meeting the organization has ever held.
In
Dec. 1 a number of speeches so far definitely
announcing on
arranged, Emmett F. Connely of Detroit, President of the
Association, said:
Our convention
consideration
fense
defense
national
of
out
program
the
to
having
program,
of
earlier
invited
this
Two
the
detailed
give
affected
as
two
In addition,
economists,
to
are
President
of
provide
for
Connely
official
and
given by the Association
were
defenpe
National
is
the sub'ect of
day's program
approval of
Details of the program
follows:
as
the
last
first
forum
and
two
speakers will
discuss it from the points of view of the problems that defense throws upon
industry and the capital needs of industry to equip it for the job.
S.
Garland,
Alex.
&
Sons,
Materials
will give a
ond
investment banker who has
an
Brown
dustrial
Baltimore,
Division
of
to
the
"Progress Report
serve
taken
leave of
a
Defense
absence
advisor
financial
as
National
Advisory
from
the
to
In¬
Commission,
the Work of the Commission."
on
Charles
The
sec¬
speaker will be Dr. Virgil Jordan, President of The National Industrial
Conference
New
Board.
York,
who
will
speak
"The
on
Capital Needs
of
Ir.dustry for National Defense."
The economic outlook forum
G.
Moulton,
forum
the
on
Dec.
11
be addressed by Dr.
will
Harold
A second
day will be devoted to the finances of state and
same
mu¬
nicipal governments and be addressed by Governor John W. Bricker of Ohio,
The
Will
forum
be
be "Our Government Grows."
Dec.
on
addressed
"Fortune"
the
for
12,
by
Survey
ducted
of
New
on
Elmo
Public
York
the Association's public information program
B. Roper,
Jr.,
Research Director of the
Opinion,
Stock
who
also
directed
the
survey
con¬
Exchange last year.
Previous reference to the plans for the meeting appeared
in these columns of Nov. 16
page
New
York
State
ciations
York
The
to
Dec.
2886.
League of Savings and Loan
Hold
12
Mid-Winter
and
Conference
Asso¬
in
New
Conference
Waldorf-Astoria, New York,
The
theme
of
the
New
York
State
of
the
on
Thursday and Friday, Dec. 12
conference
has
just
been
an¬
nounced, together with complete program
plans, by Zebnlon
Y. Woodard. the League's Executive Vice-President.
"Forti¬
fying our Business for the Forties" will be the Conference
theme, and the subjects covered will be woven around
this
general idea.
faculty
of
The
tho
speakers, who
Graduate
School
are
of
and Loan
western
Dr.
all
the
Institute, which is held in the
University, Chicago, include: /
members
American
summer
of
the
Savings
at North¬
Hoagknd, who will speak on various phases of savings
and loan Management in a series of three
lectures; Dr. Lyndon 0. Brown,
who lectures on different approaches to
Advertising and Public Relations
in
the
savings and loan business in a series of four
lectures; Horace
general
who takes
up
counsel
of
the
United
savings and loan law in
States
two
Savings
and
Loan
lectures; and A.
D.
League,
Theobald,
who will discuss the probable effects of the
European conflict upon American
life and business with special reference to the
problems of savings and
lean in his lecture, "Possible War Effects on Our
Business."
There will be two sessions of lectures both
on
Dec. 12 and
13, and it is pointed out that there will be opportunitv for
informal discussion of all
topics, with the delegates asking
and
his
committee
formulating plans to
neatby
are
who
making
are
F.
Adams
of
reservations for the dinner.
New York Trust Co. is the
the
■
^
Secretary of Treasury Morgenthau and Federal Loan
Administrator Jones Consider Great Britain "Good
Risk"
for
Loan—British
Treasury Official Sir
Frederick
Phillips
ington
Begins
;v/
v
Conferences
Wash-
in
V.V''
v-':■■
' -v-:
Several developments occurred during the
past week on
the
question of the United States extending financial and
The most noteworthy of these
was the statement on Dec. 4
by Jesse H. Jones, Secretary of
Commerce and Federal Loan Administrator, that the British
were a "good risk" for a loan.
This view was concurred in
on the following
day (Dec. 5) by Secretary of the Treasury
Morgenthau when he said at his press conference that he
other aid to Great Britain.
with
agreed
whether such
Mr.
a
Jones.
loan
He
declined
to
say,
howeyer,
was
contemplated. Yesterday (Dec. 6)
Mr. Morgenthau began a series of conferences with Sir
Frederick Phillips, Under Secretary of the British
Treasury,
who arrived in this country on
Dec. 4.
Secretary Morgen¬
thau announced that the purpose of Sir Frederick's visit was
"to place the latest available information before the United
States
Treasury."
(Dec. 3) a conference was held in the
Morgenthau to discuss, it is sai$, various forms
of aid to Britain.
Those participating in the discussions
besides the Secretary, were Mr. Jones,
Secretary of War
Stimson; Secretary of the Navy Knox; George C. Marshall,
Army Chief of Staff; William S. Knudsen, member of the
Defense Commission; James V. Forrestal,
Under-Secretary
of the Navy, and Herbert Feis, economic adviser to the
State Department.
Secretary of State Hull said at his press conference on
Dec. 4 that all phases of the shipping
question with respect
to further aid to Britain was
being considered by various
government officials but that no definite plan had been
office of Mr.
decided.
following concerning Mr. Hull's and Mr. Jones' re¬
reported in Washington Associated Press advices
was
of Dec. 4:
On the subject of financial assistance to
Britain, Mr. Hull said he knew
only about public discussion and had
not heard of any
discussed by officials, although that might come at
added.
Mr. Jones said the British Government
arily he favored lending
money to
was
a
particular plan being
some
future time, he
good risk and that ordin¬
good risks when they need it for
purpose.
a proper
.
He declined, at
a press
conference, to amplify these two remarks further
and specifically refused to say that he favored loans to the
British for war
purposes now or in the future.
He
debt
Heury E.
Russell,
O'Neill
localities
marks
Mid-Winter
13.
Mr.
welcome more than 800 bankers from New York and
The
13
League of Savings and Loan Associations will be held at The
and
Co., will preside. J. Vincent O'Neill, Manager National City
Bank, is Chairman of the Bankers Forum Committee.
Earlier this week
on
President of The Brookings Institution, Washington.
whope sub'ect will
City Bank of New York.
J. Stewart
Baker, Chairman of the Board of the Bank of Manhattan
authority
an
Bankers Association and Vice-Chairman of the
the
resolutions,
election of officers.
reports, and
York State
Board of the National
full
The first and last
the
and
actions,
Chap¬
the Board of the American National Bank, Nashville,
Tenn., and Dr. W. Randolph Burgess, President of the New
a
sessions, the opening day's program to include the annual
to
speaker at
of
of
inaugurated
days of the meeting will be devoted to general convention
address
be the guest
Nov. 18 by Clinton W. Schwer, President of the Chapter.
Raymond
included among the speakers an¬
participate in forums on the second,
of the meeting.
of
The dinner is to be given in honor of P. D. Houston, Presi¬
dent of the American Bankers Association and Chairman
banquet Treasurer.
will devote
we
on
are
fourth days
New York Chapter
Banking—Will Be Guest
Speaker at Annual Bankers Forum Dinner Dec. 10
de¬
the
by
of giving the public the fullest possible
and operations of our business and the
purpose
officials,
These
and
also
will
outstanding authorities
the
of
Address
to
Institute
the 27th annual Bankers Forum Dinner of New York
economic scheme of things.
relations
nounced.
one
We
condition
this subject.
functions
nature,
our
public
public
third
for the
year
niche it fills in
on
on
financing.
economic
meeting to the program of public information
our
about
facts
its
and
country to lead a forum
session
will address itself especially to questions arising
country's
Dona van
ter, American Institute of Banking, to be held on Tuesday
evening, Dec. 10, at the Hotel Biltmore, it was announced
Ohio.
Investment Bankers Convention to
Investment
J.
Colonel William J. Donovan will
President
W.
W.
American
was
asked whether the Johnson Act
prohibiting loans to world war
defaulters,
including Britain,
"Not now."
purchases
should
be
repealed.
His
reply
was
■
Saying that he did
in this
not know how much money the British have left for
country,
Mr. Jones declared that they say they need
financial aid.
Mr.
Jones
was
one
of nine
men
who met at the Treasury yesterday.
reported authoritatively to have surveyed the British purchasing
and financial situation.
All he would say about the meeting was that we
They
were
discussed generally the production of
The
British
war
supplies.
Treasury official arrived in New York on
Dec. 4 aboard the Dixie Clipper of the Pan-American Air¬
ways.
Last July Sir Frederick also held several conferences
with Secretary Morgenthau on technical and other
question
Volume
The Commercial & Financial Chronicle
151
concerning the British and American Treasuries; this was
reported in our issue of July 20, page 332; Secretary Morgenthau on Dec. 4 announced that the present conferences are
"in continuation of the discussions which took
place in
July."
Following the first meeting with Mr. Morgenthau
yesterday (Dec. 6) Sir Frederick was reported by the Asso¬
ciated Press as saying that he was giving the United States
"a balance sheet on the state of our resources and the cost
of supplies in the United States."
He added that only facts
were talked over and that no
questions of policy were dis¬
cussed.
The
conferences will be resumed on Monday
(Dec. 9).
The question of financial aid to Britain arose when Lord
Lothian, the British Ambassador to the United States,
returned to this country on Nov. 23 after a brief stay in
England and announced that his country would need as¬
sistance in 1941; reference to this appeared in these columns
Nov. 30, page 3163.
Also in the same issue (page 3160),
the Senate Foreign Relations Committee's decision to defer
action on this subject was referred to.
Reports
Industries Affected by Trade Agreements
Issued by Tariff Commission
on
Continuing its
factual
analysis
of
the
effects
of
trade
agreement concessions by industries, the Tariff Commission
announced on Nov. 25 ei&ht new group studies which supple¬
ment 15 others
Starches
and
already made public.
dextrines,
clocks and precision
forest
The
reports cover:
new
petroleum
and
watches,
products,
instruments and apparatus, woolen and worsted goods,
cattle,
products,
petroleum
sheep
and
poultry
industries,
feeds
fodders,
and
floor at
3335
1230 Sixth
Avenue, in the United States Rubber
Company Building, and will be the second commercial bank
be
to
in
located
said that the
new
Rockefeller
Center.
President
Kleeman
office will offer complete commercial
deposit
and loan
facilities, as well as trust service and equipment
on
buses, railroad equipment, heavy machinery, &c.
It will also serve as headquarters for the bank's Latin Ameri¬
can business and for handling loans incident to the National
loans
defense program.
'
■
•
A
meeting of the Safe Deposit Round Table group of New
Banking was held at
chapter quarters in the Woolworth Building in New York
City, on Thursday evening, Dec. 5.
James A. McBain,
group
leader announced that two prominent attorneys,
Arnold R. Boyd, of Boyd & Holbrook, and Samuel Stratton
Jennings Jr., of Mudge, Stern, Williams & Tucker, would
York Chapter, American Institute of
participate in
ments
discussion of safe deposit
a
access
arrange¬
by administrators, executors, and trustees.
The Third Annual Hobby Show of the New York Stock
Exchange, was held the past week—having opened on
Monday (Dec. 2)—and will close at 1 p. m. today (Dec. 7).
Among the many collections on display at the show this year
was an exhibit of rare coins by Roland L. De Haan, a mem¬
ber of the Exchange; oil paintings and hand created Christmas
cards by Dorothea Demeter, an Exchange employee; unusual
camera studies by Cosmo Marvinny, also an
Exchange em¬
ployee; and sculpture work bv Helen Palla, an employee of
Auchincloss, Parker and Reapath.
hogs and hog products.
Since
the
original
by the Commission of
announcement
the
preparation of these studies, 15 have been issued
ering :
v
■■■ •
Cement and concrete products,
and
grain
and
glass
products,
grain
leather,
leather
oils,
•
.V
vegetable
footwear,
and
oil-bearing materials,
vegetable products, alcoholic
waxes
and
tobacco and tobacco manufac¬
sugar,
From
Commission's announcement
the
The reports summarize
granted
by
obtained
the
from
United
foreign
included
statistics
in
United
include
for each
States
countries
the
States
and
imports
on
reports
quote;
we
industry the principal tariff concessions
on
the
principal
exports from the United
concessions
States.
for representative years
are
production,
and
exports
The
since
The
imports.
1929
data
indicate
the proportion of the United States market supplied by imports
proportion of the United States production sold in foreign markets,
in specified years, before and after the trade agreements.
and the
Copies of these reports
the
United
States
be obtained upon request from
Commission, Washington, D. C.,
may
Tariff
the Tariff Commission's office in the Custom
or
Report
Cuban
on
Relations
According to
Commission
Commercial
Issued
Policies
and
Trade
report released by the United States Tariff
Nov. 22, Cuba has a larger foreign trade in
proportion to its population than most other countries of the
Western
Hemisphere, except Canada and Argentina.
This
specialization, its peculiar ad¬
is due to Cuba's agricultural
vantages in the production of sugar and of certain types of
tobacco, its preferential trade relations with the United
States,
United
States
purchases
Cuba
from
fresh fruits and vegetables,
iron
The
ore.
consist
principally
and
manufactures,
to
United
Cuba
many
lard,
are
States
valued
other
rice,
petroleum, and passenger
molasses,
sells
mangansee
Cuba
to
textiles
were
ore,
of
cigar leaf
copper
various
ore,
kinds,
flour,
articles.
The
leading
cloth,
cotton
individual
piece
rayon
exports
goods,
crude
In 1939 United States imports from Cuba
$104,930,000 and exports to that country at $81,644,000.
at
cars.
The trade of the United States with Cuba has been large because of the
preferential tariffs which each country accords the products of the other,
and also because Cuban products, being mainly tropical and semi-tropical,
serve
chiefly to
supplement
production
in
the
United
large United States investments in Cuba have been
trade
stimulating
portant
in the
Cuba ranked
States
between
commerce
sixth
imports
ranked ninth
as
among
and
a
the
countries.
4.5%
of
an
States.
Moreover,
important factor in
Trade
with
Cuba
States with the world.
the nations of the world
the
total.
as
a
In
that
source
im¬
is
In
1939
of United
same
year
to New York and for
came
a
while
as Vice-President of the
combined bank, the Central Hanover Bank & Trust Co.
The death of John V. Thayer, a former Vice-President of
the institution, is
noted elsewhere in these columns.
♦
Arthur J. Dunne, who was associated with the National
City Bank of New York for 23 years, died on Dec. 2 at the
Methodist Episcopal Hospital, in Brooklyn, N. Y. He was
38 years old.
Mr. Dunne, who at the time of his illness
department head of the advertising and publicity divi¬
helped in the organization of the institu¬
tion's Personal Loan Department, and in 1934 was loaned
to the Government to assist the preparatory work in launch¬
ing the Federal Housing Act campaign for reconstruction
sion of the bank,
Mr.
loans.
Bank
Dunne
served
Vice-President
as
of
the
Club, the employes' organization, in 1924, and
He
President in 1930.
was
also
a
City
was
member of the New York
Financial Advertisers Association.
BANKS,
Stock
made
Exchange
TRUST
Dec.
5
COMPANIES,
for
the
membership
changed from the previous transaction on
transfer
$33,000,
Dec. 2, 1940.
at
Franklyn L. Hutton, retired New York broker and father
of Barbara Hutton (now the Countess Haugwitz-Reventlow),
Woolworth heiress, died on Dec. 5 on his plantation near
Charleston,
He
S.
C., following
63 years
of
an
illness of severs! weeks.
Born in New York on Dec. 1,
1877, Mr. Hutton graduated from Yale University in 1900.
The previous year his brother, Edward F. Hutton, became
one of the founders of the New York Stock Exchange firm
of Harris, Hutton & Co., and Franklyn joined this firm
upon his graduation from Yale.
In 1904 the firm became
E. F. Hutton & Co., and Mr. (Franklyn) Hutton, as a
partner, was elected to membership on the Stock Exchange
representing the firm on the floor. Later he opened branches
of the firm in San Francisci and Los Angeles, finally retiring
was
from the firm in
age.
1931.
♦
it
buyer of United States exports, taking 2.6%.
Arrangements were
York
two
of the United
supplied
ABOUT
ITEMS
New
a
National Bank in 1929 he continued
75% in
(about
vegetable food products and beverages, machinery and vehicles, metals and
were
He
broker's clerk
by day and telegrapher at night.
Later Mr. Miller gave up telegraphy, but continued in the
brokerage business until 1913, when he joined the Equitable
Trust Co., remaining as Assistant Secretary for seven years.
In 1921 he joined the Central Union Trust Co., becoming
Assistant Secretary the following year and Vice-President in
1925.
When the Central Union merged with the Hanover
as
large consuming centers, the
The Tariff Commission, in part, also says:
Other leading imports from Cuba in 1939
1939) of sugar.
tobacco,
in Cincinnati.
ness
and its proximity to
report shows.
and
sinus
was
by Tariff Commission
a
on
a
House, New
F
York, No Y.
Virgil W. Miller, a Vice-President of the Central Hanover
Co., New York City, died on Dec. 3 following
operation. He was 57 years of age. Born in Martinville, Ohio, Mr. Miller attended Wilmington College and
after graduation worked for a short time for the Baltimore
& Ohio in Martinsville before entering the investment busi¬
Bank & Trust
worked
dairy products, lace and lace articles.
tures,
and
/•'
fishery products, fruit and fruit products,
fats,
pottery,
glassware,
beverages,
cov¬
The Brooklyn Trust Co. of Brooklyn, N. Y., announced
on Dec. 2 that, effective Jan. 1, next, the rates of interest
&c.
of
a
un¬
paid on "Special Interest" accounts would be reduced to
z/i of 1% per annum on balances between $100 and $5,000,
and \i of 1% per annum on balances between $5,000 and
$15,000.
The announcement continues:
No interest is or will be paid on balances of $100 or less, or on the first
$100 of larger balances.
Arthur S. Kleeman, President of the Colonial Trust Co.
of New
York,
Dawson
as manager
announces
the appointment of Herbert H.
of the bank's recently organized Equip¬
Department, created to handle the financing of
buses, heavy machinery, &e.
Mr. Dawson was formerly
Vice-President of the Commercial Credit Corporation of
ment Loan
Present rates are 1% on
balances between $100 and $5,000, and ^ of 1%
between $5,000 and $15,000.
Interest will be credited
semi-annually.
"Special Interest" accounts are those from which withdrawals
made only upon
presentation of passbook.
accounts represent
Trust
be
only about 7% of the total deposits of the Brooklyn
Co.
♦
New York.
Mr. Kleeman also
may
Total deposit balances in these
announces
The Girard Trust Co.
that the Colonial Trust Co.
of Philadelphia, Pa., recently an¬
will open
nounced the
with
Loesche and Basil L. Harlow from Assistant Vice-Presidents
branch office in Rockefeller Center, in accordance
authority granted by the New York State Banking
Department. The new office will be located on the ground
to
promotion of J. Malcolm Johnston, William H.
Vice-Presidents; William R. Jones and Harold W. Hoge-
The Commercial & Financial Chronicle
3336
land from Assistant Treasurers to Assistant
Vice-Presidents,
and of Reginald R. Jacobs, from Assistant Secretary to As¬
sistant Vice-President. • Other appointments made at the
same time were:
William H. Williams, Assistant Secretary;
Lloyd M. Coates, Assistant Trust Officer; Hardie G. Hain,
Corporate Trust Officer; Herbert R. Williams, Assistant
Corporate Trust Officer, and G. W. Hornsby, Manager of
Tax Division.
The changes became effective Dec. 2.
♦—
R. F. Buchman, for the past 13 years chief Auditor of the
Mellon National Bank of Pittsburgh, Pa., has been promoted
to an Assistant Cashier, it is learned from the Pittsburgh
Mr. Buchman, who is a graduate
University of Pittsburgh, joined the bank as a messen¬
"Post Gazette" of Dec. 3.
of the
ger
35
years ago.
♦
Edwin Baxter, a Vice-President of the Cleveland Trust
Co., Cleveland, Ohio, was elected a director of the Ohio
Chamber of Commerce on Dec. 3, to represent the banking
interests, it is learned from the Cleveland "Plain Dealer,"
which added:
Garves
Williams
reelected
was
Gas Co., was named
He heads the
President.
Williams
C. I. Weaver, President, Ohio Fuel
Manufacturing Co. of Portsmouth.
Vice-President to succeed Frederick A. Miller, Presi¬
dent, Goodman Shoe Co., resigned.
j
;
Regarding the affairs of the defunct First National Bank
from that place
& Trust Co. of Bloomington, 111., a dispatch
to the Chicago "Tribune" on Nov. 29 said:
(Dec.
2)
liquidating dividend amounting to $19,000,
a
Grover C. Helm, Chairman of the liquidating board of trustees, announced
today.
Depositors of unsecured accounts totaling $1,628,525 have been
paid in full.
The forthcoming dividend to stockholders will make a total
1-3%
payment of 33
of the original investment.
"Awing to the losses sustained by the American National Bank of Santa
of the American National to be trans¬
ferred
depositor, regardless of the size of his
the
to
mercial West" of Nov. 30 went
on
to say:
V,
clerk that year; became Vice-President Great Falls National,
Great Falls, Mont., in
1913, served
1930-34,
as
Vice-President United States Na¬
Vice-President
Northwest
Minneapolis, in 1934-39, took his present post in 1939.
Bancorporation,
He also is
Banco
a
director; trustee Equitable Life Insurance Co. of Iowa; trustee Minneapolis
Foundation.
Mr. Clark represents industry and business on the bank's Board.
native of Boston and
business
of
more
He is
than 50 years a St. Paul resident, graduated in
University of Minnesota in 1894, but had previously begun his
career
no
»
'
of the Dominion Bank, Toronto,
Canada, covering the fiscal year ended Oct. 31, 1940, has
been issued.
Net profits for the period, after making ap¬
propriations to contingency accounts, out of which accounts
full provision for bad and doubtful debts has been made, and
after deducting Dominion and Provincial taxes of $370,166,
amounted to $958,788.
And this sum added to $837,401,
the balance to credit of profit and loss on Oct. 31,1939, made
$1,796,189 available for distribution. " From this amount
the following allocations were made: $700,000 to pay (quar¬
terly) dividends at the rate of 10% per annum; $85,000 con¬
tributed to officers' pension fund, and $150,000 written off
bank premises account, leaving a balance of $861,189 to be
carried forward to the/current fiscal year's profit and loss
account.
Total deports are shown at $130,411,517, com¬
paring with $136,901,997 on Oct. 31, 1939, while total re¬
sources are given as $158,452,310, against $163,639,106 at
the close of last year.
The bank's paid-up capital is $7,000,000 and its reserve fund and undivided profits total
$7,861,188.
The
in St. Paul in 1888
as a
Finch, Van Slyck & McConville.
clerk in the wholesale
drygoods house
•.
annual report of the
sixty-sixth
Canada
Imperial Bank of
(head office Toronto) covering the fiscal year
31, 1940, has just recently been issued and shows
ended Oct.
substantial
ing
Provincial
and
which
doubtful
,
and deposits.
Net
after providing for
($487,883); contribut¬
assets
months,
taxes
pension and guarantee funds
($101,584),
to
contingent
accounts,
appropriations
making
of
twelve
the
staff
to
both
in
growth
for
accounts
has
debts
full
provision
for
bad
and
been
made, amounted to $961,018 (as
compared with $966,259 on Oct. 31, 1939), and when added
to $665,634, the balance to credit of profit and loss brought
forward from the previous fiscal year, made
able
for
Out
distribution.
allocations
Mr. Ford, native of Montana, graduated from Harvard in 1909, entered
law from
Bank,
A meeting of the stockholders of the American National
Bank, it was stated, has been called for Dec. 10 to formally
ratify the transaction.
and
a
California
facilities of the depositors of the bank.
out
in
Through the
the advance to enable the deposits
Clark, Chairman of the West Publishing Co. of St. Paul,
Minn., have been elected as Class A and Class B directors,
respectively, of the Federal Reserve Bank of Minneapolis,
to succeed M. O. Grangaard and W. 0. Washburn, re¬
spectively.
The term of each director is for three years,
expiring Dec. 31, 1943. In noting their election, the "Com¬
Omaha,
it to wind up its affairs.
procedure by which the Federal Deposit Insurance Corporation is making
Dominion
tional,
had made a commitment to advance the
necessary to make the transaction
funds
Monica, it has been apparent to the Federal Deposit Insurance Corpora¬
earnings
Shirley S. Ford, President of the Northwestern National
as a
the
tion that it would be necessary for
Bank & Trust Co. of Minneapolis, Minn., and Homer P.
banking
Bank
1940
He stated;
possible.
Stockholders of the former First National Bank & Trust Co. will receive
Monday
National
American
7,
The 70th annual report
According to the Baltimore "Sun" of Nov. 30, 0. Beirne
Chisolm, Vice-President of the Colonial Trust Co., Baltimore,
Md., is resigning that position to be come Vice-President in
charge of supervision of Clarke, Sinsabaugh & Co., Inc.,
investment counselors, New York City.
A.
stated that the Federal agency
deposit, will suffer any loss and there will be no interruption in the banking
'
,
Dec.
of
this
$1,626,652 avail¬
the following
amount
made:
$700,000 to pay dividends at the
$150,000 written off bank premises,
and $100,000 reserved for contingencies, leaving a balance
of $676,652 to be carried forward to the current fiscal year's
profit and loss account.
Total resources are shown in the
report as $191,491,715, comparing with $187,959,830 a year
ago, while total deposits are given as $173,387,338, against
$165,458,518.
The paid-up capital and the reserve fund, at
$7,000,000 and $8,000,000, respectively, remain the same as
last year, A. E. Phipps is President and H. T. Jaffray,
General Manager.
10%
rate of
were
per annum;
________
In 1892 he became associated with
West Publishing Co., law book manufacturing firm, became its Treasurer
in 1902, President in 1921, has been chairman since 1932.
He is
a
man
Ninth District Liberty Loan Committee in World War I, is President
James J. Hill Reference Library, St. Paul.
George T. Sehaller, President of the Federal Reserve Bank
Chicago announced on Nov. 29 that the American Trust
& Savings Bank of
Dubuque, Iowa, has been admitted to
membership in the Federal Reserve System, it is learned
from the Chicago "Journal of Commerce" of Nov. 30, which
added:
r■ V\.
of
Officers of the bank include O. J. Schrup, President; D. W. Ernst, Execu¬
tive
Vice-President*
Arthur P.
Albert
C.
Melchior, Roy F.
Lantzky, Cashier
Clab and Carl J.
Trust Offlcer and
and
Kleinschmidt, Assistant
As of Dec. 5 the California Bank of Los
Angeles, through
its Santa Monica, Calif, branch,
planned to take over the
American National Bank of Santa Monica.
In reporting
the proposed merger, the Los
Angeles "Times" of Nov. 30
said in part:
The American
be
National Bank will discontinue further business
(Dec. 5) and
completed
go
at
that
into voluntary liquidation and the transaction will
without
National Bank.
any
interruption
to
depositors
of
the American
...
According to J. Howard Edgerton, attorney for the bank and a member
of the Board of Directors,
voluntary liquidation was decided upon when
it
disclosed that collateral supplied
by a
on
a
line of credit was
was
sion
It
is
firm
As
Los Angeles livestock commis¬
inadequate
anticipated that
of June
and partially disposed
of.
approximately $100,000 of the $180,000 loan will
eventually be recovered.
of
.
.
.
30, last, the bank's statement of condition showed capital
$100,000, surplus of $25,000 and undivided profits of $10,000.
The
the
American
Federal
CURB
MARKET
Curb stocks have been unsettled during a goodly part of
the present week, and while there have been a number of
substantial gains among a selected group
of the utility
pre¬
ferred issues and industrial specialties, these advances were
not maintained.
Petroleum shares have moved up and down
but have been
stocks moved
a
little stronger on the
within
there has been
some
upside.
Aluminum
comparatively narrow channel and
activity apparent in the shipbuilding
a
issues.
Aircraft shares have moved up and down without
definite or sustained trend and the paper and cardboard
stocks,
modest
especially
gains.
Under
St.
Regis
Paper pref., have registered
the
leadership of the industrial specialties, curb
briskly upward during the abbreviated session
on
Saturday.
The advances were not especially noteworthy
but there were a goodly number of gains ranging up to 2
points or more.
Benson & Hedges was one of the bright
spots as it forged ahead 5% points to 29.
Public utility
preferred shares were active, Virginia Public Service pref.
advancing 2 % points to 91.
Aircraft issues were fractionally
higher with the exception of Vultee which was unchanged at
the close.
Shipbuilding stocks were in demand at advancing
prices and paper and cardboard issues were fractionally
higher.
The volume of transfers climbed up to approxi¬
mately 107,000 shares against 77,000 during the preceding
stocks moved
Cashiers.
time
THE
director
Waldorf Paper Products Co., St. Paul, Chairman American Law Book Co.,
New York director St. Paul Fire & Marine Insurance Co., was Vice-Chair¬
National
Deposit
approximately
directors
Insurance
$900,000
have
completed
Corporation,
against the
to
substandard
arrangements with
obtain
assets
an
of
advance of
the
bank, in
order to provide it with 100% cash with which to
provide for the payment
of its depositors through the California Bank.
Francis O. Brown, general counsel for the Federal Deposit Insurance
Corporation, who is in Santa Monica in connection with the transaction.
short
v
session.
Mixed price changes were apparent
during much of the
dealings on Monday.
The volume of trading was down to
120,000 shares against 127,000 on Friday, and while the
changes were largely fractional, there were a number of the
more
active stocks that registered modest advances.
In
other sections of the list the setbacks ranged up to a point or
more.
Public utility preferred issues were again in demand,
Mississippi River Power $6 pref. moving up 2% points to a
new top at
118% with slightly lower gains by North American
Light & Power and Long Island Lighting pref.
In the petro¬
leum section the gains worked up to a pointer more and a
The Commercial & Financial Chronicle
Volume 151
number of setbacks
apparent
within
a
ranging
to 2 or
more points were
Aircraft stocks moved
shipbuilding shares were quiet and
up
range,
paper and cardboard issues
were
down.
Unsettled price movements with
transfers
were
the
chief
a
the
recorded advances up to 2 or more points.
There were some
modest gains registered in the public
utility preferred section,
particularly Central Maine Power 7% pref., which worked
up to a new high ground with an advance of 1% points to 112
and North American Light & Power
pref. which forged
ahead 3% points to 89.
Aircraft shares were subject to
fractional changes on both sides, paper and cardboard stocks
moved within a narrow range and
shipbuilding stocks
sagged or were unchanged.
On Wednesday price variations were narrow and about
evenly divided between advances and recessions.
There
were a number of
public utility preferred stocks that regis¬
tered substantial gains and occasional upturns of 2 or more
points were recorded in the industrial specialties group.
Petroleum shares were active with gains ranging up to a
point or more and aluminum issues moved gradually upward.
Paper and cardboard stocks were stronger and shipbuilding
shares were fractionally higher, New York Shipbuilding
(founders shares) leading the way with a 1-point gain to
23%.
Aircraft shares were irregular with Bell, Bellanca and
Republic on the side of the decline, Brewster higher and
Beech unchanged.
Prices were again unsettled on Thursday as the market
moved up and down without definite or sustained trend.
Scattered through the list were a number of trading favorites
that registered gains up to 2 or more points but there were
number
a
losses.
of popular stocks that recorded substantial
The volume of sales
slightly lower, the transfers
dropping to 144,750 shares against 157,625 on the preceding
day. Prominent among the stocks closing on the side of the
decline were Bell Tel. of Canada, 5% points to 105%; Corroon & Reynolds pref., 3
points to 67; Penn Salt, 3 points to
180; Niles-Bement-Pond, 1% points to 60, and Consolidated
Gas & Electric of Baltimore pref., 1% points to 118%. The
gains included Niagara Hudson 1st pref., 1% points to 77;
Sunray Oil c.v. pref., 3% points to 41; Chicago Flexible
Shaft, 1 point to 70, and Mountain States Tel. & Tel., 1
point to 136.
Dull trading and narrow price changes marked the dealings
on the New York Curb
Exchange on Friday.
Prices were
inclined to move downward during the early trading but the
market steadied as the session progressed and closed with the
gains slightly in excess of the declines, although the changes
were largely fractional.
There were occasional strong spots
including among others Penn Salt which advanced 5 points
to 185 and Scranton Spring Brook Water Service, 6% pref.
which forged ahead 7 points to 82.
On the downside Pepperell Manufacturing Co. fell off 2% points to 89; Midvale Steel
declined 2 points to 116% and Sherwin-Williams slipped
backward 1% points to 74.
As compared with Friday of
last week prices were lower. Aluminum Co. of America
closing last night at 155% against 157 on Friday a week ago;
American Cyanamid B at 34% against 35%; Bell Aircraft
at 19% against 20%; Gulf Oil Corp. at 31% against 34;
Humble Oil (new) at 62% against 63; International Petro¬
leum at 8% against 9%, and Sherwin-Williams Co. at 74
against 75. '
:'vv>:V v'iV vvv-.
DAILY
TRANSACTIONS
AT
was
THE
NEW
Stocks
Bonds (Par Value)
of
Dec. 6, 1940
Saturday...
106,605
Monday
Tuesday
Wednesday.
Thursday.
Friday
Government
5362,000
Total
Corporate
$370,000
56,000
$2,000
120,480
721,000
29,000
10,000
760,000
157,525
168.000
32,000
40,000
18.000
18,000
167,375
935,000
1,226,000
1,095,000
1,034,000
8,000
18,000
18,000
1,125,000
1,284,000
1,131,000
1,060,000
853,645
56,373,000
5265,000
$102,000
Total
Sales at
Week Ended Dec. 6
1940
Exchange
1939
1939
1940
Distillers Co....
Electric A Musical Ind
Rand Mines
7/7H
16/7 J*
23/101/103*
£1436
67/6
£636
Rio Tin to
£636
Hudsons Bay Co
Imp Tob of G B AI
London Mid Ry_.
Metal Box
.......
Rolls Royce
£736
77/6
33/9
77/6
33/9
22/136
£7
77^0
33/9
22/14/736
22/14/736
14/736
Wltwatersrand
Areas
£2'u
......
ENGLISH
£2 36
FINANCIAL
The daily closing
£236
MARKET—PER
£236
CABLE
quotations for securities, &c., at London,
reported by cable, have been
Sat.,
Nov. 30
Silver, per oz_.
Gold, p.flneoz.
Consols, 236%.
£236
as
follows the past week:
Mon.,
Closed
Tues.,
Wed.,
Thurs.,
Dec. 2
Dec. 3
Dec. 4
Dec. 5
22 13-16d. 22 13-16d.
168s.
168s.
Closed
168s.
£76
Fri.,
Dec. 6
22 15-16d. 22 15-16d.
168s.
168s.
£76
£7636
23d.
168s.
£76
£7536
British 3 36 %
War Loan...
Closed
£10236
£102 15-16 £102 15-16 £10236
£10236
British 4%
1960-90—
Closed
£11336
£11336
£11336
£11336
£11336
The
price of silver per ounce (in cents) in the United
States on the same days has been:
BarN.Y. (for.) 3436
XJ. S. Treasury
(newly mined) 71.11
3436
3436
3436
3436
3436
71.11
71.11
71.11
71.11
71.11
Course of Bank
Bank
a
clearings this week show
year ago.
telegraphic
Clearings
an
increase compared with
Preliminary figures compiled by
us,
based
upon
advices from the chief cities of the country,
indicate that for the week ending today (Saturday, Dec. 7)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 10.2% above those
the corresponding week last year.
Our preliminary
total stands at $6,342,623,666, against $5,755,668,839 for
for
the
same
week in 1939.
the week ended
mary
At this center there is
Friday of 14.6%.
a
gain for
Our comparative
sum¬
for the week follows:
Clearings—Returns by Telegraph
Week Ending Dec. 7
Per
1939
$2,688,916,957
289,640,025
411,000,000
224,303,653
92,021,452
98,800,000
150,042,000
New York
1940
$2,340,598,783
+ 14.6
+ 13.6
+22.0
Cent
Cleveland
122,816,182
124,747,919
103,326,243
Baltimore
77,022,981
255,013,445
337,000,000
190,820,450
85,458,927
87,000,000
132,729,000
100,013,728
81,699,385
82,567,214
60,488,730
$4,382,636,412
902,883,310
$3,765,979,662
808,931,680
Total all cities, five days.
All cities, one day
...
$5,285,519,722
1,057,103,944
$4,574,911,342
1,180,757,497
—10.5
$0,342,623,666
$5,755,608,839
+ 10.2
Chicago
Philadelphia.
_
Boston
Kansas City..
St. Louis
San Francisco.
Pittsburgh
...
Detroit
Eleven cities, five days...
Other cities, five days
+ 17.5
+7.7
+ 12.8
+ 13.0
+ 15.8
+52.7
+25.2
+27.3
+ 16.4
+ 11.0
+ 15.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases
has to be estimated.
In the elaborate detailed statement, however,
which
we
143
districts:
$422,652,000
EXCHANGE
Closing prices of representative stocks
each day of the past week:
as
received by cable
Nov.
Dec.
Dec.
Dec.
Dec.
30
2
3
4
5
6
Dec.
-Per Cent of Par
Allegemelne Elektrixltaeto-Gesellschaf t(6%>167
Berliner Kraft u. Licht (8%)—..
—.—220
Commers Bank (6%)
Deutsche Bank (6%)
140
139
140
141
..—163
152
153
154
140
139
140
141
142
140
198
198
199
200
200
200
120
120
120
120
120
120
69/£636
284
$283,412,000
167
168
170
168
168
219
222
223
224
223
142
140
154
154
7%)
142
£1436
69/£636
285
$7,519,000
.............280
69/—
£636
£736
143
55,730,000
Verelnigte Stahlwerke (6%)—.
22/9
£1436
286
$411,858,000
4,207,000
6,587,000
.............
14/6
64/3
7/9
16/736
22/6
99/436
99/436
£1436
77/6
32/6
22/436
14/9
22 /3
.....
23/—
100/736
32/6
30/3
£536
144
2,541,000
6,241,000
Farbenlndustrie I. G. (8%)
Reichsbank (new shares)
Siemens A Halske (8%)
£1436
67 Id
£636
£636
77/6
32/6
.......
Shell Transport
United Molasses
Vickers..
7/736
16/736
22 IS
101/3
£1036
282
102,000
$7,214,000
128,000
177,000
$274,630,000
255,000
Deutsche Relchsbahn (German Rys.
Dresdner Bank (0%)
Closed
£55
£1036
30/30/3
£536
64/7/736
16/736
143
$5,373,000
STOCK
65/-
Ford Ltd...
£55
£1036
30/30/3
£536
63/9
7/736
16/736
280
42,349,376
BERLIN
£536
64/-
83/9
£55
142
38,723,600
Foreign corporate
THE
£5H
36/9
clearings for the whole country having amounted to
$6,224,618,434, against $6,500,318,853 in the same week in
1939.
Outside of this city there was an increase of 5.8%,
the bank clearings at this center having recorded a loss of
12.0%. We group the cities according to the Federal Re¬
serve districts in which they are located,
and from this it
appears that in the New York Reserve District Oncludnig this
city) the totals show a decrease of 11.6%, in the Boston
Reserve District of 1.6% and in the Philadelphia Reserve
District of 3.0%.
In the Cleveland Reserve District the
totals record a gain of 2.2%, in the Richmond Reserve Dis¬
trict of 11.6% and in the Atlanta Reserve District of 15.3%.
The Chicago Reserve District has enlarged its totals by
11.5%, the St. Louis Reserve District by 10.6% and the
Minneapolis Reserve District by 19.6%.
In the Kansas
City Reserve District the totals register an improvement of
6.6%, in the Dallas Reserve District of 3.1% and in the
San Francisco Reserve District of 7.1%.
In the following we furnish a summary by Federal Reserve
883,990
Foreign government
Total....
31/103*
30/3
Courtsulds 8 A Co....
De Beers
£5536
£1036
31/1036
30/3
Dec. 6
39/83/9
38/3
84/436
85,-
£55 a
£10H
Dec. 5
Dec. 4
39/-
Fri.,
TJiurs.,
Wed.,
Dec. 3
39/85/7H
Central Mln A Invest..
Cons Goldflelds of S A.
of
853,645
Bonds
Domestic
Tues.,
Dec. 2
Cable A Wire ord
as
received by cable
present further below, we are able to give final and complete
results for the week previous—the week ended Nov. 30.
For that week there was a decrease of 4.2%, the aggregate
Jan. 1 to Dec. 6
New York Curb
Stocks—No. of shares.
Mon.,
Sat.
Nov. 30
West
as
day of the past week:
Boots Pure Drugs
British Amer Tobacco-
55,730,000
157,050
144,710
_
each
Foreign
Foreiffn
Domestic
Shares)
EXCHANGE
Total ail cities for week
EXCHANGE
CURB
YORK
(Number
Week Ended
LONDON STOCK
Quotations of representative stocks
slightly larger volume of
characteristics of
trading on
Tuesday.
The market was without definite trend, the gains
and losses being about evenly divided with the exception of
the petroleum stocks which were
unusually active and
also
THE
in the industrial group.
narrow
3337
Dec.
TAe Commercial & Financial Chronicle
3338
1940
transactions in share properties
on the
the 11 months of the years
1940 is indicated in the following:
of
volume
The
SUMMARY OF BANK CLEARINGS
7,
New York Stock Exchange for
Inc.or
Week End. Nov. 30,
1940
Reserve Dlsts.
Boston...-12 cities
New York.. 13
"
PhlladelphlalO
"
Cleveland.. 7
"
Richmond.. 6
**
1939
Dec.
1938
%
%
*
S
Federal
1st
2d
3d
4th
6th
Atlanta....10
Chicago...-18
8th St. Louis... 4
9th
Minneapolis 7
10th Kansas City 10
lltb Dallas
6
12thSan Fran... 10
6th
7th
1937 to
1937
S
1940
1940
269,212,357
273,627,825
-1.6
284.264,484
3,784,691,918
—11.6
3,807,637,795
1938
1937
No. Shares
No. Shares
No. Shares
3,614,150.134
441,735,508
455.651.756
—3.0
408,492,733
418,958.827
371.352,514
363,398,878
142,531,498
153,249.521
209,631.853
+ 15.3
+ 11.5
167,845,010 + 10.6
102,134.315 + 19.6
139,055,374
+6.6
+3.1
73,490,496
535,838,510
185,677,790
122,186,277
148,173,717
75.774.563
181.781,839
168,272,750
483,277,967
523,671.375
104,965.300
67,498,768
70.736.125
6,500.318,853
—4.2
6,318.783.837
26,695,690
20.246,238
12,935,210
17.119,104
14,004,244
34,606,839
38.964.712
15.574,625
11,963,790
24.368,040
16 449,193
+5.8
2,623.405,569
2.732,247.709
341.704,162
+ 12.0
352,740,400
429,555.535
j
81.235,027
45.145,238
55.491.388
69,605.221
126.966,815
108,764,085
117,165,183
228.870.927
7,304.820
18.067,920
38.773.575
7.614,850
Six months......
Month of July
17,372,781
57.091,430
20,728,160
17,212.553
23,826,970
33.854.188
....
In the Cleveland Reserve District the
totals record a gain of 7.8%, in the Richmond Reserve Dis¬
trict of 14.6% and in the Atlanta Reserve District of 12.8%.
In the Chicago Reserve District the totals are larger by
14.6%, in the St. Louis Reserve District by 8.6% and in the
Minneapolis Reserve District by 4.8%.
In the Kansas
City Reserve District the increase is 0.7%, in the Dallas
Reserve District 10.5% and in the San Francisco Reserve
District 7.5%.
=
November,
Inc.or
November,
November,
1940
1939
Dec.
1938
1937
%
%
I
1,308,440,442
1,196,046,922
1,148,754,271
1,063,459,998
2d
New York.. 16
"
14,933,712.009
13,413,182,499
13,547.272,187
Philadelphial7
M
1,983.122,953
1,813,118,698
1,632,621,886
1,569,535,502
4th
Cleveland.. 18
"
1,583,504,795
1,215,567,227
1,299,304,524
769,724,424
+ 11.3
+9.4
+7.8
1,468,778,621
671,749,662 + 14.6
806,697,692 + 12.8
13,528,137,399
3d
591,172,447
622,274,169
713,037,451
680,604,787
+ 14.6
+8.6
1,944,306.845
2,101,288,956
600,700,765
619,572,028
14 cities
6th
Richmond..
9
"
6th
Atlanta
16
"
909,934,329
7th
Chicago—31
"
2,496,690.292
2,177,880,779
8th
St. Louis...
7
M
762,764,507
702,280,601
9th
Minneapolis'6
"
623,909,184
10th Kansas City 18
"
832,865,773
11
"
613,276,564
12thSan Fran... 19
"
1,222,869,938
11th Dallas
Total...
We
444.783,290
481,425,300
827,313.611
731,195,550
493,267,767
505,152,639
1,049,558,165
1,115,838,292
25,270,228,098
+10.6
+9.5
24,093,103,063
24,375,292,811
12,348,533,462
11,021,682,100
1,612,187,626
+6.4
1,661,720,521
1,619,350,496
Inc.or
11 Months
1939
Dec.
1938
1937
Boston
New York.. 15
"
3d
Pblladelphial7
"
20.361.454,809
18,885.254,197
4th
Cleveland—18
"
15,992.602.735
14,118,663,249
6th
Richmond..
9
"
7.502.621.536
6.594,769,350
12,857.251,507
12.192.705,666
16
"
8,857,336,313
8,020,216.031
7th
Chicago—31
"
25,108 665,842
22,373.142,595
8th
St. Louis...
7
"
7,313,283,293
6,740,939.183
9th
Minneapolis^
'•
5,483,068.752
10th Kansas City 18
"
8,732,999.236
8,381.249,827
11th Dallas
11
"
6.087,109,913
5,689,709.990
12thSan Fran...19
"
12,709,659.305
11,751,531.264
5,004.706,325
+7.8
+ 13.3
+ 13.8
+ 10.4
+ 12.2
+8.5
+9.6
+4.2
+7.0
+8.2
Feb... 22,834,951.138 21,840.482,419
Mar.
136,516,665,755 124,874,558,118
—4.4 12,357,976,167 11,449,037.566
26,247,301,104 27,459.974.767
16,803,168,975
16,048,038,827
May.. 26.861,893.522 24,639,280,005
+ 7.8 12,098,713,499 10,773,253.307 + 12.3
+ 9.0 12,708,644,053 11,159,259 737 + 13.9
—4.9 11,915,737,157 11,444,083.288
26.036.643,067 24,156.251,694
Apr.
+ 3.8 36,723,094,709 33,376,596.332 + 10.0
149289,513.285
+2.4 72,730.882,363 65,519.666.266 + 11.0
6 mos- 152918,060.232
Our usual monthly
+6.6 12,446,091,645 11,197,200,633 + 11.2
+ 5.9
25,423,251,336 23,848 ,853,208
23,377,079,031 24,961, 692,543
Aug
Sept.. 23,432,233.319 26,380, 267.085
-11.2 11,920,433,542 11.970.139,075
—0.4
3d qu. 72.232,563,686 75,190,812.836
-3.9 36,356,002,494 34,491,701.161
+ 5.4
225150623.918 224480,326,121
+0.3 109086,884,857 100011,367,427
+9.1
July
..
—6.3 11,989,477,307 11,324.361.453
..
9
moe.
12,514,657.229 +11.1
Nov.. 27,940,805,210125,270.228,098 +10.6 13,527.768.426 12,348,533.462
+ 9.5
Oct... 28.106,924.795 25.041,457.744 +12.2 13,902,012.472
course
of bank clearings at leading cities of the country
for the month of November and since Jan. 1 in each of the
last four years
is shown in the subjoined statement:
Month
1940
Jan. 1 to Nov. 30
of Noveml
1939
1937
1938
19'0
1938
1939
$
$
$
$
$
$
1937
$
$
1,120
1,029
13,047 144.682 149.917 147.205 170.591
1,285
15,143
13,935
13.127
15,587
1,191
985
907
10.932
10,415
9.435
10.926
Philadelphia..
1.889
1,728
422
1,449
1,347
1,548
1,483
19.323
17.922
16.210
18.055
414
356
373
4,354
4,091
Pittsburgh.
629
568
466
521
6,350
5,458
12,781,606,320
16,140,702,451
San Francisco.
672
652
602
605
7.054
6,665
3,800
4.995
6,364
4,411
19.093,957,777
6,118,327,219
6,946,417,261
Baltimore
381
315
276
283
3,787
3,234
2,955
3.320
Cincinnati
288
274
233
251
Kansas
429
431
355
375
484
391
389
2,940
4,537
5,156
2,704
4,327
519
2.515
4.000
3.918
2,967
4,847
4,677
325
311
272
304
3,460
St.
Louis
7,184,333,056
7,742,565.921
20.622,430,650
24,986,317,061
6,206.554,053
7,063,093,913
Cleveland
4,702.900,611
City-
4,508
3,141
6.770
7.181
5,257,394,475
Minneapolis
2,961
3,382
7,667,020,114
9,178,701,794
New Orleans-
200
190
174
166
1,948
5,215,260,428
5,537,237,845
Detroit
628
454
407
470
5,645
1.864
4.537
1,723
3,943
11,086,451,392
13,080,120,940
175
154
142
138
1,765
1,605
1,789
5.398
1,626
139
141
134
129
1,465
1,425
1,469
1,326
54
48
44
42
543
494
469
515
95
85
88
85
1,038
150
129
140
1,665
1,324
900
1,393
1,144
998
1,736
118
949
1,504
1,203
1,225
1,480
1,431
1,345
1,526
961
886
802
877
1,921
Louisville
...
V
....
..
Providence
...
Milwaukee
15,678,376,919
17,201,137,483
detailed statement of transactions on
Exchange is appended.
The results
1,477
108
114
146
138
144
97
91
79
75
212
221
182
186
2,024
128
95
101
1,109
1,901
971
1,795
157
St. Paul
868
948
126
Denver
the New York Stock
+4.1
77,148,490,992 74,296,908,131
2d qu.
Boston
12,808,555,549
+2.3 262,259,476,464 304,450,442,396
+9.3 115,054,202,949 133,859,409,235
+4.7
+7.9
+ 1.0 36,007.787,654 32,143,069.934 + 12.0
1st qu. 75.769,569.240 74,992.605,154
Buffalo
32 cities
1939
%
%
+3.9 12.620.502,357 11,076,265,314 + 13.9
+4.6 11,029,309,130 9,617.767,064 + 14.7
Jan... 26,687.316,998 25.692,147,968
Omaha
191 cities 281,198.353,923 274,792,011,963
Canada
Clearings Outside New York
1940
17.139.099,388
11,123,716,522
—3.1 152,211.778,711 176,615,372,409
150,192.300.682 155,039,124.286
CLEARINGS
1939
1940
New York
$
S
%
+5.4
%
$
Dlsts.
1st
the clearings by months
covers
MONTHLY
11 Months
2d
Total
29,254,626
Clearings, Total AU
Chicago
Outside N. Y. City
51,127,611
27,922,295
.
Month
(000,000
11 Months
1940
Atlanta
41,558,470
19,225,036
compilation
and 1939:
The following
omitted)
6th
23.734,934
14,489,085
since Jan. 1, 1940
The
11 Months
1» cities
71.789.026
300,659,953
20,887,311
11,328,368,062
1,716,867,609
append another table showing the clearings by Federal
Reserve
83,328,705
200,493,888
November
Reserve districts for the 11 months for four years:
Federal
92,532,131
201,296,216
October
762.564,429
27,940,805,210
32 cities
Canada
+4.8
+0.7
555,075,021 +10.5
+ 7.5
1,138,027,247
500,076,745
13.527,768.426
191 cities
Outside N. Y. City
26,859,880
153,826.695
Nine months
S
%
+9.4
20,722,285
June.. 24,249.954,403 25.501.376,432
November,
Boston
11,940,210
Third quarter..
aggregate of clearings being $27,940,805,210 and the 1939
aggregate $25,270,228,098.
In the New York Reserve Dis¬
trict the totals show an improvement of 11.3%, in the Boston
Reserve District of 9.4% and in the Philadelphia Reserve
of 9.4%.
....
September
of the clearings for the
month of November.
For that month there was an increase
for the entire body of clearing houses of 10.6%, the 1940
Dlsts.
18.549.189
6,218.572,079
2,835,493,039
2.999,617.362
We also furnish today a summary
1st
159.265.706
May...
April
August
Reserve
61,673.795
284,551.722
382,671,662
Federal
63,618.847
14,526,094
June
113,198,392
Second quarter
District
60.346,280
45,731,788
First quarter
137,337.942
266,485,269
289,788.553
6.224.618.434
Outside N. Y. City
22,995,770
154,738,265
146.782,530
134,295,519
+7.1
288.813,062
113 cities
Total
68.671,416
60,248,010
25,182.350
13,873,323
24.563.174
15,990,666
13.470.755
February
March...
160.245,931
525,557,250
24.151,931
16.270,368
Month of January
326,272.206
163,395,639
+2.2
+ 11.6
304.279,224
182,405.185
"
"
"
"
**
M
°
1939
No. Shares
261,461.589
3,343,817,078
Indianapolis
..
Richmond
Memphis
—
'
Eleven Months
-■
161
144
151
1,917
1,678
1,557
1,833
78
74
65
70
759
708
631
772
Hartford
Month of November
185
Salt Lake City.
for November and the 11 months of 1940 and 1939 follow:
54
44
46
44
565
518
496
561
Seattle
/"
Description
1940
Stocks, number of shares.
20,887,311
1939
19,225,036
1940
244,256,186
Bonds
17,393,000
2,422,000
U. S. Government bonds
Total
bonds..
22,827,000
5,628,000
197,289,000
306,810.000
3159,006,000 3151,685,000 31,458,201,000 31,869,983,000
CLEARINGS FOR
2,890
We
2,590
2,372
29,272
2,497
26,801
28,534
24,913
27,941 25,270 24,093 24,375 281,198 274,792 262,259 304,450
Outside N.Y. City 13,528
229,378,000
36,643.000
....
Total aU
Railroad and misc. bonds 3139,191,000 3123,230,000 31,224,269,000 31,333,795,000
Foreign governm't bonds
....25,051 22,680 21,721 21,878 251,926 247,991 237,346 275.916
Other cities
1939
189,203,091
......
Total
add
12,349 11,022 11,328 136,517 124,875 115,054 133,859
detailed statement showing the figures
separately for November and since Jan. 1 for
and for the week ended Nov. 30 for four years:
now
our
for each city
two years
NOVEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING NOV. 30
Week Ended Nov. 30
11 Months Ended Nov. 30
Month of November
Clearings at—
Inc.
1940
S
First
Federal
Rese
rve
Maine—Bangor
Fall River
9,045,569
1,119,719,105
3,630,651
Hoi yoke
1,791,976
2,338,281
3,386,096
17,025,057
9,571,143
54,009,279
20,689,360
7,762,400
53,684,800
3,180,791
Lowell
New Bedford
Springfield
Worcester
Conn.—H artford
t
New Haven
Water bury
R. I.—Providence
N. H.—Manchester...
Total
(14 cities)
1,303,440,442
$
Dec.
1940
1939
Inc. or
%
$
S
1937
Dec.
1940
1939
Dec.
1938
%
$
$
%
$
$
533,720
538,930
—1.0
612,306
752,042
,
District— Boston—
2,605,934
Portland
Mass.—Boston..
1939
Inc. or
or
2,220,129
8,640,397
1,028,660,071
3,277,589
2,061,762
1,883,471
3,515,463
16,187,268
8,838,983
43,621,063
19,466,400
+ 17.4
+4.7
+8.9
28,094,668
95,345,298
24,328,734
96,990,307
+ 15.5
—1.7
2,108,095
1,758,253
+ 19.9
2,451,784
2,548,810
10,932,371,097
10,414,620,820
33,155,184
17,013,563
+ 5.0
227,571,088
659,717
234,018,790
709,687
—2.8
242,454,705
221,307,980
—7.0
626,441
621,680
20,041,074
0.6
339,592
310,070
662,480
+ 9.5
316,930
383,014
+ 10.8
33,758,965
—13.1
18,265,426
19,919,780
+24.1
—3.7
+ 5.2
34,176.545
160,102,938
+ 1.8
+ 7.4
33,006,227
+ 3.5
588,206
—11.2
757,327
683,028
150,718,311
90,255,721
+6.2
2,995,143
1,772,573
3,532,618
—15.2
3,861,920
3,295,152
+ 13.7
1,703,352
+ 4.1
2,098,084
+ 9.1
14,072,046
12,954,391
+8.6
+8.3
+ 7.2
4,908,707
4,750,216
+ 3.3
4,564,749
11,878,548
4,483,007
+ 12.6
78,526,400
543,432,400
517,721,413
199,898,253
73,234,100
494,309,500
2,125,246
12,533,214
+ 9.9
12",769" 900
11,52l", 700
10".8
12",076",700
11.847:600
+ 15.0
29,127,635
27 412 459
+6.3
893,570
1,16.7,338
—23.5
1,883,162
1,563,244
+ 9.4
12,857,251,507
12,192,705,666
+ 5.4
269,212,357
273,627,825
—1.6
284,264,484
261.461,589
+8.3
+23.8
+6.3
7,236,300
+ 7.3
47,671,600
2,766,426
1,196,046,922
102,597,494
565,006,729
216.526,132
+
Volume
The Commercial & Financial Chronicle
151
3339
CLEARINGS (Continued)
Month of November
Week Ended Nov. 30
11 Months Ended Nov. 30
Clearings at—
Inc. or
1940
1939
S
Second Federal Res
N. Y,—Albany..
Binghamton.
Buffalo..
Elmlra.
......
.
_
.
Jamestown
.
.
.
_
_
.
__
Dec.
1940
$
(
%
37,500,359
5,454,360
161,547,891
2,627,141
.__.J
Syracuse..
Utica.
Westchester CountyConn.—.Stamford..
N. J.-—Montclalr.
...
....
Newark
*
Northern New Jersey
Orange3.......
Tctal
Dec.
$
$
%
$
1937
1938
%
22,089,154
4,106,463
16,131,077
21,794,237
2,050,837
87,710,339
115,635,750
3,149,074
—3.1
+7.7
34,047,699
22,217,938
3,821,587
18,074,744
23,504,555
2,113,747
84,922,103
>108,057,561
3,193,061
+6.3
—0.6
+7.5
—10.8
—7.3
—3.0
+3.3
+7.0
—1.4
(15 cities).... 14,933,712,009 13,413,182,499
■
+ 14.2
+8.9
+ 10.7
+23.7
+36.8
+ 11.5
3,426,474
^
1939
431,439,110
492,893,101
54,808,768
59,680,274
1,665,205,778
1,504,495,763
24,041,997
25,568,084
36.561.548
41,758,892
144,681,688,168 149,917,453,845
375,482,146
392,731,405
231,236,768
204,663,876
43,694.897
39,295,433
182,953,005
182,564,144
223,133,657
203,669,204
21,735,317
20,342,778
896,784,604
838,363,413
1,200,724,747
1,170,268,423
32,511,985
35,673,838
+ 20.7
+ 11.4
12,921,694,636
.
1940
H-11.3 150,192,300,682 155.039,124,286
31,062,800
4,897,570
150,024,097
2,123,927
4,687,732
;. .
Dec.
$
|
:i3
■:■■■■
,
District —New York—
erve
New York......... 14,413,036,784
Rochester..
36,190.811
_
1939
s
'
Inc. or
Inc. or
•
1,118,153
40.300.000
37,600.000
+7.2
584,553
966.192
656,843
890,164
—11.0
—3.5
3,225,001,072 3.664,825,814
9,182,136
7,621,034
+ 13.0
4,313,326
4,647,858
—12.0
+4.6
—17.0
+6.3
+ 14.2
6,464,143
+37.9
6,313.286
1,358,398
8,705,352
—17.7
+8.6
+7.8
8,436,093
1,162,629
35,400,000
1,294,458
31,800,000
483,034
658,209
715,717
836,966
3,695,378,268 3,480.324,670
8,247,365
9,537,004
4,414,440
6,018,071
i
+ 11.2
+0.2
4**608*926 —23*4
3*637*,513
4,25*8*997
3,986,725
413,119
19,847,297
30,955,666
3,874,536
534,717
26,687,790
30,420,453
+ 9.6
3,528,318
5,371,990
4,604,494
+ 16.7
+6.8
403,685
513,651
—21.4
+ 7.0
20,914,927
24,653,944
24,346,733
25,478,147
—14.1
+2.6
—3.2
—8.9
3,343,817.078 3,784,691,918
—11.6 3,807,637,795 3,014,150,134
,,|
Third Federal Rese
District—
rve
Pa.—Altoona—
Bethlehem
Chester............
2,031,787
3,596,591
2,062,513
Harris burg
Philadelphia
1.760,381
9,918,550
....
...
Lancaster
5,992,346
2,218,915
1,881,135
1,889,000,000
7,581,176
11,288,088
4,757,397
5,749,448
1,507,219
549,973
2,676,782
16,816,833
15,494,200
Lebanon...
Norrlstown
Philadelphia...
Reading
Scranton
Wilkes-Barre
York
PottsvUle..
Du Bols
Hazleton
Del.—Wil mington
N. J.—Trenton
Total
(17 cities)
1,983,122,953
t
Federal Re
Fourth
Ohio—Canton.
Cincinnati....
Cleveland
Columbus..
—
Hamilton—
Lorain.
____
Mansfield.
.....
Youngstown..
Newark
Toledo—...
Pa.—Beaver
County,.
Franklin.....
Greensburg.
—
Pittsburgh
Erie...
—
Oil City
_
-
Ky.—Lexington
1
W. Va.—Wheeling....
Total
(18 cities)....
serve
y2,330,289
1,465,293
*"
9,313,505
5,608,680
-54.3
22/,317,078
31,009,522
-40.8
20,165,656
+6.5
106,832,015
62,201,759
24,171,028
-15.4
]
+6.8
2,117,206
+4.8
1,927,644
1,728,000,000
—2.4
6,202,237
H-22.2
+ 9.3
20,530,798
19,323,000,000
-11.9
7,175,761
+ 1.5
27,933,791
195,131,221
+ 6.7
3,995,716
5,135,799
979,401
719,461
2,637,447
-19.1
a
70,653,113
110,640,547
47,157,845
56,186,159
12,263,965
+3.6
+8.2
505,959
1,*224*241
;
2,033,855
2,087,424
1,075,412
1,161,797
1,606,323
2,350,809
1,225,737
1,193,614
+2.9
+4.1
+ 9.9
+ 11.6
-
'
+8.7
—2".9
395,000*666
+26.6
1,415,781
2,660,824
1,008,466
1,588,168
—11.2
-12.3
—2.7
403(b"ob"666
1,448,908
2,616,067
1,154,978
1,723,150
,
i'fc.
'
>'•+ —
;
+ 12.0
-
-
-
-
-
-
■;
••
—2.6
205,208,900
+6.8
3,W,900
1,813,118,698
+ 9.4
20,381,454,809
18,885,254,197
+ 7.8
441,735,508
99,126,785
2,704,403,427
4,508,265,457
499,909,900
+ 12.0
2,806,845
71,202,910
122,984,408
■
1**500*366
442",000,000
+0.7
•
16*4
+
554,395
541,029
^mm.mm.mmm
H-13.1
-j'i ";»■
480,094
4297000,666
15,379,100
:•
436,895
401,139
—8.2
■
14,867,656
'•,
—5.4
—22.2
412,672
1,462,149
+0.1
+7.8
6,409,284
28,684,680
171,018,876
192,216,460
392,041
495,178
370,889
385,446
378,636
+20.4
+4.5
17,922,000,000
13,328,910
-23.6
10,678,883
+ 9.4
+20.7
60,049,559
22,337,363
20,517,987
72,674,217
115,213,840
51,829,609
62,731,604
-53.9
20,396,069
26,701,422
16,753,425
102,267,444
+ 14.1
4,619",500 —18*2
4,*001*666
0*.*1*90",100
455,551,756
—3.0
408,492,733
418,958,827
1,890,712
60,152,258
98,412,207
10,916,300
104,916,879
16,988,000
"''
District —Cleveland—
11,797,355
287,597,619
519,343,840
51,115,100
2,363,053
1,133,082
8,387,379
13,004,328
5,378,366
22,205,735
990,215
482,770
760,528
629,019,075
7,471,041
8,766,970
6,343,683
—10.9
7,344,656
568,218,255
7,360,595
9,842,400
6,160,264
7,466,972
—0.2
110,995,425
2,940,477,682
5,156,456,174
518,585,900
25,593,631
10,583,443
85,425,931
137,859,886
62,266,812
231,147,451
11,223,537
4,441,740
7,977,764
6,349,620,120
81,402,291
114,222,688
71,751,155
72,571,105
1.583.504,795
1,468,778,621
+7.8
15.992,602,735
10.301,993
+ 14.5
273,814,036
+ 5.0
484,113,051
50,202,500
1,859,631
+7.3
+ 1.8
+27.1
1,274,372
—11.1
7,508,886
+ 11.7
12,817,814
+ 1.5
5,458,043
—1.5
20,431,073
+8.7
875,438
+ 13.1
391,618
681,680
+ 11.6
+23.3
+ 10.7
+ 1.5
+3.0
+8.7
11,984,700
23,313,642
+ 9.8
10,867,259
78,642,728
118,960,672
60,364,738
211,294,728
9,167,770
4,162,903
7,016,397
5,458,127,521
72,786,515
106,737,453
71,458,199
+27.8
+7.7
+4.8
—16.6
1,667*524
+*19*4
1,478*008
1,059*567
3,158,290
—0.9
2,278,273
2,690,305
2,040.232
62,423,851
—2.6
.
+ 8.7
l,99l"616
+ 15.9
+ 3.2
3,128,326
;"
+ 9.4
.'. '
;
+ 22.4
.
;
m
m m mrn
-
*
-
m-m «.
-
--------
-
'■»>v<>M4vw«
—
—
'm-m
—
--------
+6.7
--------
tin
157,2 53", 709
+ 11.8
158,537^832
129*,151*466
~—0.8
135,664,372
mmmtimmmm,
——
.
+7.0
'
1
mm
-
+0.4
"'7'i'
74,057,155
—2.0
^
14,118,663,249
+ 13.3
*
2,196,083
66,107,449
117,355,100
14,376,600
— m
■'
(
m
Wis.*
mmmmkmrnrn'm
371,352,514
"•
^
mm
mmm*mmmm
m.mrn.m
mmmrnmmmm
363,398,878
mm
+2.2
304,279,224
rnrnmrnmrn
326,272,206
'
•
7-'
V"
.'••;Kr
t
'
.
j'I
,
';*■
:
Fifth Federal
Rese
W. Va.—Huntington..
Va.—Norfolk..
Richmond....
rve
2,865,538
16,178,000
211,667,724
1,644,870
132,125,590
2,084,649
11,025.000
220,771,449
5,323,366
10,034,100
4,897,081
315,159,033
1,616,189
100,838,795
769,724,424
671,749,662
S. C.—Charleston.—
6,429,415
11,636,230
Columbia.
Greenville..
Md—Baltimore
....
.
....
.
5,870,941
381,306,116
Frederick
D. C.~Washington...
Total
(9 cities).—.
Sixth Federal Rese
Tenn.—Knoxvllle..
Nashville-
——...
Ga.—Atlanta-..
Augusta...—.
Columbus....—.—
Macon........
Fla.—Jacksonville
....
Tampa.....
Ala-—Birmingham—;.
-
Mobile-.
Montgomery...—.
Miss.—Hattiesburg.
_
.
Jackson.—
Meridian
....
—
....
Vicksburg———
La.—New Orleans
Total
District— Richmond—
.
.
_
.
(16 cities)—
rve
+37.5
27,805,891
142,231,000
2,023.684,696
1,324,996
+0.9
+40.6
+ 5.3
+5.7
396,903
2,874,000
41,957,785
1,258,238
360,916
3,039,000
43,769,303
1,232,717
82,958,168
+ 13*4
71,3*43*231
77,*038*,860
568,965
3,973,000
62,620,027
564,074
2,825,000
49,969,909
*1,400,000
94,10*4*817
+ 21.0
+ 1.8
+31.0
3,786,636,861
18,839,857
1,274,489,330
18,778,416
119,997,000
1,900,833,546
58,173,443
100,402,069
54,493,133
3,233,517,631
17.874,442
1,090,699,670
29,738*376
25,7*53*492
15*5
24,7*01*341
27,202*735
+ 14.6
7,502,621,536
6,594,769,350
-+•13.8
182,405,185
163,395,639
+ 11.6
142,531,498
153,249,521
196,185,644
4•10.5
4,558,172
21,300,849
65,200,000
3,788,604
+0.9
4-13.0
4,087,807
21,492,480
77,800,000
1,368,718
—10.3
880,782,946
2,715,015,107
57,451,466
20,142,380
58,000,000
3,659,818
17,010,571
57,400,000
1,403,498
—2.5
997,398
1,153,025
+3*9*3
*989*114
l",*198*363
17,905,000
+46.7
—4.1
+20.8
62,795.517
+ 16.0
110,884,619
+ 19.9
55,253,765
+48.1
+ 18.5
+ 6.5
+ 7.9
+ 10.4
+ 1.4
.
+ 17.1
Seventh Federal Re
Detroit..--.-—*--.
Flint.
————
Grand Rapids.
.—.
Jackson..—
Lansing-.--—*——
Muskegon..
.
.
_
—
Bay City
Ind.—Ft. Wayne—.
+
District— Atlanta—
22,277,876
97,168,264
319,000,000
6,617,539
6,664,430
5,552,603
95,598,771
5,983,739
116,812,757
10,341,293
6,038,679
6,250,000
9,349,522
1,964,197
730,191
199,584,468
909,934,329
South Bend
—
Terre Haute..
Wis.—Madison..
Milwaukee————
Oshkosh——*
Sheboygan
Watertown..
—
Manitowoc...
Iowa—Cedar Rapids..
Des Moines....
Sioux City.—.
Ames
———
III.—Aurora.——
Bloomington
16,710,871
90,527,950
271,400,000
5,846,017
+ 33.3
+ 7.3
216,869,180
954,657,905
+ 17.5
3,067,400,000
+ 13.2
65,052,773
4,489,561
+48.4
5,159,196
80,785,340
5,687,571
+ 7.6
58,277,543
47,827,397
990,683,123
68,882,786
1,104,252,246
101,063,313
51,277,231
60,449,000
93,235,367
21,487,194
7,552,076
1,948,368,579
+ 18.3
+5.2
106,570,542
8,787,506
5,126,155
4,728,000
8,796,677
1,580,137
+32.2
+6.3
+24.3
821,484
—11.1
+ 9.6
+17.7
+ 17.8
189,680,685
+ 5.2
806,697,692
+ 12.8
+ 8.4
4-13.2
+ 19.3
44,547,194
46,700,610
4 •30.8
+ 2.4
1,199*323
*860*941
875,394,382
-13.2
22,715,000
17,121,000
+38.5
15,092,000
55,750,632
994,109,744
85,497,441
■23.6
•11.1
28*868*323
22,130*349
2,436,675
22,964,409
1,886,907
+25*7
•18.2
+29.1
43,634,105
■17.5
52,955,000
83,279,464
17,788,427
7,025,437
3
Chicago
—
Springfield
Sterling.
Total
15,738,618
,2,462,530
8,645,714
2,997,869
2,998,906
8,467,354
96,871,587
10,469,222
26,398,102
6,755,462
94,962,175
1,541,066
2,781,992
417,196
1,359,651
5,810,628
42,421,229
—
—
......
(31 cities)
1,755,028
454,272,169
4,767,946
14,093,854
1,918,982
6,902,988
2,650,916
2,678,549
8,304,660
13,464,502
90,653,424
7,616,077
24,681,680
5,979,407
84.507,298
1,603,705
2,887,514
419,667
1,242,027
6,452,714
520,314
5,534,325
37,829,550
15,835,131
883,950
1,915,163
1,644,509
1,347,096,287
6,264,279
18,957,598
5,031,897
5,865,436
622,261
2,496,690,292
2.177,880,779
16,550,986
1,016,027
2,237,108
1,448,545,107
Rockford—
5,700,869
22,727,894
6,195,838
20*421*431
1,676,777
'.________
mmmmmmmm
1,830,822
.
.
■
----
-14.2
■12.0
X
4•20.8
X
X
x
x
.
"
"
*"ll 6*058
"176*571
-34".3
1*5*3*740
1,864,098,532
48.547,469
46,309,492
+4.8
45,302,382
8,020,216,031
8,857,336,313
+4.5
198,703
39,468,248
+ 10.4
209,631,853
181,781,839
+15.3
168,272,750
160,245,981
+ 7.5
'■
y--'
■
'■
■"
:
District '—Chica go—
2,280,739
627,577,353
6,564,482
1,646,247
Decatur.--..—
Peoria
serve
17,575,313
Gary—
Indianapolis.—
mmrnmmmmm
+5.4
+ 16.9
•.
Mich.—Ann Arbor.—.
.
+ 1L7
+28.3
+25.2
+ 13.1
+ 12.0
+2.0
+30.5
+6.9
+37.5
+ 7.0
+ 13.0
+ 12.4
—3.9
—3.7
—0.6
+ 9.5
+5.0
+ 12.1
+4.5
+ 14.9
+ 16.8
+7.6
—9.0
+ 19.9
+23.1
19,982,944
5,645,134,101
53,841,968
159,088,889
25,302,185
79,835,513
>;
30,818,178
30,388,811
86,085,474
174,713,727
960,742,597
99,207,861
275,817,812
67,837,956
1,037,654,798
16,732,165
32,471,488
4,925,181
19,222,401
4,537,458,636
46,041,693
142,040,900
21,209,092
70,668,990
26,500,977
+4.0
+ 24.4
231,604
122,878,795
+87.1
+38.5
300,918
111,662,145
405,791
114,143,453
3,821*729
3*144*807
+21*5
3,136*225
3*065*824
1,470" 902
1,*394*917
+5.4
1,870*014
2,112*175
1,816*376
1,791*663
+ 1*3
1,008*907
X,31*1*815
+ 12.0
+ 19.3
+ 13.0
+ 16.3
27,015,987
'
433,242
170,205,906
+ 16.9
51,846,177
147,320,916
886,468,889
73,921,138
-------
+ 12.5
+ 46.5
242.366,732
62,997,188
949,426,947
15,893,293
31,838,033
4,742,262
15,009,088
57,775,171
468,088,069
13,576,417
56,733,245
437,405,576
180,117,515
10,260,871
23,487,605
18,318,533
15i 142,976,680
52,007,405
201,438,357
168,472,080
9,926,706
20,330,452
17,368,629
+ 18.6
21,294*600
19,813*660
+7.5
20*589*,000
17,171*000
2,305,732
6,112,461
1,679,194
+37.3
+ 13.8
5,827,222
+4.9
1,348,294
5,033,708
1,171,672
5,211,112
+ 7.7
+ 9.3
21,287*,830
20,073*414
+0",6
20,754,130
21,*627*515
+8.4
+34.2
+5.3
+2.0
+3.9
+ 10.6
+ 1.8
1,083*639
1,059*988
+7.0
8,768,766
4,208,069
9,520,880
3,627,241
+6.9
+2*2
1,229*404
1*08*0*072
-7.9
10,257,178
3,665,456
9,890,425
3,200,405
+
16.0
+3.4
+ 15.5
+5.5
*354*892
*340*405
+2*3
*910*233
"870*820
+8.7
334,418,701
325,825,848
1,231,121
4,696,854
+2.0
—2.1
1,209,725
+2.0
1.304,512
+4.3
293,500,922
1,114,857
4,360,259
1,128,961
1,401,356
335,197.608
—5.6
525,657,250
+ 11.5
483,277,907
523.671,376
13,935,428,755
54,203,242
179,308,971
+ 12.3
—4.1
54,691,511
+ 17.8
—16.4
64,412,381
67,383,695
6,808,924
62,258,157
6,458,603
25,108,665,842
22,373,142,595
+12.2
1,162,616
4,500,484
1,234,500
1,360,165
914,290
4,095,485
1,225,858
1,410,055
+ 5.4
+ 14.6
,
+ 10.0
+8.2
585,838,510
.
Dec.
The Commercial & Financial Chronicle
3340
7,
CLEARINGS (Concluded)
1939
Dec.
1939
1940
District
serve
413,617.107
+ 2.1
4,354,461,651
3,608,251
+ 24.8
592,174
507,976
+ 16.6
45,360,012
5,979,744
174,941,357
156,652,328
153,616,391
+ 13.9
128,015,267
+22.4
Independence-
369,491
-
-. -
312,609
+ 18.2
2,603,000
+ 27.5
762,764.507
Tenn—Memphis,
III.—Jacksonville
1,765,491,378
1,108,747,977
3,798,531
3,318,000
Ky.—Louisville- ------
702,280,601
Qulncy
j—.—
Paul---
Winona—-------
D.—Fargo
D.—Aberdeen—
—
Helena
(16 cities)
+24 4
33,458.899
33,412,768
+ 26.9
20,815,631
22,557.497
+44.8
708,000
668,000
29,444,000
+ 12.1
760,000
525,000
x
185,677,790
167,845,010
+ 10.6
146,782.530
154,738,265
3,374,842
2,795,217
+ 20.7
2,875,437
310,752,363
+ 4.7
3,459,846,925
3,141,117,509
+ 10.1
78,375,067
65,242,799
+ 20.1
69,445,062
3+01,326
73+53,589
1,729,697
+ 8.6
20,282,103
16,414,574
+ 23.6
118,328,765
1,940,137
+ 6.2
1,323,899,039
31,695,741
26,823,569
+ 18.2
25,286,278|
29,955,578
590,136
+ 6.9
17,853,591
6,317,385
1,203,378,675
17,492,552
+ 10.0
—6.6
6,039,451
+4.6
11,431,113
1,196,000
+ 3.8
111,339,024
107,778,007
+3.3
2,795*630
2,270,725
+ 23.1
2,434~ 267
2,250,648
+ 10.5
12,113,000
11,815,000
8,974,936
+ 13.2
+2.5
+ 15.8
10,160,737
+ 14.8
+ 9.7
—1.6
39,964,185
70,556,887
36,416,292
7,335,371
72,454,315
—1.8
8,860,798
8,303,092
+ 6.7
—2.3
+3.1
41,316,757
40,692,052
36,940,169
39,528,315
+ 11.8
3,798,446
15,843,754
+ 6.2
160,507,090
146,448,929
+ 9.6
"
—2.6
893,044
4,544,580
1,086,566
"858",769
+26.5
837+66
795*225
3",386", 696
+ 13.7
3,260,488
2",880+51
113,198,392
3,799,932
3,464,226
+ 9.7
+4.8
5,483,068,752
5,004,706,325
+ 9.6
122,186,277
102,134,315
+ 19.6
104,965,300
+ 9.1
»
—
4 ,758,937
4,574,901
+ 4.0
94,418
91,634
+ 3.0
98,472
106,207
2,637,873
30,111,067
—7.8
—5.8
137,278
3,010,310
+ 12.7
32,874,340
District— Kansas City-
419,654
534,414
+4.7
6 ,322,111
97,914
—2.7
135 ,270,716
6,562,650
126,433,561
—3.7
11,611,064
+ 7.0
2,484,734
140,619.887
—1.5
1,464 ,503,878
1,425,037,967
+2.8
33,932,803
+6.3
18,153,281
17,071,575
199 ,691,439
188,560,078
Manhattan—
698,870
674,421
+ 3.6
7 ,339,831
Parsons—
719,697
903,158
—20.3
8 ,571,806
8,266,734
12,969,179
2,482,121
429,199,610
13,523,172
569,103
35,648,683
2,481,054
152,723,004
2,872,964
8,330,311
11,641,738
2,201,027
—0.8
104 ,695,312
+ 11.4
144 ,154,101
+ 12.8
26 ,330,663
—0.5
4,537 200,999
—0.8
148 ,621,949
7,124,311
10,202,956
105,649,721
136,301,249
22,702,231
4,326,528,678
144,372,996
5,501,328
——
Topeka
.
Wichita—
—
—
Mo.—Joplin
Kansas City
St. Joseph
Carthage—
Okla.—Tulsa
...
Pueblo.
Wyo.—Casper. .—
Total
(18 cities)
Eleventh Federal R
344,393
382 130,299
1,229,5981
+29.4
1,966,724
2,460,610
2,854,957f —13.8
3,360,501
2,143,034
3,583,491
+4.9
102,920,762
98,009,896
+ 5.0
88",776+30
95,029*200
+2.9
3,431,679
3,127,338
+ 9.7
2,928,116
2,940,157
+ 15.3
365,232,141
+4.6
561,085
284,305
+ 97.4
473,140
~59~8~947
602,499
—0.6
670+08
388 +27
+ 4.2
148,173,717
139,055,374
+6.6
134,295,519
137+37,942
83,142,555
+3.4
1,138,360
1,365,511
—16.6
1,505+22
1,610,456
60",722",849
58",596",000
+ 3.6
51,143",513
53", "837", 551
6,822,909
2,860,000
11*9
7",077* 152
8*,047", 037
—32.8
3,285,000
2,998,000
27 700,965
28,698,693
—3,5
1,480 186,694
32 522,203
1,608,545
+ 5.0
16 652,940
1,431,384,763
30,006,844
16,374,759
+3.4
+ 1.5
827,313,611
+0.7
8,732,999,236
8,381,249,827
6,597,833
+ 4.3
Distric
4,318,156
+ 13.1
245,378,000
23,886,399
32,906,554
11,612,000
+ 10.6
+2.8
86,001,101
47,385,674
2,710,566,000
239,003,915
322,425,200
—16.1
209,382,136
+ 11.5
1,866,481
3,844,185
1,370,034
13,913,243
+4.0
+ 25.9
33,841,301
9,739,000
233,528,783
—
Galveston
-——;
Port Arthur
Wichita Falls
Texarkana.------
La.—Slireveport
613,276,564
(11 cities)..
Twelfth Federal Re serve District
2,409,277
WashBellingham.
185,366,764
5,194,503
-
—,
6,057,691
Idaho—Boise.-
1,515,000
164,684,929
Ore.—Eugene
—
Salt Lake City...
Calif.—Bakersfieid..
10,131,391
16,566,398
4,337,022
14,045,880
3,310,369
671,942,831
13,206,503
Long Beach.
ModestoPasadena
Riverside
San Francisco--..
+ 24.0
43,466,392
+ 9.0
2,515,292,238
+7.8
219,532,283
333,546,652
110,271,000
—3.3
7",636",417
106,982,000
—3.0
1,922,000
2,332,001,034
21,865,202
49,331,520
2,155,629,996
20,178,459
43,048,880
+ 14.6
—
l",099+36
75~6+86
+45+
1,111",845
1,068+39
14,319,089
14,159,099
+ 1.1
151,442,436
+3.8
3",255*601
3", 08!+ 690
+ 5.4
3",375*,936
3",174*442
+ 10.5
75,774,563
73,490,496
+ 3.1
67,498,768
70,736,125
5,689,709,990
+ 7.0
25 ,109,319
21,038,650
+ 19.3
+ 15.3
1,916 ,965,799
1,677,734,255
+ 14.3
44,381,993
34,142,012
53 ,188,224
+8.6
1,284,411
—0.6
1,129,390
34,945,424
1,020,539
+ 0.5
61 ,181,885
48,991,282
56,134,612
12,496,000
41,180,893
1,291,540
+7.8
+ 8.2
6,030,157
1,253,000
138,167,773
39,667,541
32,112,474
+23.5
27,628,652
28,023,624
19,217+02
17,359",150
+
10".7
17",255+25
19",438", 157
Franci
3,363,990
73,521,287
14,902,496
8,180,408
8,546,994
SCO
+ 20.9
15 134,000
+ 19.2
+ 4.7
1,723 ,309,878
32, 736,784
758, 752,951
157, 800,902
+ 2.4
85, 670,474
+ 18.5
101, 795,649
180, 562,482
+5.7
+ 5.6
1,460,945,606
30,754,007
707,979,347
146,426,663
82,869,226
84,998,032
201,327,211
40,745,000
168,389,077
+ 9.0
+21.1
+ 18.0
+6.4
+ 7.2
+7.8
+ 3.4
+ 19.8
4,163,093
4,038,007
+3*1
4~,922*,834
4*.727*405
3,"l"l2~ 6 49
3",117",645
0.2
3",912",233
4,282*113
+ 5.8
170,598",000
164",388",000
+3.8
i7o"+"8T,6bb
—0.5
3,002,058
1,525,435
*1,860,000
2,945,372
1,521,232
1,834,240
+ 1.9
3,543,059
1,702+78
184,927.000
3,271,306
+0.3
+ 1.4
1,868+86
1,824,716
2,091,438
288,813,082
269,788,553
+7.1
266.485.269
284,551,722
—10.3
15,506,637
+6.8
3,944,000
+ 10.0
13,231,414
+ 6.2
2,961,110
651,655,075
12,160,549
+ 11.8
34 969,151
36,724,936
+3.1
7,053 701,522
+ 8.6
6,664,629,511
135,250,263
69,337,754
—3.2
+ 11.9
42, 878,126
146, 969,404
+ 1.7
10,438,701
+ 18.4
117, 244,824
104,759,832
1,222,859,938
1,138,027,247
+ 7.5
12,709,659.305
cities) 27,940,805,210 25,270,228,098
Outside New York——
"
157,229,178
6,433,953
Stockton
+8.4
+8.7
6,540,265
12,364,029
Santa Barbara
+
+ 8.2
+ 11.3
134, 563,060
67, 124,871
San Jose
+8.9
6,087,109,913
8,373,958
Berkeley.——..
+ 1.7
+ 14.9
15,604,758
Ariz.—Phoenix
571,027
'
'
2,096,411
160,833,750
4,799,542
555,075,021
-San
3,554,375
77,653,995
Utah—Ogden—
+ 8.4
-Dallas—■
4,841,042
1,525,332
15,123,686
El Paso
(19 cities)
1,590,765
+ 5.8
+4.7
1,941,195
——-.-
Fort Worth
—0.9
+ 16.0
+ 4.8
6,883,933
4,885,203
271,355,000
29,612,089
Beaumont
Grand total (191
6
+ 5.9
2,831,431
eserve
Texas—Austin
Portland
35,183, 48
2,369,664
145,794,635
+ 14.0
+ 1.3
137,846
+ 3.0
1,689,760
Denver
Yakima.-.
431,388,807
,13,630,822
499,010
118,197
2,724,092
29,702,071
—16.0
832,865,773
Colo—Colo. Springs..
761+75
3,850,720
11,295,622
Kan.—Kansas City—
826+02
+2.9
457,930
559,787
-----
+33.2
"
138,655,202
Lincoln-.
756"540
1,007*711
—2.1
411,961
rve
+2.1
962,695
3,462,927
500,076,745
Hastings————
Total
34.686.737
27,333,273
+ 13.8
+ 5.0
523,909,184
——
Tenth Federal Rese
Seattle
43,133,761
34,684,029
+ 14.2
3,337,728
26,261,000
+8.5
Neb.—Fremont-
Total
+ 10.0
971,201,644
148,140,283
403,166
—
98,100,000
6,740,939,183
4,438,379
3,917,345
16,821,159
—
Houston.-
91,800,000
155,559,247
Lewis town
Dallas-
+ 1.7
7,313,283,293
876,600
Mont.—-Billings
Great Falls
:
105,300,000
+5.5
+8.6
Huron..--
Omaha.
107,100,000
+ 18.1
—1.8
1,322,000
1,115,000
3,976,241
7,214,616
Minot——-fiioux Falls
Total
+6.4
16,855,756
Fergus Falls.
Grand Forks.-.—
S.
4,091,046,533
38,420,211
5,669,739
1,605,002,328
District— Minneapolis-
16,547,582
325,427,000
1,878.076
125,665,253
1,811,367
Minneapolis.-—--
N.
1937
630,854
rve
Minn.—Dulutb——
Roches ter.
$
11,864,546
(7 cities)
Ninth Federal Rese
St.
1938
f,OUi8
422,387.376
4,603.781
Cape Girardeau
Total
-St.
1939
Dec.
%
1940
%
%
Federal Re
Ejghth
Mo.—St. LoulU--.----
Dec.
Nov. 30
Inc. or
Inc. or
Inc. or
1940
Week Ended
11 Months Ended Nov. 30
Month of November
Clearings al-
13,527,768,426112,348,533,462
—4.8
11,751,531,264
+ 8.2
+ 10.6 281,198,353,923 274,792,011,963
+2,3
6,224,618,434 6,500,318,853
+ 9.5 136,516,665,755 124.874,558,118
+9.3
2,999,617,362 2,835,493,039
CANADIAN CLEARINGS FOR NOVEMBER, SINCE
Month of
+ 5.2
—12.7
+ 5.8 2,623,405,569 2,732,247,40
JANUARY 1, AND FOR WEEK ENDING NOV. 28
11 Months Ended Nov. 30
November
1.2 6,318,783,837 6,218,572,079
Week Ended Nov. 28
Clearings at—
1940
1939
Dec.
S
%
%
$
%
5,139,441,900
+ 6.7
291,549,087
76,307,333
98,081,049
—29.0
+2.3
4,751,565,739
2,248,233+97
832,662,250
+ 85.9
23,359,840
14,979,261
26,356,459
21,805,637
13+19,427
26,544,577
29,969,399
8+73.096
7,953,266
11,884,220
Ottawa
Quebec
...
Halifax
Hamilton
_
Calgary.
John
Victoria
Loudon
Edmonton
Regina
Brandon
...
Lethbridge.
Saskatoon
Moose Jaw
Brant ford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
(32 cities)
Estimated,
+ 13.7
433,459,163
29,069,165
9,266,218
Vancouver
•
1940
7,593,585
+4.7
11,550,669
20,172.106
545,773,013
462,530,327
206,926,214
78,030,490
Montreal
Winnipeg
Total
Dec.
182+20,775
Toronto
St.
1939
S
Canada—
x
480,191,512
1,715,867,609
1940
1939
5,160,852,608
4,877,682,648
—0.4
104,181,439
—2.6
2,082,749,825
+ 7.9
115,829,487
46,476,617
814,625,501
+2.2
18,195,255
45,550,237
98,249,471
96,017,627
66,162,593
15,745+49
1,483,988,860
949,235,857
+ 56.3
+7.1
236,493,914
+ 12.5
147,829,665
222,894,440
117,963,728
+25.3
4,968,220
3,097,318
—0.7
240,486,173
+ 14.1
5,578,338
5+86,069
—3.0
274,402,923
257,590,476
+ 10.7
101,917,454
250,671,905
84,380,527
6,544,230
1,652,678
85,174,357
81,729,654
+2.9
124,433,276
+0.6
1,591,384
3+11,897
7,697,158
+ 6.1
+ 2.8
6,779+60
+ 20.8
+4.2
1,973,963
+ 7.9
197,678,561
115+23,192
182+86,678
—5.6
215,200,750
216,832,297
+ 17.2
16,463,822
15,563+47
—7.7
23,763,727
67,508,295
24,572,731
62,569+46
—3.3
—7.1
+ 7.9
3,144,402
+ 2.4
+ 9.1
+ 5.1
2,802,784
+ 12.6
+33.8
2,561,557
+4.6
3,462.601
+ 7.8
5,242,770
——3.7
11,444,551
+30.7
120,986+33
156,810,243
114,472,852
39,763,109
18,430,828
140,809,619
36,942,660
20,292,185
24,055,234
6,230,238
2,677+09
5,735,548
5,836,081
2,079,077
1,637,477
3+67,939
+ 15.6
18,262,010 + 149.4
+8.9
4,562,418
2,573,011 + 20.4
+3.6
+3.6
+ 19.4
4,456,782
2+48+82
4,705,508
6,075,765
1,416,895
+28.7
1,613,738
—4.6
2,274,811
3,881,842
-ML8
2+94,688
4,427,762
5,256,542
+8.0
+ 14.6
+ 5.8
394,036
280,405
+40.5
530,614
638,886
—16.9
1,476,925
1,554,750
—5.0
1,908,851
14.846,653
3,517,031
302,668
530,930
1,189,053
12,538,884
28,325,481
—1.8
674,198
*482,250
+39.8
465+06
+ 9.5
928,247
815,214
872,252
+ 18.7
585,298
+ 10.1
791,514
683+19
734,618
692,488
+ 35.8
+20.6
30,269,759
11,843,914
37,065,086
33+22,632
1,255,148
+ 6.0
+20.6
30,729,812
44,170,823
3,503,857
+ 14+
636,163
+ 5.9
323,010
238,756
+35.3
216+16
48,587,620
+ 9.5
1,110,860
125,113,743
+ 10.0
3,283,078
541,518
716,721
1,033,481
2,391,872
27,548,732
+ 2.8
566,946
33,143,298
38,927,557
53,198,191
137,605,620
1937
—29.8
1,483,744
2,510,156
4,099,524
4,585,234
+8.4
1938
28,919,697
40+55,337
28+88,996
3,750,898
or
Dec.
%
25,539,751
20,290,288
24,105,857
1,864,407
3,057,296
7,152,258
3,221,247
4,090,446
3,684,216
3,155,262
1,679,538
2,679,121
3,731,212
5,046,529
14,956,999
1,898,339
4,201,833
2,997,198
2,964,738
2,055,424
4,586,153
No figures available,
Inc.
Inc. or
Inc. or
+ 17.5
882,850
4,055,693
2,948,197
381.917
517.233
1,279,266
563,013
1,039,407
810,759
720,116
214,503
694,265
+4.7
567,412
+23.2
770,618
705,061
+ 7.5
1,132+82
+37+
2,719,494
1,207,848
3+81,766
320,461
1,861,606
+2.0
16,955,425
15,230,111
+ 11 +
442,991
400,044
+ 10.7
265+18
3,685,725
2,794,712
+ 14.0
39,857,562
997,232
678,301
+ 11.9
+ 6.6
558,740
640,424
2,948,981
+0.5
579,918
640,592
857,081
543,889
+ 16.4
29,931,563
29,089,003
34,657,556
26,748,473
26,734,422
+ 15.0
+ 7.2
575,345
+ 9.4
939,205
1,161,953
1,979,450
+3.8
20,788,150
21,264,564
—2.2
4,691,754
—2.3
48,654,636
46,371,332
+6.4
16,803,168,975
16,048,638,827
1,612,187,626
y
Calculated
on
basis of weekly figures.
+8.8
781,783
350,457
+ 19.8
440,289
543,445
+4.9
419,832
1,138,490
1,154,168
—1.4
1,137,164
1.114,815
+4.7
382,671,662
341,704,162
+12.0
352,740,400
429,555,535
Volume
3341
The Commercial & Financial Chronicle
151
FOREIGN
EXCHANGE
RATES
peT Cent
Bonds—
52 lot
$5,000 Nazareth Brick Co. first mortgage 6s, April, 1942
Pursuant to the requirements of Section 522 of the
Act of
1930, the Federal Reserve Bank is
Tariff
and
certifying
now
subsequent
April 1927
—$6 lot
1925, ext. to 1941 (stamped).
$8,000 Pioneer Coal Co. first 5s,
attached
coupons
April l927
$10,000 Pioneer Coal Co. first 5s, 1925, ext. to 1941 (stamped).
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
a
and subsequent coupons
$21 lot
attached
We
record for the week just passed:
EXCHANGE
CERTIFIED
RATES
NOV.
RESERVE
FEDERAL
BY
BANK TO TREASURY UNDER TARIFF ACT
Watling, Lerchen & Co.
1930
OF
30, 1940, TO DEC. 6, 1940, INCLUSIVE
Members
New
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
New York
York
Stock Exchange
Unit
Nov. 30
Ford
Dec. 2
Dec. 3
Dec. 4
Chicago Stock Exchange
DETROIT
Building
Dec. 6
Dec. 5
New York Curb Associate
Detroit Stock Exchange
Telephone: Randolph 5530
Europe—
Belgium, belga
Bulgaria, lev
S
$
Czechoslov'la. koruna
Denmark, krone
Engl'd, pound sterl'g
Official
$
$
$
$
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
Nov.
4.035000
4.035000
4.036388
4.035000
.019166
.019233
a
Free
a
—
France, franc..
Germany, reichsmark
.399820
Greece, drachma
Netherlands, guilder.
Norway, krone
Poland, zloty
Portugal, escudo
4.035000
035000
.035000
.035000
Last
.019166
.019166
019166
.019500
Sale
a
a
.399820*
a
399820*
a
197700*
197700*
.197700*
.050400
050400*
050385*
.050412*
a
a
a
a
.039875
.091340*
6%
135
24%
345
13% May
1
90c
90c
100
52c
Aug
1%
7%
7%
534
7%
July
12%
Burry Biscuit com_..12%c
Consolidated Paper com. 10
30o
50c
1,000
30c
Dec
1.25
Jan
Oct
16%
Mar
2%
May
4%
Feb
1%
Oct
May
*
com
Brown McLaren
a
.039875
039875
com
Rumania, leu
a
Spain, peseta
.091340
.091340*
091340*
091340*
Sweden, krona
.238207
.238178
.238207
238237
238191
.238256
.232014
.232014
.232033
232021
232028
.232028
Det & Clev Nav
.022416*
.022416*
.022420*
022420
022420*
.022400*
24%
16
Det-Mlchlgan Stove com.l
a
a
Continental Motors com__ 1
.091340*
Asia
Crowley Mllner com
M
«*.
w
Durham Mfg com
Chef oo
(yuan) dol'r
Hankow (yuan) dol
a
a
a
a
a
a
Ex-Cell-O Corp com
1%
17%
1%
17%
400
58c
70c
3,385
53c
2
2
2%
1,140
50c
60c
1,750
1.25
1%
30%
3%
2%
19%
400
Federal Motor Truck
5%
350
2%
600
49%
2%
1,234
90c
1,300
53c
m*. m --
w
a
a
Hongkong, dollar.
India (British) rupee.
.234125
.234093
.234531
.235187
.235312
.235843
Gar Wood Ind
.301666
.301666
.301666
.301750
.301750
.301800
General Finance com
Japan,
.234387
.234387
.234387
.234387
.234387
.234387
General Motors
10
49%
.471000
.471000
.471000
.471000
.471000
.471000
Goebel Brewing com
1
2%
29%
3%
2%
19%
5%
2%
49%
2%
Graham-Paige
1
Official
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
19%
19%
Free
3.216666
3.215000
3.215000
3.215000
3.215000
3.215000
3.229166
Africa—
South Africa, pound. 3.980000
North America—
3.227708
3.227500
3.227708
3.227708
3.227708
Tientsin (yuan) dol
Straits
yen
Settlem'ts, dol
.057687*
.058250'
.058656*
.059062*
.058906*
a
Australasia—
1
com
1
com
com
80c
31c
Hoover Ball & Bear com .10
3.980000
.909090
3.980000
3.980000
3.980000
3.980000
.909090
May
14%
6%
Oct
52c
.909090
25%
10
2
com
.909090
.909090
Masco Screw Prod com... 1
.869296
.868437
.868750
.870390
McClanahan Oil
.204250*
.204250*
.204250*
Michigan Sugar com
.909090
.909090
.909090
.909090
.909090
.909090
July
16c
Sept
27c
660
60c
July
1.25
Apr
7
580
6%
Nov
Mar
600
1%
Jan
11%
2%
9%
May
.867656
Motor Products com
.297733*
1.50
6%
1%
11%
7%
3%
30%
12%
1%
7%
2%
19%
4%
1%
Packard Motor Car com..*
*
7%
10
Murray Corp com
-
.060575*
.060575*
.060575*
.060575*
Parker-Wolverine
.050166*
.050166*
.050166*
.050166*
-
-
30%
*
com
.060575*
.050166*
Peninsular Mtl Prod com.l
com___*
Pfeiffer Brewing com
.051650*
.051680*
.051650*
.040000*
Scotten-Dillon
.570000*
.570225*
.570325*
.570475*
.570450*
.570450*
Sheller Mfg com
2
19%
10
com
1
-
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Std Tube B com
.394810*
.394810*
.394810*
.394810*
.394560*
.394810*
Stearns (Fred'k) com.—.*
Tiraken-Det Axle com... 10
No rates available.
following securities
were
Wednesday
on
m*.
4• MM »•
1%
4%
*
—1
50
of the current week:
Shares
Stocks
50 Houghton & Dutton Building, Inc., common,
10 Towle Manufacturing Co
Apr
75c June
Jan
260
18% May
29%
1%
4%
804
1%
4%
July
Nov
300
4
June
7%
50
,
100
1
Oct
Apr
Nov
4% Nov
Nov
9
Apr
2%
17%
Aug
6
3% May
1,200
Mar
4%
Jan
1
Mar
Nov
2%
2% May
100
1%
1%
2
May
500
5
1
1
600
4%
7%
2%
17%
5
May
Dec
Sept
Mar
2%
23%
100
16%
Jan
1%
925
90c
May
1%
Jan
2
1.25
400
1
Feb
2%
Apr
19%
2
2
320
Apr
Building Trust preferred,
No par value.
7
—
i
-
$2 lot
20%
-
$100
par
%
$1 lot
.
—
12
Devonshire Building Trust common, par $100
Boston Metropolitan Building, Inc., w. w
127 Automatic Compass Co
$1% lot
40
—
$1 lot
-.51 lot
-
Bonds—
Percent
$3,000 Romney Coal Mining Co. 6s, Oct. 1, 1935
$3,000 Sagamore Coal Co. 1st mtge. 6s, May 1, 1934
$1 lot
—
$1% lot
By Barnes & Lofland, Philadelphia:
$ per Share
Corn Exchange National Bank & Trust Co., par $20
50
Integrity Trust Co., par $10
Saunders,
was
$100
Peet were associated with Saunders, Ashplant &
department.
Previously Mr. Goodeve was with the
Wood,
Gundy & Co., Inc., and Mr. Peet
analysis of 16 Essex County, New Jersey, municipali¬
debt, assessed valuation sand tax trends, has
prepared by Colyer, Robinson & Co., Inc., 1180 Raymond Boulevard,
N.
J.
—Coincident
with
the
admission
of
Lincoln
L.
Adam,
C.
P.
A.,
to
the name of Millett, Fish & Dresser has been
Dresser & Adam, 465 Congress Street, Port¬
their firm,
Millett, Fish,
partnership in
to
Me.
.
REDEMPTION
CALLS
$1 lot
-
..$1 lot
$1 lot
90
96
60%
8
%
——————
%
$1 lot
-
SINKING
FUND
Below will be found
a
list of corporate bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
10 Atlantic City Fire Insurance Co., par $100
14 Philadelphia Bourse, common, par $50.
—
AND
NOTICES
$1 lot
1 Philadelphia Wholesale Drug Co. $7 preferred, par $100
demption
or
number gives
the
last date for
making tenders, and the page
the location in which the details
were
give in
Chronicle."
5
60 Philadelphia Electric Co., common, no par
25
6% Urbaine Corp. preferred, no par
202
10 Walgacha Corp. preferred-
.101
.—
3%
1900 RIttenhouse Square Corp. common v. t., and 15 $5 cum. 2d pref. v. t—$1 lot
Prior to that date he
1933.
$4 lot
70
-
comparative
changed
$100
-
the trading
been
land,
50 Mono Service Co. preferred, par $100
100 John B. Stetson Co. common--
Co. founded in
—$1 lot
40 Thomas Conway Jr. Corp. "A" preferred, par $100
—
&
ties, showing their population,
$21 lot
2,750 New York Post, Inc., class A
3,000 New York Post, Inc., class A
62 Utilities Power & Light Corp., common, par $1
10 Cambria Mining & Manufacturing Co., par $25
Peet
co-partnership with
Royal Securities Corp.
$1 lot
k
par
Ashplant
Dominion Securities Corp. and
$2 lot
par
F.
Edwin
and
a
$2 lot
50 Thomas Conway Jr. Corp. "A" preferred, par $100
15 Thomas Conway Jr. Corp. "A" preferred, par $100
common,
in
$1 lot
-
Corp. "A" preferred,
Goodeve
New York, to specialize in Canadian Government,
Mr. Goodeve and Mr.
Co.
—-
II Stearman-Hammond Aircraft Corp., par 62% cents
100 Randall Faichney, Inc., no par
250 Thomas Conway Jr.
W,
Ashplant & Co.,
with the Bank of Montreal.
-
35 Boca Raton Club, Inc., par $1
B.
Ashplant, senior partner of the new firm, was formerly a partner
Mr.
of
Newark,
$1 lot
Charles
of F.
municipal and corporation securities.
$6 lot
Guarantee Trust Co. of Atlantic City, common, par $10
Ashplant,
the formation
offices at 2 Wall Street,
41%
$1 lot
6 Aeronautical Expositions Corp., preferred, par $10
90 parts Chatham Phenix Corp., certificate of beneficial interest
10 parts Chatham Phenix Corp. certificate of beneficial interest
B.
—Frederick
announce
—A
Stocks
50
35 Grigsby Grunow Co. common, no par
50 Arrow Aircraft Corp., par $1
NOTICES
CURRENT
with
12
7
S100 lot
100 M ell ins Food Co., par $10
5 Sierra Pacific Power Co., common, par $15
Haverhill Coal Supply Co., par $5
240 Mono Service Co.,
3% June
29%
19%
5
—
i
40
164
Jan
200
4%
3
14%
1.25
———$1% lot
113%
par $5
1,000 Faegol Motors Co., common, par $10; 450 Rudolph Karstadt, Inc.,
American shares, par 40 Em.; warrants to purchase 300 Rudolph Karstadt
Inc., American shares
$2 lot
Shares
25
July
19%
•
200 Trustees of One State Street class A
Devonshire
Feb
6% Mar
2% May
17% Aug
150
$ per Share
25 Worumbo Manufacturing Co. common, par $100--——-I Post Office Square Co., par $50
5
9%
Apr
320
7%
2%
10%
1
.....
Jan
Nov
500
5
Wayne Screw Prod com..4
Mar
14%
1%
Mar
200
Nov
44%
Mar
1
Apr
225
Universal Products com..*
Warner Aircraft com
By R. L. Day & Co., Boston:
8%
Apr
8%
4%
1%
*
B
441
500
20
16%
*
Universal Cooler A
3,172
Apr
16
4% May
2% May
31% July
990
1%
10%
1
U S Radiator pref
470
1%
2
U S Radiator com
sold at auction
m-
1
Udylite
United Specialties
SALES
m,
..1
United Shirt Dist com
AUCTION
250
1.00
1
Tlvoli Brewing com
1%
11%
7%
3%
31%
12%
1%
10%
29%
1%
4%
4%
7%
Simplicity Pattern com...1
Controlled
Non-controlled
The
7%
*
Rickel (H W) com
.040000*
Nov
75c
2,360
.866250
.040000*
1.50
6,125
18c
66c
.297733*
.051650*
Jan
1.60
.866000
.040000*
1%
16c
.297733*
.051680*
1% May
Feb
60c
.866875
.040000*
Jari
26
16c
.297733*
.051650*
Jan
1%
May
60c
.866250
.040000*
100
May
19%
Jan
*
.297733*
peso—
1
900
621
1%
32c
1
com
Mid-West Abrasive com50c
Parke Davis
1%
25%
1%
25%
1%
1%
Kingston Products com_.l
.060575*
a
Feb
May
3
.050166*
Nominal rate,
Apr
Dec
10
Free
*
Jan
80c
20
375
Official
Colombia, peso
Uruguay, peso—
July
Sept
14% May
1,098
1,400
1,030
.204205*
Brazil, milrels—
...
50c
30c
Apr
45c
.865500
Export
Apr
3%
1%
4%
.297733*
Official
Jan
56
May
12%
.868671
South America—
Chile,
Jan
2%
37% May
300
Jan
Apr
May
2
Jan
6%
19% Dec
3% June
555
Apr
2%
32%
41c
.204250*
.909090
peso..
May
1%
Apr
4%
4
Micromatlc Hone com.._1
Free
2% May
115
Apr
34
Jan
2
Jan
Mar
2%
1%
1%
Oct
500
Jan
Apr
12
Kresge (S S) com.
Newfoundl'd, dollarOfficial
50c
20%
100
32c
2
18%
1%
Nov
87c June
368
Jan
43c
.868046
peso
Feb
Apr
4
2%
.204250*
Free
Nov
Hudson Motor Car com—*
Hoskins Mfg com
LaSalle Wines
Official
Nov
7%
26%
Hurd Lock & Mfg com...l
Canada, dollar—
Argentina,
5%
3
com
Grand Valley Brew com__ 1
New Zealand, pound.
Mexico,
2%
Frankenmuth Brew com—1
Fruehauf Trailer
Australia, pound—
*
15
335
20
.056500*
Shanghal(yuan) dol
com
5%
1% May
3
a
360
3%
1%
1
a
a
a
3%
-
15
100
16
58c
Detroit Paper Prod com—1
China-
«.
*
10
com
5%
5%
„
Cunningham Drug com 2 %
Switzerland, franc...
Yugoslavia, dinar...
a
High
6%
1
Brlggs Mfg
a
a
,039875
3,205
23%
Baldwin Rubber com
5%
5
a
a
.039875
Low
Shares
High
Burroughs Add Machine.*
.197700
.050385*
a
Low
Range Since Jan. 1, 1940
for
Week
2% Aug
4% June
Atlas Drop Forge com
.197700*
a
Range
of Prices
Price
Par
Stocks—
Week's
.399620*
a
a
Sales
Friday
a
399820*
a
a
.039875
6, both inclusive, compiled from official sales lists
.035000
.197700*
pengo
Italy, lira
Dec.
to
.035000
.399820*
a
30
.035000
.050400*
Hungary,
Exchange
a
4.035000
Finland, markka
Detroit Stock
a
a
Date
Company and Issue—
Alabama Power Co. 1st mtge. 58-.-.-
-—
—Mar.
1
Page
1424
Allegheny Corp. 20-year coll. trust 5% bonds
♦Allied 8tores Corp. 4%% debentures
Dec.
31
3224
3385
Appalachian Electric Power Co. 4%% debentures
Dec. 16
2932
Jan.
9
& Electric Co., 5% bonds—....—.—Jan.
preferred stock--.-...Jan.
Bear Mountain Hudson.River Bridge Co. 1st mtge. 7s. --Apr.
♦Bedford Pulp & Paper Co. 1st mtge. 6Ms
Feb.
Blethen Corp. 1st mtge. 6M»
Jan.
Brooklyn & Queens Transit Corp. pref. stock
Jan.
♦Buffalo Creek RR. Co. 1st mtge. 5s.
Jan.
Carolina Clinchfield & Ohio Ry. 1st mtge. 6s.
Dec.
Chesapeake Camp Corp. 1st mtge 4M»
Jan.
♦Chicago & Illinois Western RR, 6% gold bonds....
Jan.
Citizens Utilities Co. 1st mtge. bonds
Dec.
Connecticut Railway & Lighting Co., 4M % bonds—..
-Jan.
Consolidation Coal Co. 5% bonds
—;
Dec.
♦Continental Can Co., Inc., $4.50 pref. stock-'..- — -....Jan.
Cuban American Manganese Corp. 8% conv. pref. stock- .Jan.
♦Dayton Union Ry. Co. 4% bonds
————
Jan.
Eastern Car Co., Ltd., 6% bonds
Jan,
Falstaff Brewing Corp. 5% bonds
—
Dec.
Fontana Union Water Co. 1st mtge. 6s_.—
--..Jan.
Fort Kent Water Co. 1st mtge. 5 Ms
—Jan.
(Peter) Fox Brewing Co. 6% pref. stock—...
Dec.
♦Galveston Wharf Co. 5M % bonds, series A & B—*
.Jan.
General American Investments Co. $6 pref. stock—— ..Dec.
♦General Cable Corp. 1st mtge. bonds, series A & B
Jan.
Germani Atlantic Cable Co. 1st mtge. 7% bonds.__—..Apr.
Gruen Watch Co. class B pref. stock
Feb.
Gulf Public Service Co. 1st mtge. 6s
—
.
Apr.
Hartford Times, Inc. 4M% debs
Dec.
Hawley Pulp & Paper Co. 1st mtge. 6s
Jan.
Hempstead & Oyster Bay Water Co. 6% bonds
Jan.
♦Edw. Hines Lumber Co. interest certificates
..Jan.
Illinois Consolidated Telephone Co. 1st mtge. 4 Ms
Jan.
♦Indianapolis Power & Light Co. 6M% pref. stock-Jan.
6% preferred stock
--Jan.
Industrial Rayon Corp. 1st mtge. 4Mb
Dec.
Inland Steel Co., 1st mortgage oonds—
Jan.
International Business Machines Corp. 3M% debs
Dec.
♦Interstate Telephone & Telegraph Co. 1st mtge. bonds.-Jan.
Iowa Southern i 11titles Co AM % bonds series 1925.Jan.
Jefferson & Clearfield Coal & Iron 1st mtge. 5s-.
Jan.
♦Johns-Manville Corp.
3228
Extra
1
2934
3389
Preferred
1
15
1
1
10
1
27
2
15
1
1
15
1
1
21
1
28
1
1
1
1
16
1
1
1
1
1
1
—
...
♦Narragansett Electric Co. 1st mtge. bonds—
♦National Pole & Treating Co. 5-year notes
National Supply Co.. 1st mortgage 3Ms —
♦Nebraska-Iowa Packing Co. 1st mtge. bonds—
Nekoosa Edwards Paper Co. 6% serial bonds
5% serial bonds-.
New York City Omnibus Corp. prior lien bonds
New York Connecting RR. 4M% bonds---*
♦Niagara Falls Power Co. 3M% bonds
3390
3231
2798
3232
3392
32.32
3393
2350
3088
3236
3236
3236
3395
American Water Works & Elec., pref.
(quar.) —
7% preferred
Extra
_
*
-
- *-
.
Avery (B, F.) & Sons, preferred (quar.) —
Axton-Fisher Tobacco, preferred- — -—
Baldwin Rubber Co.
2352
Bank of the Manhattan Co.
Extra
1573
— —
(quar.)
— -
— ——— ———. -
—
-
Special———
—
—
Mills, Inc
BeIding-Corticelli (quar.)
Beau nit
—
—
3398
I
1
655
of 1938,) (qu.)_
Class A extra
—
Bond Stores, Inc.
Extra
(quar.)
Bralorne
Mines, Ltd. (quar.)——
Extra
— —
------
■
—
British Columbia Power class
Brown & Sharpe
Extra
-
—
—
-----
Cambridge Investment Corp. A and
2358
2358
Canadian
Cannon Mills Co
2508
Car bons Consolidated -—-
2655
3405
1287
3248
Carriers & General Corp.
2951
Cayuga & Susquehanna RR
—
Celluloid Corp. 1st preferred partic. stock- — Central Aguirre Assoc. (quar.) —— ———;
Central Hanover Bank & Trust Co. (quar.)— —
Central Illinois Securities Corp. cum. pref—
Central Patricia Gold Mines, Ltd. (quar.)-——
1
-
15
1
1
15
20
3407
2807
2658
3407
3098
B (extra) —
(s.-a.)
.—
———-
—-.
—
—;—-
-
(quar.)
————-
*«,.*
Allegheny Ludlum Steel (year-end)
—
Allen Electric & Equipment (quar.)
Extra
'
*
-
------
—
Allied Chemical & Dye (special) ———
Allied Products Corp. (quar,)—.
-------
Special..
Class A (quar.)____
...
——
Altorfer Bros, preferred-American Agricultural Chemical Co
American Alliance Insurance Co. (N. Y.) (qu.) —
Extra—
—
-
—
—
—
Preferred
(quar.)
American Hide & Leather 6% pref. (quar.)
American Metal Co. correction: A year-end div.
15
1
9
1
2514
3257
1588
3258
2961
3413
-
——-
———-—-- -
Preferred (quar.)
which
Holders
Payable of Record
Dec.
18
Preferred (quar.)
American Optical Co. (quar.)
Extra
5
—
—
-—
Dec.
30 Dec. 26
6
10 Dec.
15 Dec. 31
30c
10 Dec.
Dec.
10 Dec.
Dec.
18'Dec.
3
9
Dec.
12 Dec.
9
Dec. 30 Dec. 24
Dec. 11 Dec.
2
2 Dec. 14
Jan.
25c
Dec.
SIM
75c
■
Common
_
-
-
-
- —
*
1 Dec.
15
1
Dec.
16
Dec. 30 Dec.
14
50c
Dec. 12 Dec.
Dec. 30 Dec.
Dec. 30 Dec.
16
Jan.
Jan.
2 Dec.
20
2 Dec.
20
Jan.
Dec.
3 Dec. 20
23 Dec.
Jan.
Jan.
15 Dec. 31
2 Dec. 17
90c
S3M
37Mc
$1
t25c
12
10
Jan.
2 Dec.
12
Jan.
2 Dec.
12
10c
Dec,
16 Dec.
2
Dec.
SIM
$4M
Jan.
Crown Cork &
Sealx5o.,
Dec.
7
Dec.
7
Devoe & Raynolds
Jan.
Dec.
7
•Jan.
Dec.
7
7 % preferred (quar.)
Diamond Alkali Co. (year-end)
Jan.
Dec.
15
21 Dec.
2 Dec.
10
17
2 Dec.
17
62Mc
$2
SIM
75c
9
Dec.
10
Dec.
10
Dominion Woolens & Worsted,
$2
Dec.
Dec.
13
25c
Dec.
14
16
16
Dec.
Dec.
30c
Dec.
Dec.
25c
Jan.
20c
25c
Dec. 24 Dec.
Dec.
13
13
75c
Dec.
Dec.
17
Stock dividend payable
14 Dec
4
10
Dec.
24 Dec.
14
14
Jan.
1
Dec.
Jan.
Jan.
20 Dec.
10
10
10
2 Dec. 20
2 Dec. 20
12 Dec.
6
21 Dec.
14
21 Dec.
4
Jan.
2 Dec.
14
Dec. 24 Dec.
31 Dec.
14
2 Dec.
14
Dec.
16
62Mc
SIM
Jan.
50c
Dec.
10 Nov. 26
25c
Jan.
12 Dec.
35c
Dec.
17 Dec.
10
Jan.
1 Dec.
10
Jan.
1 Dec.
10
25c
- —
Dec.
20 Dec.
10
S2M
Dec.
23 Dec. 11
15 Jan. 31
(Toronto) (quar.) —
$1.44
$2
Jan.
16
2 Dec.
2 Dec.
16
2 Dec.
16
16
Nov. 30 Nov. 23
Jan.
2 Dec. 30
2 Dec. 30
Jan.12
25c
Traction (quar.)
—
Dec.
20 Dec.
50c
:
preferred
Special
Ferry Cap & Set Screw Co
Fidelity & Guaranty Fire Corp.
Filene's (Wm.) Sons
;
Preferred (quar.)
.___
33 1-3% Feb.
Jan.
SIM
Jan.
$1&
in common stock
Fairchild Aviation Corp
Fear (Fred) & Co. (quar.)_
1 Dec. 21
16*
21 Dec.
S3M
(s.-a.)
Federal Light &
27 Dec.
Dec.
—
Excelsior Life Insurance Co.
Dec.
2 Nov. 20
Dec. 23 Dec. 12
Dec.
2 Nov. 20
Dec. 21 Dec.
7
9
Dec.
Dec. 20 Dec.
Dec. 20 Dec.
Elgin National Watch Co. (year-end)
Employers Reinsurance (stock div.)
Engineers Public Service, $6 pref. (quar.)
$5M preferred (quar.)
$5 preferred (quar.)
—
Eppens, Smith Co. (extra)
Dec.
30 Dec. 20
Dec. 23 Dec.
3c
18
Dec.
14*
Dec.
—
Electric Products Corp. (quar.)
Dec.
13
14*
1 Dec.
Apr. 21 Mar. 31
18
Dec.
10
Dec, 24 Dec.
6% non-cum. pf.
Dec.
Nov. 30
Dec. 14
13
16
Dec.
Jan.
Dec.
2 Dec.
—
Jan.
Dec.
2
Dec.
20
Dec. 20
Jan,
14
23 Dec.
Jan.
— —
Mfg. Co
Dunlop Tire & Rubber Goods Co., 5% pf. (s.-a.)
East Tennessee Light & Power, pref. (quar.)
Eastern Malleable Iron
Eastern Steel Products, Ltd., 5% cum. pf. (qu.)
Eastern Utilities Assoc. conv. shares
— —
Preferred
Dec.
18 Dec.
Dec. 23 Dec.
—
Ecuadorian Corp
Dec.
14
12
Dec.
Dresser
Dec.
14
9
10
Dec.
31
Jan.
Dome Mines, Ltd
Dec.
14
18
15 Dec.
Jan.
(extra)--
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
2 Dec.
Dec. 16
Dec, 20
Dec, 23
Dec. 23
...
75c
Dec.
Jan.
Dec. 23 Dec.
(quar.)
Co.. Inc., class A and B____
2Mc
7Mc
Jan.
Dec. 20 Dec. 10
Dec. 20 Dec. 10
Dec. 28 Dec. 16
Dec.
(quar.)--
Diamond T Motor Car
Dixie Home Stores
10
Dec.
---
—— — -——-
-
20
Jan.
Jan.
Detroit Harvester Co.
Jan,
Extra
12
2 Dec.
16 Dec.
Dec.
—
Deposited Bank Shares, series B-l
Detroit Gray Iron Foundry (s.-a.)
23 Dec.
75c
Shares Corp A and B
Davega Stores Corp., preferred
Delaware RR. 's.-a.)—:.
13
25c
»-
Inc—
Crum & Forster Insurance
5
Lec.
— — *•
Jan-
Dec.
Dec. 20 Dec.
9
16
4c
—
Royalties, Ltd
10
Jan,
4
Jan.
Jan.
65c
— -
13
25c
50c
9 Dec.
$2
87Mc
Coca-Cola Bottling (Los Angeles) (yr.-end)
Colgate-Palmolive-Peet (extra)
—
—
Commercial Alcohols, Ltd., pref. (quar.)Connecticut Gas & Coke Securities pref. (qu.) —
Consolidated Copper mines (special)
Consolidated Steel Corp.,preferred.
Continental Bank & Trust Co. (quar.) — .
Continental Baking Co. preferred (quar.) ———
Special (see Gen. Corp. & In v. News Section
of this issue for full particulars)
Dec.
20c
15 Dec. 31
Dec. 24 Dec. 17
Jan. 15 Dec. 31
10
Dec. 20|Dec
Dec.
25c
Clark (D. L.) Co. (year-end)
Climax Molybdenum (year-end)
Nov. 30
$1
Dec. 30 Dec. 26
Dec.
Jan.
Jan.
20c
SI. 12
-—
— -
Dec.
43Uc
SIM
16
40c
50c
Chicago Mill & Lumber (year-end) —
Chicago Molded Products (year-end)
Chicago Pneumatic Tool, $3 pref. (quar.)
Prior preferred (quar.)_
Chicago Towel Co
—--- — — ---
Dec.
75c
*
16 Dec.
SI
—
Dec.
SIM
—
9
5
Dec.
t50c
Chicago Corp., $3 preferred-Chicago Daily News
—
Dec.
follows:
Common
Preferred (quar.)
19 Dec.
16 Dec.
62Mc
-——
—
25c
25c
American Screw Co. (quar.)
Dec.
2362
Extra
Federal Chemical Co. 6%
Common
Dec.
62 Mc
1
2
1
old divs under the Amer. Metal Co.
as
31 Dec.
13
of $1 by the Amer. Meter Co. was incor¬
rectly transposed from the new divs. to the
Amer. Metal Co. divs. are
2 Nov. 18
31 Dec. 16
Dec.
1 Nov. 15
$2
—
Dec.
1 Dec.
S2M
American Hard Rubber.
Dec.
50c
62Mc
t$7
Dec.
10c
—
14
Jan.
25c
American Factors, Ltd. (monthly)
American General Insurance Co. (quar.)
2 Dec.
3409
SIM
—;
American Crystal SugarPreferred (quar.)
Jan.
3409
t$2M
Algoma Steel 5% preferred---
14
1
20c
Extra
10
2 Dec.
1
30c
Extra
Aetna Life Insurance (quar.)
13
Jan.
13
$1
50c
— —
—-
25c
75c
Chesapeake & Ohio Ry. (quar.)----—
50c
Express Co
Advance Aluminum Castings
Aetna Casualty & Surety (quar.)
13
2 Dec.
Jan,
Dec. 20 Dec.
Chartered Investors, Inc
12Mc
Acme Wire Co__
Adams
13
2 Dec.
$1
3409
When
Jan,
2 Dec.
31
2
Coronation
tS3 M
Jan.
Jan.
14 Dec.
Inc----------——
(yTctXl© CO
—
25c
12
Dec. 20 Dec.
1 Dec.
Jan.
Dec. 27 Dec.
The dividends announced this week are:
6M% preferred
13*
Dec.
in our "General Corporation and Investment
.News Department" in the week when declared.
Acme Glove Works
2 Dec.
20c
name
Per
13*
Jan.
40c
announced,but
Share
2 Dec.
60c
Extra--
Clark Controller
Name of Company
Jan.
Chamberlin Metal Weather Strip
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
2Cc
Central States Edison,
113
are grouped in two separate
tables. In the
bring together all the dividends announced the
week.
Then we follow with a second table in which
previously
15
2 Dec.
2c
Preferred (quar.)
dividends
15
20 Jan.
Jan.
1156
we
the
20 Jan.
Jan.
3099
Dividends
show
Jan.
1
31
DIVIDENDS
we
2
SIM
(quar.)
Chickasha Cotton Oil (special)---;
Cincinnati & Suburban Bell Telep. (quar.)
current
20 Dec.
2i^
—
Extra-
Announcements this week.
first
20
50c
Foreign Investments, pref. (quar.) —
Westinghouse Co. (quar.)
Carthage Mills, preferred A
Preferred B (quar.)
3099
7
2 Dec.
75c
(quar.)
Campbell (A. S.) Co., Inc
31
1
2
1
7
2 Dec.
50c
Camden.& Burlington Ry.
.
5
75c
Buckeye Steel Casting
3404
Ohio Associated Telep.
16 Dec.
2 Dec.
S4M
Mfg. Co. (quar.)
2805
3404
Feb.
-Feb.
—-
5
Dec.
Jan.
13
10
Jan.
Dec.
50c
A (quar.)--—
(E. G.) Iron Co.-
Canadian
16 Dec.
Dec.
Jan,
75c
—
3244
Butler Mfg
Preferred
20 Dec.
20 Dec.
Dec.
40c
10c
BriggsMfg. Co
3400
3095
Brooke
Dec.
12c
—
3399
2946
4
5
Dec. 20 Dec.
Dec. 16 Nov. 30
2 Dec. 10
Jan.
37Mc
tSIM
12Mc
40c
—
Bound Brook Water Co—
Dec. 20
1
1
1
1
1
1
10
SIM
Dec. 15
-Jan.
Jan.
-Jan,
Jan.
10
2 Dec.
25c
— _
Co. 7% pref—
class A
—
Bondholders Management,
3399
1
Dec. 20 Dec.
Dec. 12 Dec.
Jan.
12
SI %
(quar.)__
Preferred
2047
Jan.
13
SI
1
2948
24 Dec.
SIM
(quar.)-.
$5 preferred
15
1
1
13
Dec.
.
15
3244
2948
2653
2 Dec.
10c
(quar.)
Prior preference ($2M div. ser
Bethlehem Foundry & Machine
3244
Jan.
*
Beatrice Creamery Co. (quar.)
Extra.-----——
3239
3091
3399
$1M
Mc
!».->>•«.
Bankers Trust Co. (quar.)
2943
3398
12
2 Dec.
25c
American Wringer Co
$1
Anheuser-Busch, Inc. (quar.)
$1M
Appalachian Electric Power $7 pref. (quar.)— —
10c
Applied Arts
30c
Arizona Edison (initial).-.
SIM
Armour & Co. (Del.) 7% preferred (quar.) — ;—
tS5
Associated Dry Goods, 2d preferred
50c
Atlas Drop Forge
—
—t43Mc
Automobile Finance Co. 7% preferred —
43 Mc
Preferred (quar.)
:
—
25c
Automobile Insurance (Hartford) (quar.)
1433
3398
12
2 Dec.
Jan.
t$4
—-—
—
3237
3396
3089
3239
2 Dec.
Jan,
SIM
75c
——-
,
American Woolen Co.,
Jan.
25c
(quar.)
(quar.)
3402
Jan.
Co. 1st 4Mb, 1966—
Dec.
Ohio Cities Water Corp. 1st mtge. bonds
Jan.
♦Peerless Cement Corp. 1st s. f. 5s, series A
—Jan.
Pennsylvania Glass Sand Corp., $7 pref. stock
Jan.
Phelps, Dodge Corp. 3M% debentures
Dec.
♦Philadelphia Rapid Transit Co. 1st mtge. 6s
Jan.
Philadelphia Transp. Co. consol. mgte. bds. ser. A
Jan.
Republic Steel Corp. preferred stock
Dec.
Revere Copper & Brass, Inc. 1st mtge. 4Mb
Dec.
Richmond Terminal Ry 1st mtge. 5s
Jan.
Riordon Pulp & Paper Co
Ltd 6% debs
Dec.
♦Sierra Pacific Power Co. 1st mtge. bonds, series A
Dec.
1st mtge. bonds, series B
-Jan.
*(L. C.) Smith & Corona Typewriters, Inc.—
10-year serial debentures
«Jan.
Southern California Edison Co., Ltd., 1st mtge. bonds
Jan.
Standard Steel Construction Co., Ltd., class A stock---.-Jan.
United Steel Corp. 6% bonds..
Jan,
Vlcking Pump Co. preferred stock
Dec.
Virginia Coal <fe Iron Co. 50-year bonds (former co.)-.<t—Jan.
♦Westvaco Chrlorine Products Corp. 5% pref. stock-.—— Dec.
♦Woodward Iron Co. 1st mtge. 5s...
—
Jan.
Northwestern Public Service Co. 1st mtge. 5s
1888
3230
American Snuff Co.
Belknap Hardware & Mfg
Beneficial Industrial Loan Corp
—Jan.
Jan.
Montana-Dakota Utilities Co. 4 M % bonds
Nanaimo-Duncan Utilities, Ltd., 1st mtge. 5Ms
3387
of Record
Name of Company
3398
2943
1
1
1
1
1
1
1
31
1
—-.Jan.
2794
2801
27
1
Jan.
♦McCrory Stores Corp. 6% preferred stock
—Feb.
Manila Gas Corp. 1st mtge. 6s
Jan.
Messer Oil Co. 6% debentures
Jan.
Michigan Associated Telephone Co. series A bonds
Dec.
Mississippi River Power Co. 1st mtge. 5s
——Jan.
♦
2036
Jan.
—Feb.
♦Kansas City Gas Co. 1st mtge. 5s———
Louisville & Nashville RR. 4% bonds
Luzerne County Gas & Elec. Corp. 7% bonds
Holder
2794
1
1
1
14
1
-—-Jan.
7% preferred stock
Laughlin Steel Corp. 1st mtge. 4s
1940
7,
Page
Date
Company ana Issue—
Athens Railway
Auto Finance Co.,6%
♦Jones &
Dec.
The Commercial & Financial Chronicle
3342
Dec.
Dec.
16 Dec.
14 Dec.
4
tSIM
25c
Dec.
14
50c
Dec.
23 Dec.
23 Dec.
6
20c
(s.-a.)
Dec.
14 Dec.
14
7
50c
Jan.
2 Dec.
23
25c
Jan.
25 Jan.
25 Jan.
16
S1.18M Jan.
16
Volume
The Commercial & Financial Chronicle
151
Share
2 Dec.
14
25c
Dec.
20 Dec.
12
4.1c
Dec.
15 Nov. 30
4.7c
Dec.
15 Nov. 30
Finance Co. of Penna. (quar.)
$2
Firestone Tire & Rubber.
Fiscal Fund, Inc., bene, shs., bk. stk. series...
Beneficial shares, insurance stock series
Flintkote Co
>.
Jan.
$1
Dec.
23 Dec.
16
50c
Jan.
2 Dec.
16
25c
Jan.
2 Dec.
16
16
...
Florsheim Shoe Co., class A
Class B
;
,
Foresight Foundation. Inc., class A (s.-a.)_____
6c
Dec.
27 Dec.
Formica Insulation Co.
_______
Foundation Petroleum Ltd
Frannfort Kentucky Natural Gas fyr.-end).-..
Fundamental Investment, Inc
Gardner-Denver Co. (quar.)
_.
Extra
50 c
Dec.
lc
Dec.
7
23 Dec.
30 Dec. 20
$2
20c
Dec.
....
„>
20 Jan.
10
Dec. 23 Dec. 13
1 Jan. 20
Feb.
2
Dec. 19 Dec.
Dec. 30 Dec. 12
Jan.
2 Dec. 17
Dec, 27 Dec. 17
10 c
Preferred (quar.)
....
_______
Gary (Theo.) & Co., 1st preferred..;
General American Transportation
General Paint Corp. preferred (quar.).
Jan.
25c
_
10
25c
__
Dec.
16 Dec.
18 Dec.
15c
—
,
Dec, 27 Dec.
17
2 Dec.
17
Dec. 24 Dec.
2 Dec.
10
75c
_ _
tl5c
SIM
....
67c
___
General Printing Ink
Extra......
Preferred (quar.)
General Railway Signal Co.
Preferred (quar.)
General Reinsurance Corp. (quar.)
_
_
Jan.
....
SIM
.......
SIM
Jan.
25c
Dec.
25c
50
...
_
Extra.
■
_
_,
.:
c.
2
10
9
Dec.
16 Dec.
16 Dec.
9
75c
Dec.
26 Dec.
16
SIM
SIM
Jan.
1 Dec.
16
_____
25c
Dec.
75c
Jan.
1 Dec.
13
10c
Dec.
SIM
Feb.
24 Dec.
1 Jan.
13
....
25c
Dec.
10 Dec.
2
General Time Instruments
Preferred (quar.)
General Tire & Rubber 6% preferred A (quar.)..
General Water Gas & Electric Co...
S3 preferred (quar.)
Gillette Safety Razor.
1
Preferred (quar.)
Globe Hoist Co
Godchaux Sugar, Inc., $7 pref. (quar.)
Class A...
Gold & Stock Telegraph (quar.
...
.....
Dec.
Jan.
31 Dec. 20
30 Dec. 13
1 Dec.
2
18
See
Jan.
1 Dec.
18
SIM
Jan,
Jan.
2 Dec.
31
________
Name of
Payable of Record
Share
Company
-
—
16
Dec. 23 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
16
17
17
1 Dec.
17
40c
Extra___
80c
...
(quar.)_
SIM
Jan.
m
Jan.
20 Dec. 12
1 Nov. 29
Jan.
1 Nov. 29
_______
Merrimack Mfg. Co. 5% preferred..
Metropolitan Edison $6 prior pref. (quar.).____
S7 prior preferred (quar.)
S7
$6
$5
Dec. 23 Dec.
t$l %
Co
Preferred
UK
preferred (quar.)_._
preterm! (quar.)___
cum. preferred (quar.)___
Mickelberry's Food Products, pref. (quar.)____
Miuland Oil Corp., $2 preferred.
Minneapolis-Honeywell Regulator (extra)
Minneapolis-Moline Power Implement pref____
Mississippi River Power pret. (quar.)
Mitchell (Robt.) Co., Ltd
Preferred (quar.).
;
Molybdenum Corp. of America. — .
Monongahela West Penn Pub. Serv. pref. (qu.)_
Montgomery Ward & Co.
:___
Class A (quar.)
;____
Monroe Chemical Co. pref. (quar.)_____
Moore Corp., Ltd. (quar.)____
Jan.
1 Nov. 29
Jan.
1 Nov. 29
60c
Jan.
2 Dec.
20
|25c
Jan.
25c
Dec,
15 Dec.
20 Dec.
31
13
Dec.
19 Dec.
Jan.
2 Dec.
20 Dec.
16
14
,
-
t$6
50c
SI K
_
Dec.
Jan.
25c
13
SIM
Jan.
2 Dec.
13
87 Mc
Jan.
2 Dec.
50c
Jan.
2 Dec.
14
7
60c
Jan.
2 Dec.
7
SIM
Jan.
2 Dec.
7
■
7% preferred A & B (quar.)
Towing
7%
— ___
16 Dec.
10c
cum^partic^ref. (partic. div.)_
Dec.
Dec.
16 Dec.
3
1 Dec.
12
S2M
Morris & Essex
20c
Dec.
28 Dec.
16
tS5
45c
Dec.
Dec.
17 Dec.
Murray Ohio Manufacturing
Nanaimo-Duncan Utilities preferred (quar.J.¬
Nashville & Decatur 7M% gtd. (s.-a.)
National Enameling & Stamping (year-end)-..
National Funding class A & B (quar.) _________
20 Dec.
10
10
81 Mc
93 Mc
50c
35c
National
16
Indemnity Co. (N. Y.) (s.-a.)._
(N. Y.) (quar.)__
9
25c
Jan.
15 Dec.
20
National Oil Products
National Screw & Mfg. (year-end)
National Standard Co. (quar.)_____
50c
Jan.
15 Dec.
20
Navarro Oil Co.
10c
Great Lakes Paper. Ltd., A & B cum. partic. pf_
50
t50c
Dec.
$3^
31 Dec.
2 Dec.
21
Jan.
S3
Dec.
19 Dec.
13
25c
Dec.
26 Dec.
16
20C
Dec.
26 Dec.
16
^|l
Dec.
26 Dec.
16
Dec.
17 Dec.
6
75c
Dec.
16
S3
Great Western Life Assurance
Greene Railroad (s.-a.)__.
(quar.)
Greyhound Corp. (quar.)
Extra
13
Preferred (quar.)..
Griesedieck-Western Brewery Co
Grumman Aircraft Engineering.
____
Guaranty Trust Co. (quar.)
Guilford Realty Co. 6% preferred
Halifax Insurance (semi-ann.)
Hamilton Cotton, Ltd., $2 pref
$2 preferred (quar.)
Hammond Instrument Co
____
_
_
28 Nov. 29
Jan.
2 Dec.
10
tSIM
Jan.
2 Dec.
14
2 Dec.
14
5oc
25c
Dec.
16 Dec.
2
Jan.
2 Dec.
19
Jan.
2 Dec.
5
50c
Jan.
2 Dec.
5
SI K
Dec.
16 Dec.
14
10c
Dec.
26 Dec.
16
4Cc
Dec. 26 Dec.
16
43 Mc
25c
(quar.)
Dec. 26 Dec.
16
;
(quar.).:
—__
_
Dec.
26 Dec.
16
25c
Dec.
SIM
Dec.
28 Dec,
28 Dec.
14
14
_______
_
Neilson (Wm.), Ltd., 7% pref. (quar,).___.
Neon Products of Western Canada, Ltd_______
12
7
7
6.1c
Dec.
75c
20c
Dec.
20 Dec.
Dec.
23 Dec.
10c
Dec.
lMc
SIM
Dec.
26 Dec.
10 Dec.
1 Jan.
____
16
5
2
+f25c
t$l
Jan.
10 Dec.
U
Jan.
10 Dec.
11
SIM
Jan.
2 Dec.
14
S3
Jan.
37 Mc
Jan.
■
Preferred
Feb.
7 Sept. 26
10
13
15 Dec. 31
1
Dec.
14
10c
Irving Oil Co., Ltd., 6% preferred (quar.)_____
Irving Trust Co. (quar.)._
Dec.
15 Dec.
18 Dec.
10c
Jamestown Telephone Corp., 6%
Dec.
10c
(quar.)
___
Ironrite Ironer (extra)
Dec.
16 Dec.
75c
Dec.
1 Nov. 15
15c
Jan.
2 Dec.
10
Jan.
1 Dec.
15
1st pref. (qu.)
10
10
2
6
16
14
Dec.
10
26 Dec.
14
10
20 Dec.
20 Dec.
Dec.
10 Nov. 30
Tan.
Dec.
21
Dec.
21
Dec.
5
5
2 Dec.
16
_
2 Dec.
12
Tan.
2 Dec.
13
Tan.
2 Dec.
13
Dec.
20 Dec.
10
Dec.
20 Dec,
10
Tan.
2 Dec.
6
Dec. 27 Dec.
Dec. 27 Dec.
Dec. 20 Dec.
9
7
__
SIM
SI
SI
SIM
— ._
Founders shares
New York State Electric & Gas pref. (quar.)___
Niagara Share Corp. of Md. class B common..
Class A preferred (quar.)
—
Nicholson File Co. (quar.)__
Extra..
30c
SIM
30c
70c
____________
2 Dec.
5
11
16
9
_____
Dec.
20 Dec.
7
SI
Dec.
Dec.
28 Dec.
20 Dec.
2 Dec.
16
40c
_■
Noblitt-Sparks Industries
No-Sag Spring Co. (year-end)
Nortn Star Oils preferred._—
Northwestern Telegraph Co. (s.-a.)
16
16
Tan.
10
t8Mc
SIM
Tan.
2 Dec.
5Cc
Dec.
SIM
t$lM
Tan.
16 Dec.
Dec.
16
Jan.
Dec.
14
50c
_____
Northwestern Yeast Co
Dec.
..
5
action)
24 Dec.
7
SIM
Dec.
16 Dec.
2
20c
Dec.
23 Dec.
9
Oliver United Filters, Inc., class B.
50c
Dec.
17 Dec.
6
Oshkosh B'Gosh, Inc
Extra
10c
Dec.
Dec.
—
—
Ohio Forge & Machine
Oilstocks Ltd. (semi-ann.)
Preferred
___
10c
conv.
16 Dec.
6
Jan.
15 Dec.
31
Dec.
31
SIM
—
Jan.
Dec.
%
Dec.
30c
Dec.
SI M
Patchogue Plymouth Mill8.____.__---_-______
$7
23 Dec.
Dec.
SIM
SIM
Paracale Gumans Consol. Mining Co—
Paramount
Jan.
—
preferred (quar.);
Pictures, Inc.
———
13
Dec. 18
15 Dec. 31
20 Dec.
20 Dec.
3
10
30 Dec. 10
2 Dec. 23
Dec.
(quar.)
24 Dec.
24 Dec.
10
Dec.
15c
—
First preferred (quar.)
Second preferred
Nov. 20
Dec.
Dec.
$2
——______
Pacific Lighting Corp. preferred (quar.)
Pacific Telephoned Telegraph Co. (quar.)__,_
Pathe Film Corp
£
5Cc
—-_
(quar.)
2 Nov. 20
25c
(quar.)
Pacific Can Co. (year-end)
Pacific Commercial Co
Preferred
2 Nov. 20
24 Dec.
10
Dec.
9
—
tS2
75c
Peabody Coal Co., 6% preferred
:_
Penney (J, C.) Co
_____——
Dec.
23 Dec.
12
Dec.
26|Dec
12
Dec
26 Dec
20
Perfection Stove
Dec.
28 Dec.
20
Peter Paul, Inc._
50 c
Dec.
26 Dec.
16
Dec*
2 Dec,
19 Dec.
13
14 Dec.
4
Dec.
20 Dec.
10
Dec.
31 Dec.
14
Dec.
27 Dec.
17
Dec.
Dec.
Dec.
10
Dec.
16 Dec,
16 Dec.
2
5c
Dec.
Dec.
$1
Jan.
2 Dec.
12
14
Jan.
2 Dec.
2 Dec.
17
Jan.
Jan.
Dec.
37 Mc
17 Mc
25c
(extra)
SIM
Philadelphia Baltimore & Washington RR.(s.-a.)
Philadelphia Dairy Products Co., Inc.—
First preferred (quar.)...
Second preferred (quar.)
Phillips Packing Co., preferred (quar,)__
$ 1.31 M
50c
Phoenix Insurance (Hartford) (quar.)__
Dec.
15c
2 Dec.
14
Jan.
2|Dec. 14
25c
Jan.
15c
Dec.
50c
.__
,
(quar.)
__
& Sons (quar.)
Lehman Corp. (quar.)
Levy Bros. Co. (initial)
Lang (John A.)
— ___
_____
Lion Match Co
Dec, 20 Dec.
Jan.
—
Jan.
25c
(s.-a.)_
Liquid Carbonic Corp. (quar.)___
SI
Jan.
25c
Little Schuvlkill Navigation RR. & Coal
Jan.
2
15
7 Dec. 20
27 Dec. 12
9
15 Dec.
2 Dec.
13
18
18
;
,_.
__
Louisville Gas & Electric (Ky.) 7% pref.
6% preferred (quar.)
5% preferred (quar.)
(qu.)__
—
— --
____
Lunkenheimer Co. (year-end)
;______
Lykens Valley Railroad & Coal (semi-annual)
MacMillan Petroleum
—
—,
._
Dec.
Dec.
23 Dec.
Dec.
27 Dec,
10c
______
(quar.).
25c
30c
Corp
Aircraft
2 Dec.
20 Dec.
SIM
______
—
Extra.
14
2 Dec.
20c
Extra
Lambert Co..
2 Dec.
Jan.
Jan.
25c
Keith-Albee-Orpheum 7% pref____
King-Seeley Corp__
Klein (D. Emil) Co. (special)
Kysor Heater Co. (quar.)
Lackawanna RR. of N. J.
Jan.
12
20
S2M
SIM
SIM
t$3M
5% preferred A (semi-annual)
Kansas Power Co., $6 cum. pref. (quar.)
$7 cumul. pref. (quar.)____-_
Dec.
27 Dec.
13
13
13
Jan.
15 Dec.
31
Jan.
15 Dec.
SIM
SIM
SIM
9
50c
Dec.
31
15 Dec. 31
4
14 Dec.
40c
Dec.
14
Dec.
Dec.
23 Dec.
27 Dec.
13
13
Jan,
15 Dec.
SI
SIM
McCrory Stores, 6% pref. (final)
McGillivray Creek Coal & Coke Co. (s.-a.)__.__
SIM
lMc
Feb.
Dec.
10 Dec.
5
lc
Dec.
10 Dec.
5
(year-end)
—
Extra
McQuay-Norris Mfg. (interim)
.__
Magnin (I.) & Co, (quar.)
—._
Mahon (R. C.) Co. (year-end)
Manufacturers Life Insurance (Tor.) (s.-a.)____
Manufacturers Trust; Co. (quar.)__
Preferred (quar.).__
Margay Oil Corp. (quar.)____
_
___
Marine Midland Corp
____!.
Marine Midland Trust (quar.)
...
—
Marvens, Ltd., preferred
Masco Screw Products
(quar.)—______
—
Extra
—
—
Petroleum Exploration, Inc.,
uil
Special
-
_
_
Pinchin, Johnson & Co., Ltd.—
Amer. dep. rets. ord. reg—_—
Plough, Inc
'
8c
Extra
50c
Jan.
2 Dec.
20
10c
Dec.
15 Dec.
7
55c
Dec.
16 Dec.
9
$6
50c
Jan.
2 Dec.
2 Dec.
26
Jan.
12
Plymouth Rubber Co., Inc., 7% pref. (quar.) —
Porto Rico Power Co., 7% pref. (quar.)
Pratt & Lambert, Inc__—
Providence Washington Insurance (quar.)__—
Special..
—
Public Service Co. (N. H.), $6 pref. (quar.).__.
$5 preferred (quar.).
—
Railroad Employees Corp. A & Bi___________
Preferred (quar.)
—
Railway & Light Securities Co6% preferred (quar.)
Reed Roller Bit Co. (quar.)
________
—
______
________
15 Dec.
30
20
Reynolds (R. J.) Tobacco Co. (year-end)__
Rice-Stix Dry Goods Co. 1st and 2d pref. (quar.)
Jan.
Dec.
2 Dec.
19 Dec.
13
13
Rico
Richardson Co.
(year-end)
Extra---
15c
Dec.
14c
Dec. 2.3 Dec.
11
1.5c
Dec,
21 Dec.
11
Mead Johnson & Co.
75c
Jan.
2 Dec.
14
RR
Roos Bros., Inc. (quar.)
(quar.)__
-----
Rome Cable Corp
SIM
(semi-annual)
_
_
.—_ _
—
Jan.
2 Dec.
14
35c
Jan.
2 Dec.
14
4
Jan.
Dec.
31
Jan.
21 Dec.
14
SIM
Dec.
23 Dec.
10
2.5c
Dec.
23 Dec.
5
40c
Dec.
23 Dec.
5
Dec.
16 Nov. 30
Dec.
16 Nov. 30
20c
Dec.
20 Dec.
20c
Jan.
20 Dec. 31
40c
Dec. 27iDec. 23
Feb.
l'Dec. 23
Dec. 24 Dec. 14
Dec. 24iDec. 14
6M% pref. (quar.)
Quarterly
Rome & Clinton
SIM
SIM
SIM
25c
25c
5Cc
Dec.
Apr.
50c
Dec.
Apr.
—
__________________
14
14
$4
Jan.
25c
Dec.
Jan,
Dec.
2 Dec.
14
26 Dec.
12
14
7
1 Dec,
14 Dec.
Dec. 21 Dec.
16 Dec.
10c
5c
Dec.
SIM
SIM
Jan.
S2M
37 Mc
20 Dec. 14
1 Mar. 22
21
SIM
15c
20 Dec. 14
1 Mar. 22
2 Dec.
Jan.
70c
7
Dec. 24 Dec.
Dec. 24 Dec.
Dec.
—
-
Rochester Telephone,
22
50c
,
lc
Argentine Mining (initial)
Roberts Public Markets
Maytag Co
Extra...
Dec.
10c
10 Dec.
Massachusetts Investors Security Fund (quar.)
(quar.)_
31
Dec.
SIM
—
Jan.
14 Nov. 28
9
21 Dec.
14
Dec.
12Mc
37 Mc
37 Mc
(year-end)
(quar.)..
5% convertible preferred (quar.)
5% convertible preferred (quar.)
Reliance Electric & Engineering
Reliance Mfg Co
Common
Jan.
Jan.
1 Dec.
Jan.
—
25c
UK
6 Oct.
Jan.
$1
50c
10c
37 Mc
Dec.
15c
'___
Preferred (quar.)
—
Rensselaer & Saratoga RR. (s.-a.)
10
SIM
Plymouth Cordage Co. (quar.)__
Reliable Stores Corp.
1
$2
37 Mc
—
(quar,).
31
25c
Jan.
McColl Frontenac Oil Co. 6% pref. (quar.)
Mack Trucks, Inc.
Preferred
Dec.
Tan.
Newport Electric Corp., 6% pref. (quar.)____
New York Lackawanna & Western Ry. (qu.)_
New York Power & Light 7% pref. (quar.)_
$6 preferred (quar.)___-__-_
New York Shipbuilding partic. shares._______
Norwalk Tire & Rubber pref. (no
Ohio Brass Co.
21 Dec.
2
Dec.
15c
26 Dec.
21 Dec.
Dec.
16 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
1 Dec.
Tan.
___
Norwich & Worcester Railroad, 8% pref. (quar.)
Nova Scotia Light & Power ordinary (quar.).—
Dec.
Dec.
Jan.
Dec.
Extra.
10
Dec.
1 Dec. 21
Dec. 26 Dec. 16
Dec. 20 Dec.
6
Dec. 26 Dec. 16
Dec. 16 Dec. 10
SI
S3
13c
13
35c
Jan.
35c
_____
20 Dec.
50c
35c
2 Nov. 15
Dec.
Neptune Meter Co., class A & B______
Newark Telephone (quar.)
New England Fire Insurance Co. (quar.)
New Idea, Inc. (quar.)
21 Dec.
Dec.
Dec.
1 Dec. 14
$1.31 M Jan.
Dec. 31 Dec. 16
SIM
______
Dec.
___■_
International Power, Ltd., 7% preferred.
International Products Corp. 6% pref. (s. a.)__
International Shoe (quar.)
__
Locke Steel Chain
15c
Extra. __i
Preferred (quar.).__._
Dec.
___________
Insuranshares Certificates, Inc
International Coal & Coke Co., Ltd..
International Nickel Co. of Canada, pref. (qu.)_
Payable in U. S. currency.
International Paints (Canada) pref-_____
Lockheed
10c
12 Mc
51
Amer. dep. rets, for ord. shares (interim)
Imperial Paper & Color Corp
Indiana Steel Products
Liquidometer
(quar.)
Extra
NehiCorp. (quar.)
20 Dec. 10
24 Dec. 20
2 Dec. 14
Dec.
Imperial Chemical Industries, Ltd.—
Extra
S3
25c
Ideal Cement Co. (quar.)
Special.
50c
Jan.
2c
Hoover Ball & Bearing..
Investors Fund Co.
40c
Gypsum Co
37Mc
+50c
Horder's, Inc. (extra)
Hoskins Mfg. Co..
Special.
Jan.
6
37 Mc
50c
(quar.)
Hercules Motors Corp..
Hinde & Dauch Paper
■;
Preferred (quar.)__
Hirst-Chicago Mining Co—
Homestaae Min ng Co. (monthly)
Honey Dew. Ltd..,
_
Dec.
50c
______________
Heath (D. C.) & Co. 7% preferred
Heller (Walter E.) & Co. (quar.)
Extra.
Preferred
t75c
___
Haverty Furniture Cos., pref. (quar.)
Hartford Fire Insurance
Extra
•_
Jan.
26 Dec.
2 Dec.
_._
______
20
Jan.
Morristown Securities Corp
Mount Vernon-Woodberry Mills, Inc., pref.__
15
Extra
3
10c
Moran
14 Dec.
Great American Insurance Co.
10
14
15 Dec.
15 Dec.
_*__
16
Jan.
Dec. 26 Dec.
__;
10
2 Dec.
Dec.
20 c
(quar.)
2 Dec.
20 Dec.
Jan.
loc
Great American
Dec.
43 Mc
50c
25c
Golden State Co., Ltd.
Granite City Steel
1 Nov. 29
SIM
SI K
cum.
•;
Dec.
Jan.
cum.
Extra
Payable of Record
25c
Melville Shoe Corp..
Mengel Co. 5% first preferred
Merck &
Holders
When
Per
Holders
When
Per
Name of Company
3343
Jan
9
5
16 Dec.
5
2 Dec. 20
2
_;Dec.
20
Dec. 30!Dec. 12
2 Dec. 21
.Tan.
Dec.
16 Dec.
9
The Commercial
3344
Dec.
& Financial Chronicle
7,
Holders
Share
Company
85c
-
7% pref. (quar.)
San Antonio Public Service, pref
(quar.)
San Diego Gas & Electric (monthly)..-..
Sanford Mills (year-end).-..
Sabin Bobbins Paper,
75c
$1M
Securities Holding Corp.
65c
$6 non-cum. pref.
Inc.—......
5c
Security Engineering Co..
7% preferred...
Shawmut Assoc. (Boston).......
W-
W OGClct t
«•»«►•*
—
Sheep Creek Gold
'i"
**
43Mc
-
12Mc
*
Mines, Ltd. (quar.) —
.
Extra
— ... — — - -
30
13
Dec.
15 Dec.
06
Dec.
24 Dec.
Dec. 19 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
13
7
11
11
10
t67c
16 Dec.
16 Dec.
Dec.
Dec.
:
Dec.
Dec.
6% preferred (quar.)
American Gas & Electric
15 Dec., 20
31 Dec.' 13
31 Dec. 13
50c
Dec.
26 Dec.
$1M
~ - - -
Jan.
25c
25c
Pipe Lines..
15 Dec.
Jan.
2 Dec.
Southwestern Gas & Electric Co.—
5% cumulative preferred (quar.
Southwestern Light & Power, $6 pref.
Southwestern Portland Cement
(quar.).
(quar.)..
$1s1
.....
$2
SI
8% preferred (quar.).
— _
Sperry Corp
- _> -v-.. - .
■* - - - Springfield Gas & Electric Co. $7 pref. (quar.) ...
Square D Co...i. - . - - - «•- *
»
5% preferred (quar.)
Standard Fruit & Steamship Corp. $3 preferred
Starrett (L. 8.) Co.ii1..
Sun Life Assurance (Can.) (quar.)—
...
.
'
SI H
nx
mi
qp
A
*$3M
10c
Superior Oil Corp. new common (special)
Old unexchanged common (special).......
3 l-3c
Dec.
1 Dec.
16
28 Dec.
Dec. 28 Dec.
14
Dec.
Jan.
2 Dec.
12
Tamblyn (G.), Ltd. (quar.)
Pr eferre :1 (q uar.)
—
Terminal Warehouse, Ltd
Thompson Products, Inc
Preferred (quar.).
Time, Inc. (final)..
Jan.
2 Dec.
12
62 Mc
Jan.
2 Dec.
12
.
_
_
tsi
50c
—
... ... -
SiM
S2M
— -
10 Dec.
6
Dec.
20 Dec.
6% preferred (monthly)
5% preferred (monthly)—.....
27 Dec.
10
10
Dec.
27 Dec.
10
—
— .......
14
Jan.
2 Dec.
14
41 2-3c
Jan.
2 Dec.
14
SI M
Jan.
2 Dec.
16
,
Dec.
14 Dec.
10
10c
Dec.
95c
Jan.
18 Dec.
2 Dec.
24
15c
Dec.
45c
Union Investment Co-..-..-....---^-^---.
Preferred (quar.)
— ._._
20 Dec.
20 Dec.
Dec.
—
10
12
12
Union Premier Food Stores (quar.)....
25c
Dec.
20 Dec.
28 Dec.
16
Preferred (quar.)
,
United Engineering & Foundry (year-end)...
United National Corp. non-cum. partic. pref—
34c
Dec.
15 Dec.
5
$2
Dec.
13
10c
Dec.
24 Dec.
16 Dec.
United States Gauge Co........---.--i.--.--.
S2M
Jan.
$6 preferred (quar.)...
SI
...
— .....
7% preferred (semi-ann.).....
United States Smelting, Refining & Mining Co.
.
Dec.
•
...........
Universal Cyclops Steel
Universal Products Co.
Jan.
Jan.
S10
20 Dec.
15 Dec.
Jan.
S15
(quar.)
"it
87Mc
.....
Preferred (quar.)
United States Trust Co. (N. Y.)
Extra■—
Jan.
50c
60c
12
4
2 Dec. 20
2 Dec. 20
Jan.
—
Common
Dec.
12
12
15 Dec. 27
2 Dec. 20
2 Dec.
20
Dec. 28 Dec.
Dec. 23 Dec.
2 Dec.
16
13
12
S2M
SI H
Jan.
Jan.
2 Dec.
20
Victor Chemical Works
45c
Dec.
27 Dec.
17
Viking Pump Co. (special)...
Vogt Mfg. Co. (extra)
Walker (H.) Gooderhatn & Worts Ltd..
Cum.div.red.preferred (quar.).
Walt Disney Productions, pref. (quar.)..
Warner & Swasey
Waukesha Motor Co. (quar.)
Wayne Pump Co
Wells Fargo Bank (San Francisco) (quar.)....
West Jersey & Seashore RR, (s. -a.)
West Penn Electric, class A (quar,)....
...
West Penn Power (quar.)...
Preferred (quar.)
f
Winter & Hirsch, Inc. (quar.).
30c
40c
SI
25c
Dec.
15 Dec.
I 9
Dec.
19 Dec.
Dec.
16 Nov.
10
29
Dec
16 Nov. 29
Valley BR. Co. (s.-a.)
Viau Ltd. 5% preferred (quar.).............
.....
.....
—
.
...
...
......
.
Wisconsin Bankshares
Wiser Oil Co. (quar.)
_
_
......
:
........
_
Woodward Iron Co. (initial).
Wool worth (F. W.) & Co., Ltd.—
Amer. dep. rects. for 6% pref. reg. (final)...
16
37 He
40c
Dec.
20 Dec.
9
25c
50c
Jan.
Dec.
14
$3M
SI M
SIM
37Mc
SIM
Jan.
35c
Dec
Share
40c
25c
—
4M% preferred (quar.)
Corp. (quar.)..
Allied Laboratories (quar.)..
Allied Mills
Alpha Portland Cement
Aluminum Co. of Amer
(quar.)
Aluminum Goods Mfg
75c
Aluminum
Industries
Aluminium, Ltd
Aluminum Mfg.. Inc.
(quar.)
7% preferred (quar.)
Amalgamated Electric Ltd. (initial interim)
Amalgamated Sugar
American Bank Note, pref. (quar.)
27 Dec.
7
5*
25c
2
Jan.
16 Dec.
2 Dec.
Jan.
15 Dec.
16
Jan.
14 Nov. 30
Dec. 23 Dec. 10
Dec. 17 Dec.
Dec. 17 Dec.
Dec. 30 Dec.
25c
•
SIM
Dec.
Dec.
6
10
16
27 Dec. 20
Dec. 27 Dec.
20
40c
16 Nov. 30
Dec.
16;Nov. 30
$1
Dec.
Dec.
24 Dec.
$1
$1
(initial)
Dec.
SIM
Preferred (quar.)
Dec.
12Mc
10C
Ashland Oil & Refining (quar.)
$1M
5% preferred (quar.)
Associated Breweries of Canada Ltd.—
t$lM
7% preferred (quar.)
Common (year-end)
*60c
Dec.
Dec. 20 Dec.
Dec. 14 Dec.
Jan.
2 Dec.
Dec.
21 Dec.
Dec. 31 Dec.
$1
SIM
(quar.)
—
Dec. 31 Dec.
$1
Dec.
Dec.
$2M
Feb.
(s.-a.)
$2M
Jan.
(quar.)
M
5% preferred (semi-annual)
(Conn.), year-end
preferred (quar.) —
Atlantic Coast Line Co.
(Quarterly)
25c
$2
31 Dec.
27 Dec.
1 Dec.
Dec.
Dec.
Nov.
Jan.
Dec. 16 Nov.
Dec. 10 Nov.
Dec. 10;Dec.
Jan.
Dec.
Feb.
9
16 Nov. 30
5
20 Dec.
6
16 Dec.
50c
5% preferred
Atchison Topeka & Santa FeRy
Atlanta Birm. & Coast, 5% pref.
Atlanta Gas Light 6% preferred
7
1 Nov. 30
2 Dec. 10
$1
25c
10c
Anglo-Huronian, Ltd
.....
Apex Electrical Mfg
—...
Preferred (quar.)
Arkansas-Missouri Power Corp
6% cumulative preferred (quar.)
Armstrong Cork Co. (final).
Associates Investment Co.
Jan.
75c
40c
Andes Copper Mining
Armstrong Rubber, A. & B
Arnold Constable Corp
2 Dec.
Dec.
SIM
$2M
12Mc
$1M
American Telep. & Teleg. (quar.)
American Thread Co. pref. (semi-ann.)
American Tobacco Co. preferred (quar.)
American Trust Co (San Fran.) (quar.)
Anaconda Copper Mining Co
Anaconda Wire & Cable Co. (year-end)
Jan.
25c
American Surety Co
Dec.
$1M
1
2
19
1
9
13
14
14
9
9
9
2
27
12
16
27
6
21
29
2|Dec. 20
ll Dec, 18
Dec.
24 Dec.
15 Dec.
20
Baldwin Co., 6% preferred A
Jan.
2 Nov. 19
(quar.).
Bangor Hydro Electric 7% preferred (quar.)
6% preferred (quar.).
27 Dec.
12
2 Dec.
2 Dec.
12
Jan.
12
Bank of America N. T. & S. A. (quar.).
Preferred (initial, semi-ann.)
Dec
23 Dec.
12
Bank of Nova Scotia (quar.)
.
Dec.
7lNov.
I
When
13
Payable
23 Dec.
Dec. 23 Dec.
Dec.
5
5
Dec.
14 Dec.
2 Dec.
2
6
2
2
16
tSIM
Jan.
75c
Jan.
2 Dec. 20
Jan.
2 Dec. 20
Dec.
23 Nov. 30
23 Nov. 30
2 Dec. 13
$6
Dec.
SIM
SIM
$4M
Jan.
Jan.
1 Dec.
SI M
Jan.
2 Dec. 23
Dec.
Jan.
2 Dec.
16 Dec.
13
14
5
Dec.
20 Dec.
9
Dec.
30 Dec.
16
14 Nov. 25
2 Dec. 16
2
20 Dec.
Dec. 21 Nov. 30
Dec.
SIM
Jan.
50c
Dec.
Jan.
12 Nov. 30
1 Dec. 14
40c
Dec.
18 Dec.
15c
Dec.
t$2
50c
Dec.
16 Nov. 30
20 Nov. 30
SIM
Dec.
25c
Dec.
Dec.
Dec.
3
Bathuret Power & Paper, class A (interim)
Bayuk Cigars, Inc. (quar.)
7% preferred (quar.)
Beatty Bros., Ltd., 2nd pref. (semi-ann.)
Beech Creek Railroad (quar.)
Beech-Nut Packing Co. (quar.)
—
...
Bell Telephone Co. of Canada (quar.)
14
14
Jan.
Dec.
Dec.
10
Dec.
2 Dec. 16
16 Nov. 30
16 Nov. 30
7
9 Nov.
Dec.
16 Dec.
Dec.
25c
25c
5
2
18 Dec.
5
Dec. 23 Dec.
Dec. 15 Nov. 30
15 Dec. 31
SIM
$3M
Jan.
Dec.
16
50c
Jan.
2 Dec.
16
$1
25c
Jan.
2(Dec.
10
Jan.
2 Dec.
10
Dec.
Jan.
Jan.
14 Nov. 20
15 Dec. 23
20
2
Jan,
Dec.
15 Dec.
15c
Bell Telephone Co. (Penna.)
Bellows & Co., Inc., class A
Dec.
2
25c
Dec.
SIM
Jan.
16 Dec.
16 Dec.
2 Dec.
Dec.
18 Dec.
9
50c
Dec.
26 Dec.
16
2Mc
12Mc
SIM
Dec.
16 Dec.
2
6H % pref. (quar.)
(quar.)
Belmont Radio (quar.)
Berghoff Brewing (quar.)
Bethlehem Steel Corp., 7% pref. (quar.)..
...
60c
Binks Mfg. Co
Birtman Electric Co. (extra)
Bishop Oil Co
Blaw-Knox Co
Bloch Bros. Tobacco, 6% preferred
Block & Decker Mfg. Co. (quar.)
...
14 Dec.
5
6
30c
17 Nov. 18
Dec. 27 Dec. 23
Dec. 20 Dec. 10
Dec. 20 Dec. 10
Dec. 31 Dec. 15
50c
Dec.
18 Dec.
3
SIM
Dec.
Dec.
16 Dec.
16 Dec.
2
75c
Borden Co. (final)
50c
Dec.
20 Dec.
7
Borg-Warner Corp. (special)..
50c
Dec.
10 Nov. 26
25c
Dec.
lO.Nov. 26
(quar.)
25c
10c
Extra
Blue Top Brewing, Ltd.,
Bohn Aluminum & Brass
6% pref. A (s.-a.)
Bon Ami Co. class A (extra)
Class B (extra)
Common
(quar.)
Boston Woven Hose & Rubber Co.,
Dec.
Jan.
40c
Jan.
40c
Dec. 10 Dec.
Dec. 31 Dec.
Dec. 16 Dec.
75c
(year-end)
pref.
17
Breeze
11
Corps., Inc
Brewing Corp. of America (irregular)
S3
$1
Bourjois, Inc
75c
S3M
(quar.
2
16 Nov. 29
Dec. 31 Nov. 30
2 Dec. 10
$2
Boston Elevated Ry. Co. (quar.).
Boston Herald Traveler (quar.)
Extra
Boston Wharf Co.
Dec.
$2M
SIM
Borne Scrymser Co
Boston & Albany RR
Bower Roller Bearing.
2 Dec.
2 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Jan.
$1
t$2
Brandon Corp. 7% preferred (s.-a.)
Brazilian Traction, Light & Power, pref.
Jan.
10
15c
15
Jan.
2 Dec.
50c
—
15
10c
14,Nov. 30
25c
i.
(Special)
5
20 Dec.
Dec.
Jan.
37 Mc
Extra
Basic Dolomite, Inc
Bath Iron Works Corp
10
75c
60c
5
Dec.
25c
31 Dec.
31 Dec.
26 Dec.
1 Dec.
$1M
SIM
SIM
$1
$3
Barber (W. H.) Co. (quar.)..
Holders
Dec. 23 Dec.
Dec. 14 Dec.
$3
12
Jan.
Jan.
1M%
27 Dec.
6
Dec. 27 Dec.
6
Dec. 27 Dec.
Dec. 16 Nov. 30
Jan.
12 Nov. 18
2 Dec. 13
75c
—
Preferred
Dec.
$1M
75c
40c
15 Jan.
25c
Allied Stores Corp., 5% pref.
(quar.)
Ailis-Chalmers Mfg Irregular
Jan.
75c
Autocar Co. .preferred (quar.)
Babcock & Wilcox Co. (year-end)
Dec.
$1tc
_
ljFeb. 24
Dec.
13
10
$2M
Alexander & Baldwin Ltd
Allied Chemical & Dye
20 Nov. 30
6
28 Dec.
Mar.
30 Dec.
Jan.
$6
Dec.
Dec.
9
Dec.
25c
—
9
40c
25c
Alabama Great Sou. RR. ordinary (irreg.)
6 % participating preferred (irregular)
Alabama Power Co., $7 preferred
(quar.)
$6 preferred (quar.)
Albany & Susquehanna RR. (s.-a.)
Alberta Wood Preserving Co. 7%
pref. (quar.J.¬
5
2 Dec.
2 Dec.
14
35c
Extra
16 Dec.
Jan.
2 Dec.
37 Mc
30c
Agnew-Surpass Shoe Stores, pref. <quar.)
Agricultural Insur. Co. (Watertown, N.Y.) (qu.)
Dec.
Jan.
Jan.
75c
(Extra)
Apr.
25c
SIM
Acme Steel Co. (quar.)
Aero Supply Mfg. Co., class A
(quar.)
Class B
Aetna Ball Bearing Mfg
2
Dec. 31
50c
$1M
Extra
Abbott Laboratories (quar.)
Extra
14 Dec.
Dec.
14
18Nov 20
15 Dec. 16
25c
Refining (special)
Atlantic Refining Co.,
16
14
Atlas Press Co. (irregular)
Auto Finance Co. (quar.)
1
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Company
25c
$1M
16
Jan.
Dec. 31 Dec
Dec. 31 Dec.
Atlas Powder Co
-
we
Name of
1
preferred
Standard Sanitary
$1M
SIM
$1M
t$lM
$1.56 M
t$lM
13
13
18
Dec
Per
2 Dec.
2 Dec.
26
Jan
5Xc
preferred (quar.)
preferred (quar.)
Barnsdall Oil Co
Below
23 Dec.
Jan.
Dec.
25c
25c
SI
Dec.
9
14
14
Dec.
Jan.
25c
;
Extra
1 Dec.
Jan.
Jan.
Dec.
Dec.
$1.10
Corp., $1 non-cum. pfd
Co.—
Extra
Dec.
Dec.
Dec.
SIM
American Sugar Refining, preferred (quar.)
American Sumatra Tobacco (quar.)
2 Dec.
Nov. 02
Dec.
25c
American Steel Foundries
Jan.
Dec.
50c
American 8tores Co
58 l-3c
50c
Twin State Gas & Electric prior lien (quar.)...
Union Bag & Paper Corp.....—
—
Dec.
Nov. 20
30c
62 Mc
—
American Seating Co
Dec.
Dec.
20c
(monthly)
of 111. 5% pf. (quar.)
(quar.)
(quar.)
American Smelting &
Preferred
5
Jan.
SIM
(quar.)
4H% cum. pref. (quar.)
21
1 Dec. 21
SI
4c
—
Toburn Gold Mines (special)
Toledo Edison Co., 7% pref. (mo.)
Union Metal Mfg. (quar.)
Extra...
27 Dec.
7
4
Jan.
40c
American Rolling Mill Co
20
Dec.
Jan.
3
Dec. 20 Dec.
Dec. 14 Dec.
S1.18M Jan.
;—......
American Radiator &
Preferred (quar.)
4c
Timken-Detroit Axle—
Toburn Gold Mines, Ltd
Dec.
7
Dec.
Dec.. 12
25c
$5 preferred
American Public Service,
50c
20c
..
Dec. 20 Dec.
(quar.)
American Paper Goods Co. 7% pref. (quar.)
American Power & Light $6 preferred
14
Sussex KB.
—
6
12
2
40c
.......
5% cumulative
5% cumulative
11
12
2 Dec.
17 Dec.
|35c
t30e
American Oak & Leather
Jan.
16
1 Dec.
Dec. 20 Dec.
20 Dec.
Extra
American Nat l Finance
31
9
Defc. 18 Dec.
Dec. 30 Dec. 18
2 Dec.
31 Dec.
2
Dec.
American Mfg. Co.
Preferred (quar.)
Jan.
Dec.
2
Jan.
25c
....
$2 preferred
16 Nov. 25
Dec. 20 Dec. 14
Jan.
2 Dec. 14
Dec. 24 Dec. 17
16 Dec.
16 Dec.
$1M
American Investment Co.
Dec.
4
Dec,
Dec.
12Mc
..
4H% preferred (quar.)
American Hawaiian Steamship
Extra.
Dec.
2 Dec.
15 Dec.
15 Dec.
Jan.
25c
American Home Products
14
2 Dec. 20
16 Nov. 25
Jan.
Dec.
15c
$7 preferred
Extra...
12*
Jan.
Jan.
American Export Lines.
20
Jan.
1 Dec. 23
19
4
Jan.
68 Mc
t$5
$6 preferred
American Fork & Hoe Co
34Mc
.
Cigar, preferred (quar.)..
Light Corp.—
$2.75cl. A (qu.) (cash or l-16th sh. in B stock)
American Colortype Co. 5% preferred ------ -American Cyanamid Co., class A & B (quar.).'.
Special div. on cl. A & B of SIM payable
in 5% cum. conv. pref. stk., 3d series,
in ratio of 1 sh. of pref. for each 6 2-3 shs.
com.
held.
Fractional amounts to be
paid in cash....
6% cum. conv. pref. 1st & 2d series (quar.)..
American & Foreign Power
10
37 Mc
5M% series C preferred (quar.)..
Southern Natural Gas Co
---
—
----
%1X
$1
SIM
SIM
American Cigarette &
30
Dec. 16 Nov.
Dec. 16 Nov.
2 Dec.
Jan.
Dec. 23 Dec.
40c
American Cities Power &
Jan.
S3
SIM
tSl
Sorg Paper Co., preferred A
Preferred B
—
Southern Calif. Edison Co., Ltd.—
Original preferred (quar.)............—--.
Special
14
31
4c
.
25c
South West Pennsylvania
31 Dec.
Nov. 25 Oct.
Nov. 20 Nov. 26
7
Dec. 21 Dec.
2 Dec. 10
Jan.
2 Dec. 20
Jan.
13
15 Dec. 31
20c
••
Sloss-Sheffield Steel & Iron
(quar.)
American Can Co.,
10c
*•
Skilsaw, Inc. (extra)
Preferred
American Bemberg Corp.,
20
10c
'** u
Sheller Mfg....
z-r-~~
Silver King Coalition Mines
15
2 Dec.
Dec.
S3H
$1X
pref. (s.-a.)
preferred (quar.)
American Chain & Cable
Preferred (quar.)..
American Chicle Co. (quar.)
20 Dec.
Dec.
Jan.
7 He
SIM
of Record
Company
Name of
Payable of Record
SIM
SI M
Stores (extra)
Rose's 5-10 & 25c.
Holders
When
Per
Name of
M
10c
2 Dec. 20
2
2
2
Dec. 24 Dec. 21
6
Dec. 20] Dec.
Jan.
Jan.
Dec.
Dec.
2
2 Dec.
14
4
11 Dec.
14 Nov. 19
V olume
The Commercial & Financial Chronicle
151
Per
Name oj Company
Share
Bridgeport Brass Co
Bridgeport Gas Light Co. (quar.)
Dec.
Dec.
Jan.
Dec.
_
__II__
Jan.
.
Co ."(liquidating)
$1M
SIM
16 Nov. 30
2 Dec. 12
15 Dec. 31
10 Nov. 29
Jan.
1
—
—
..
16 Dec.
5
2 Dec.
20
14 Nov. 22
2 Dec. 16
25c
(quar.)--I
Participating
Buffalo, Niagara & Eastern Power pref. (quar.).
1st preferred (quar.)
Bullard Co
Bulolo Gold Dredging, Ltd. (interim)
Bulova Watch Co. (quar.)
40c
Jan.
SIM
Feb.
75c
sim
50c
Extra
Dec.
Dec.
2 Dec.
1 Jan.
14
15
6
Dec. 21 Dec.
Dec. 16 Nov. 21
6
Dec. 14 Dec.
$i
14 Dec.
6
Dec.
Dec.
16 Dec.
23 Dec.
6
13
15c
I
Dec.
15c
25c
Burgess Battery (quar.)
I."
Burlington Mills Corp. (extra)
Burlington Steel (quar.)
Butler Water Co. 7% pref. (quar.)
Calamba Sugar Estates (quar.).
Jan.
2 Dec.
16
16 Dec.
2 Dec.
9
15
SIM
Dec.
40c
Dec.
Dec.
Dec.
JS1M
*30c
J30c
tSIM
137 Ac
tSl A
-
Extra
(quar.)IIII
Canada Foundries & Forgings class A
Class B (interim)
Jan.
75c
20c
California Ink Co
Canada Bud Breweries
Canada Cement Co., preferred
Canada Cycle & Motor Co., Ltd. (quar.)
...
20 Dec. 10
6
12 Dec.
20 Nov. 30
Dec.
10 Nov. 22
Dec.
28 Dec.
(quar.)
Preferred (quar.)
Canadian Canners, Ltd., (quar.)___
Convertible preferred (quar.)
_
...
(part.)
1st preferred (part.)
Canadian Car & Foundry, class A..
Class B (Initial)
...
Canadian Celanese, Ltd., (quar.)
Extra
Preferred (quar.)
Canadian Cottons Ltd (quar.)
Preferred (quar.)
III.IIHI
Dec.
Dec.
15 Nov. 30
15 Nov. 30
Jan.
Dec.
Jan.
Dec.
14
20
20 Dec. 14
15 Dec. 31
17 Nov. 28
Jan.
2 Dec.
20
6% preferred (accumulated)
Canadian Wirebound Boxes, Ltd., class A___
Dec.
16 Dec.
2 Dec.
7
t*37Mc Jan.
2
175c
SIM
$1A
$1A
30c
Continental
Dec. 31INov. 30
Dec. 31 Nov. 30
2 Dec. 13
Jan.
Jan.
Jan.
Dec.
2 Dec.
2 Dec.
13
10
16 Nov. 15
25c
(quar.)
Continental Telephone 7% preferred (quar.)..
6 A% preferred (quar.)
Copper Range....
Copperweld Steel Co
?
Cum. conv. pref. (quar.)
Cornucopia Gold Mining (initial)
Crane Co. preferred (quar.)
Creameries of America, Inc. (quar.)
Credit Acceptance Corp., $1.40 conv. pref (qu.)
Creole Petroleum Corp
Dec.
23 Dec.
2
25c
Preferred
Dec.
20 Dec.
10
$1M
SIM
SIM
Dec.
20 Dec.
10
Jan.
21 Dec.
14
2 Dec.
14
30c
Dec.
20c
Dec.
16 Nov. 16
10 Dec.
1
Dec.
10 Dec.
Dec.
16 Nov. 25
62
^c
SIM
12 Ac
Jan.
1
Dec. 14 Nov. 30
Dec. 27 Dec. 10
35c
Dec.
25c
Dec.
25c
Dec.
14 Nov. 30
30
30
^c
16 Nov.
16 Nov.
Dec. 24 Dec.
Dec. 16 Nov.
Dec. 16 Dec.
25c
Jan.
2 Dec.
13
Dec. 30 Dec.
Dec.
Dec.
13
50c
56
SIM
32
50c
Cuban-American Manganese (initial)
Cuneo Press, Inc., 6A% preferred (quar.)
Curtis Publishing, prior pref. (initial)
$1rU
Dec.
14
29*
6
16
Dec. 23
Nov. 30
Dec.
Dec.
Jan.
5
50c
13 Nov. 22
Dec.
14 Nov. 23
50c
!
Cutler-Hammer inc...
Dec.
50c
Curtiss-Wright Corp., class A
Common (initial)
Dec.
$1M
Dairy League Co-operative, pref. (quar.)
Davidson Boutell, preferred (quar.)
Dayton & Michigan Railroad, pref. (quar.)
Debenture & Securities Corp. (Canada)—
$1ii
nP x
16 Dec.
Dec.
2
Dec.
Jan.
Dec.
14
Jan.
Dec.
14
2
2 Dec. 23
Dec. 20 Nov. 18
S2M
$2
15 Dec.
1
Jan.
2 Dec.
20
20c
10c
Extra
Dec.
$1A
(quar.)
Jan.
20c
Preferred (semi-annual 1
Delaware & Boundbrook RR. (quar.)
Delaware Fund, Inc
Dec.
20 Dec.
10
10
T$2
Derby Oil & Refining $4 preferred
Dec. 20 Dec.
Dec. 20 Dec.
5
1 Dec. 20
10
50c
Dec.
16 Dec.
20 Dec.
10
Devonian Oil (quar.)
25c
Dec.
14 Nov. 30
31 Dec. 20
31 Dec. 20
Dewey & Almy Chemical
25c
Dec.
16 Nov. 30
Dec.
SIM
20 Dec.
Dec. 16 Dec.
10
Dec.
10 Oct.
Jan.
1 Dec.
31 Dec.
Resulting from reduction in capital stock and
change in oar value of shares.
Distillers Oorp.-Seagrams, Ltd. (quar.)
%55Ac
62 Ac
Dixie-Vortex Co., class A (quar.)
25c
(Monthly)
50c
Doehler Die Casting
t50c
Dome Mines. Ltd
11
17
17
$120
Y
25c
38c
8c
Dec.
14 Nov. 30
Dominguez Oil Fields Co. (monthly)
Dominion Coal Ltd. preferred (quar.)
12Ac
Dec.
10
Dominion Foundries & Steel Ltd. (quar.)
Dominion Glass Ltd. (quar.)
20
Dec.
25c
Dec.
SI A
Extra
16 Dec.
20 Dec.
Jan.
2 Dec.
5
$6 and 6% preferred
Central Maine Power Co. 7% preferred (quar.)_
preferred (quar.)
$6 div. series preferred (quar.)
5% div. series preferred (quar.)
Central Power & Light 6% preferred.
tsiM
SI A
SIM
SI M
62t$i
7 % preferred
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
t$1.10*« Dec.
16 Nov. 20
2 Dec. 10
2 Dec. 10
2 Dec.
2 Dec.
16 Dec.
16 Dec.
10
10
2
2
Preferred
(quar.)
Draper Corp. (quar.)
$1
50c
Dec.
16 Nov. 29
Extra
Chicago Burlington & Quincy RR
Chicago Mail Order
Chicago Rivet & Machine
Christiana Securities 7% pref. (quar.)
Common (irregular)
Chrysler Corp
Cine. New Orl. & Tex. Pac. Ry.—
Common (irregular)
5% preferred (quar.)..
5% preferred (quar.)
5% preferred (quar.)
Citizens Wholesale Supply, pref. (quar.)
City Auto Stamping
City Ice & Fuel Co. common
City Title Insurance Co. (extra)
Clark Equipment Co. (year-end)
7% preferred (quar.)
Clearfield & Mahoning RR. (s.-a.)
Clearing Machine Corp
Cleveland Electric Illuminating (final)
Dec.
16 Nov. 29
14
$2
Dec.
25c
Dec.
24 Dec.
23 Dec.
25c
Dec.
14 Nov. 23
SIM
$34 A
$1A
$5
—
SI A
SI A
Jan.
Dec.
Dec.
2 Dec.
7
20
16 Nov. 25
12 Nov. 12
20 Nov. 29
Mar.
1 Feb. 15
Dec.
June
2 May
15
Aug. 15
Driver-Harris
Preferred
-
—.— —
Preferred (quar.)
Cleveland Worsted Mill Co. (year-end)
Clorox Chemical Co. (quar.)
Preferred
Cluett, Pea body & Co., Inc. (final yr.-end)
Preferred (quar.)
Coast Counties Gas & Elee., 5% pref. (initial)..
Cocar-Cola Co
1M
SIM
SIM
(quar.)
Common (quar.)
-.
Co. (year-end) —
$4-50 preferred (quar.)
prior pref
4A% prior preference
pref.
6% preferred (quar.)
Easy Washing Machiner, preferred
Edison Bros. Stores, Inc., (quar.)
30
5
Dec.
31 Dec.
20 Dec.
16
14
SI A.
SI A
SIM
Dec.
16 Nov. 29
Electric Products Corp.
Extra
Dec.
Jan.
16 Nov. 29
2 Dec. 20
Electric Storage Battery Co.
Preferred (final)
20c
Dec.
20 Dec.
5
50c
Dec.
20 Dec.
7
50c
Dec.
7
%\A
Jan.
20 Dec.
1 Dec.
7
10
10
SIM
$1A
Dec.
24 Dec.
13
Jan.
26c
Dec.
75c
Dec.
Dec.
Dec.
32
S1%
Dec.
$21
S3
Dec.
2 Dec. 20
16 Nov. 25
16 Dec.
2
16 Dec.
2
16 Dec.
2
16 Dec.
2
16 Dec.
2
16
14
Jan.
15 Dec. 31
Electric Boat Co
(s.-a.)
Jan.
50c
Dec.
Dec.
Jan.
Jan.
23 Dec.
12
2 Dec.
20
21 Dec.
6
2 Dec.
1 Dec.
20
10 Nov. 23
2
14 Nov.2 5
25 Jan. 10
Dec.
Dec.
19 Dec.
Dec.
16 Dec.
SIM
SIM
SIM
tSIM
SIM
SIM
tl7Mc
14
9
10 Nov. 23
2
Jan.
2 Dec.
15
Dec.
27 Dec.
12
Jan.
1 Dec.
12
Dec.
17 Dec.
2
Jan.
2 Dec.
Jan.
2 Dec.
5
Jan.
2 Dec.
20
5
14 Nov. 30
14 Nov. 30
Dec.
62Mc
SIM
75c
Dec.
Dec.
Dec.
20 Dec.
18 Dec.
Dec.
10 Nov. 26
Dec.
20 Dec.
10
10
10
50c
Elmira & Williamsport RR., preferred
El Paso Natural Gas, common (quar.)
23 Dec.
23 Dec.
3
3
10c
Dec.
Jan.
50c
(s.-a.) —
10
Dec.
25c
Empire Power Corp., $6 pref. (quar.)
$2.25 cum. participating
Empire Star Mines
—
Emporium Capwell Co. (quar.)—
4 A% preferred (quar.) —
English Electric Co. of Canada, Ltd.—
S3 non-cum. class A (quar.)
Erie & Pittsburgh RR. 7% gtd. (quar.)
Guaranteed betterment (quar.)
20 Dec.
Dec.
50c
preferred (quar.)
Dec.
50c
(final)
(final)
Elgin Sweeper, preferred (quar.)
Prior
Dec.
Dec.
Jan.
25c
Electrolux Corp.
16 Dec.
16
2 Dec.
2 Dec.
Jan.
40c
20 Dec.
20 Dec.
2 Dec.
Jan.
25c
5% cumul. conv. preferred (quar.)
Egry Register Co. 5M% preferred (quar.)
Electric Auto-Lite Co.
2
Dec.
Jan.
20c
Eastern Mass. Street Ry. 6% 1st
Eastman Kodak (quar.)_
2 Dec.
Dec.
11
2 Dec. 14
2 Dec. 20
25c
Eastern Gas & Fuel Assoc. 4 A %
Sept.
SI
24 Dec.
SIM
SIM
SIM
40c
Duquesne Brewing Co
Duval Texas Sulphur Co
Eagle PIcher Lead....
Preferred (quar.)
Dec.
75c
Dec.
Jan.
Jan.
Jan.
(quar.)
Duke Power Co
15c
...
24 Dec.
20 Dec. 31
2 Dec. 30
2 Dec. 30
30c
10c
-u—
Dec.
Jan.
13 Nov. 30
Jan.
Dec.
2
10
Dec.
75c
$1A
5
14
2 Dec.
Jan.
Dunean Mills 7% pref. (quar.)
Du Pont (E. I.) de Nemours &
16 Nov. 30
1 Dec. 14
Dec.
19 Dec.
Jan.
Dun & Bradstreet, Inc., $6 pref. (quar.)
Dec.
16 Dec.
$1
60c
20 Nov. 30
2
12 Dec.
Jan.
Dec.
Jan.
Dec.
$1
20 Nov. 30
25c
10
20 Nov. 20
75c
Dec.
25c
1 Feb.
Dec.
Extra
Dec.
SIM
Champion Paper & Fibre
Preferred (quar.)
Chesebrough Mfg. Co. (quar.)
16 Nov. 30
16 Nov. 30
Extra
tsiM
Chain Belt Co
-
,
tsiM
preferred
$7 preferred
t25c
ill M
JS1M
SIM
SIM
Preferreo (quar.)
Dominion Textile, Ltd. (quar.)
5
Dec.
Mar.
Discount Corp. of N.
for each
SI8/
S3
,
12
5
Jan.
Dec.
25c
Class B
Preferred (quar.)
10
2
Dec.
-
12
20 Dec.
16 Dec.
Dec.
15c
32
Diamond Match Co., pref. (semi-ann.)
Dec. 24 Dec.
1 Dec.
Jan.
15c
Central Illinois Light 4 M % preferred (quar.)
Central Illinois Public Service Co.—
(semi-ann.)
2
16|Dec.
Detroit-Hillsdale & Southwestern (s.-a.)
Detroit Steel Corp.
Dec.
stock held
Coca-Cola International Corp
14
16 Dec.
16
16
50c
7% cumulative prior preferred (quar.)
7% cumulative 1st part, preferred (s.-a.)
Central Eureka Mining (bi-monthly)
Central Cold Storage (quar.)
Year-end
2 Dec.
Dec.
Dec.
Dec. 23 Dec.
Dec. 23 Dec.
Dec. 20 Dec.
$1)4
...
*
Dec.
Jan.
Dec.
Carey (Philip) Mfg., 5% preferred
5% preferred (quar.)
F
6% preferred (quar.)
Carpenter Steel Co. (interim)
Carter (Wm.) Co., pref. (quar.)
Case (J. I.) Co. (resumed)
7% preferred (quar.)
Case Pomeroy & Co
Catalin Corp. of America
Celanese Corp. of American—
k,
Central & South West Utilities $6
Jan.
14
14
Dec.
$1
6% preferred (quar.)
Capital City Products
com.
16
5
Bonus
Consumers Power Co., $5 pref. (quar.)
$4 A preferred (quar.)
Continental Can, 34.50 pref. (quar.)
De Long Hook & Eye
Delta Electric (quar.)
8
Dec.
Jan.
|50c
Crucible Steel Co., 5% preferred (quar.)
Crum & Forster pref. (quar.)
2 Dec. 13
2 Dec. 20
27
16 Nov.
27 Dec.
Semi-annual
Crown Zellerbach
2 Dec.
2 Dec.
1 Dec.
Dec.
Ltd
2
Canadian Oil Cos., preferred (quar.)
Canadian Tube & Steel Products Ltd.—
of lsh. of
Consolidated Mining & Smelting Co. (Can.),
14
13
Feb.
14 Nov. 30
Dec.
25c
Special
14
2 Dec.
14
30c
2 Dec.
2 Dec.
17
2
1 Dec.
$1A
$1
4M % series B preferred (quar.)
4% series C preferred (quar.)
Consolidated Investment Trust (quar.)
16 Dec.
18 Dec.
17
16 Dec.
Dec.
90c
14
17
Dec.
Jan.
& Power (Bait.)
14
Jan.
Canfield Oil Co
Consolidated Gas Electric Light
Common (quar.)
2 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
6
2
50c
2 Dec.
2
6
Dec.
16 Dec.
16 Dec.
t25c
Jan.
Dec.
16 Dec.
Dec.
t$l
SIM
Jan.
Dec.
2 Dec.
Dec.
75c
Jan.
Jan.
15
Jan.
25c
Extra
Crowell- Collier Publishing (quar.)
Crown Cork & Seal Co., Inc., $2 A cum. pf.(qu.)
Crown Drug Co
Jan.
6
13
25c
14
14
2 Dec.
SIM
2 Dec.
2 Dec.
Jan.
Jan.
7% preferred (quar.)
16
2 Dec. 14
15 Nov. 30
Jan.
Canadian Malartic Gold Mines. Ltd
2 Dec.
23 Dec.
Jan.
62 Mc
Continental Steel Corp..
Jan.
Jan.
Dec.
Dec.
75c
(Quarterly)
2
Jan.
Canadian Industries class A & B (final).
10
25c
Consolidated Film Industries $2 pref
10
15 Dec. 31
Canadian Fire Ins. Co. (Winnipeg) (semi-ann.)Canadian General Electric (quar.)
Canadian Indemnity Co. (irregular)-..
1 Dec.
25c
10
Jan.
...
10
$1.06 A Jan.
Extra
16 Dec.
18 Dec.
Jan.
XUA
175c
112
115c
15c
125c
15c
&7Ac
*$1M
125c
140c
1$ \A
..........
Canadian Breweries $3 preferred
9
1 Dec.
-
Connecticut Light & Power Co
Consolidated Cement Corp. class A
Consolidated Edison Co. of N. Y., pref. (quar.)
26 Dec.
2
14 Nov. 30
14 Nov. 30
25 Dec. 31
t$2
9
Jan.
$1
Telep. (Madison, Wis.)
6% preferred (quar.)
Compo Shoe Machinery (quar.)
Preferred (quar.)
Congoleum-Nairn, Inc. (quar.).
Dec.
Dec.
k
....
...
16 Dec.
S1.06M Dec. 28 Dec.
Preferred (quar.)
Commercial Investment Trust Corp.
Dec.
Jan.
Dec.
Dec.
nm
Canada Permanent Mortgage Corp. (quar.)
Canada Wire & Cable, class A (quar.).......
Class JB (interim)
Sl-60
Columbian Carbon (year-end).
Commercial Credit Co. (quar.)
Casualty Co. extra
Continental Oil (Del.)
125c
Canada Northern Power Corp., Ltd
7% cumulative preferred (quar.)
Canada Packers, Ltd., (quar.)
(semi-ann.)—
16 Dec.
Dec.
10
J50c
Extra
Class A
16 Dec.
Dec.
25c
2 Dec.
2 Dec.
Jan.
150c
Canada Malting Ltd. (quar.)
Class A
Dec.
25c
Participating
Dec,
Commonwealth
16 Nov. 30
31 Dec. 17
Dec. 31 Dec. 17
75c
_
Quarterly
25c
$1 participating preferred (quar.)
2
Dec.
Budd Wheel Co. $7 partic. pref.
6%
Columbia Baking common (quar.)
2
Dec.
common
31 Dec.
21 Dec.
21 Dec.
16 Dec.
Jan.
_
Bucyrus-Ene Co. 7% preferred (quar.)
(Interim)
30 shs. of
Dec.
16 Dec.
Jan.
(year-end)
_
Buckeye Pipe Line
Common stock div.
Dec.
S3
Dec.
Dec.
Extra
Convertible preferred
1st preferred (quar.)
50c
$ 1.06 A
_____
16
Ho ders
When
Payable of 1 ecord
Colt's Patent Firearms (quar.)
Extra
Colgate-Palmolive-Peet, preferred (quar.)
2
16 Nov. 30*
16 Nov. 30*
2 Dec. 16
2 Dec.
Share
Company
Dec.
Broadway Dept. Stores, Inc
Brockway Motor Truck Co
5% first preferred
Name of
$4 A conv. preference (series of 1935) (quar.).
Commercial Solvents Corp. (resumed)
Commonwealth & Southern Corp., $6 pref
Jan.
„
$5 preferred (quar.)
6
16
Jan.
British Columbia Electric
By., Ltd.—
5% prior preferred (s.-a.)
Brooklyn & Queens Transit
Brunswick-Balke-Collender
20 Dec.
30 Dec.
16 Dec.
Dec.
Dec.
_____
Per
Holders
When
Payable oj Record
Dec.
Briggs & Stratton Corp. (quar.)
Bright (T. G.) & Co., Ltd
Preferred (quar.)
Brillo Mfg. Co., Inc. (quar.)
Class A (quar.)
Bristol Brass Corp
British-American Oil (quarI)_II_IIIII
3345
Jan.
SI.60
50c
Jan.
Dec.
23 Dec.
5
2 Dec.
2 Dec.
20
20
2 Dec. 20
28 Dec. 13
15 Nov. 30
SIM
t50c
Dec.
Dec.
10 Nov. 30
$4
35c
Dec.
14 Nov. 29
Jan.
2 Dec.
31
56Mc
Jan.
2 Dec.
21
62 Mc
Dec.
16 Nov. 30
87 Mc
Dec.
80c
Dec.
10 Nov. 30
10 Nov. 30
;v iW
The Commercial & Financial
3346
Share
Company
Exolon Co. (extra)
Extra--
Famous Players Canadian (quar.)
Fanny Farmer Candy Shops (quar.)
16 Dec.
16 Dec.
3c
—
-
;
(quar.)-
Fansteel Metallurgical Corp., preferred
Farallone Packing Co. (quar.)
25c
37|g
n&
5c
—
Farmers & Traders Life Insurance (quar.)
Faultless Rubber Co. (quar.)
Special
—— —
—
(year-end)—
—
Enamel Corp.
Fidelity Trust Co. (Pittsburgh) (quar.)
—
Fifth Avenue Coach Co
Finance Co. of Amer. (Bait.) class A com.
Extra
(qu.)—
—
-
Household Fiance Corp. (quar.)
Jan.
1 Dec.
16
Jan.
16
Houston Natural Gas Corp
31 Dec.
14
Houston Oil,
14
Howey Gold Mine, Ltd.
Dec.
31 Dec.
31 Dec.
14
Hubbell
(year-end)
(Harvey), Inc; (quar.)---—----------
$1
Dec.
20 Nov. 27
Extra
-
Dec.
16 Dec.
5
Dec.
20 Dec.
Dec.
23 Dec.
5
16
15c
10c
27 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
11
11
11
11
—
10 Dec.
2
2
Jan.
10 Dec.
2 Dec.
25c
25c
Dec.
Dec.
37 Ac
Jan.
21 Nov. 30
2 Dec. 16
t25c
— — —
First National Stores (quar.)
——
-
Jan.
18 Dec. 31
Dec.
28 Dec.
12
Industrial Rayon-—-—^-1--.-—
Dec.
28 Dec.
12
15c
Dec. 28 Dec.
Dec. 20 Dec.
Dec. 16 Dec.
12
16 Dec.
6
Ingersoll-Rand (quar.)—-—---——-—----Preferre d(semi-ann.)
/.— — __—— —
Inspiration Consolidated Copper Co
—
Year-end dividend.
Inter-City Baking Ltd—
Intercontinental Rubber Co. (year-end)
—
International Business Machine (quar.)
-
Foster & Kleiser, preferred A (quar.).
Foundation Co. (Canada) (quar.)...——
(quar.)
Preferred (quar.)
—
—
Mines (initial)
26
1%
—
Ford Motor of Canada class A (quar.).
Class B (quar.)..
2 Dec.
Dec. 31 Dec. 23
t3c
-
2Ac
Frankenmuth Brewing Co. (quar.)
Gamewell Co., $6 conv. pref. (quar.)
$1 a
UA
Dec.
Dec.
3
5
16 Dec.
21 Nov. 30
—
Garfinckel (J.) & Co. (quarterly)
—
5
6% convertible preferred (quarterly)
—
Gatineau Power Co. (quar.)....
2 Dec.
14
17Ac
37 Ac
Dec.
14 Dec.
5
Dec.
31 Dec.
Dec.
31 Nov. 30
1 Nov. 30
$1.38
$15*
55* % preferred (quar.)...
5% preferred (quar.)
Gay lord Container
Preferred (quar.)
General Acceptance Corp. (quar.)
Class A (quar.)
General Amer. Investors, $6 pref. (quar.)
General Crude Oil (year-end)
General Box Co. (semi-annual)
—
55c
685*c
25c
25c
...
$1A
Jan.
16 Dec.
16 Dec.
5
2 Dec.
Jan.
3
20
—
Electric Co.
General
(year-end)
Extinguisher
Dec.
16 Nov. 30
Dec.
Jan.
Dec.
—
$15*
$1A
$15*
Feb.
Dec.
$15*
Jan.
—
(quar.)
General Railway Signal Co
(quar.)
Dec. 10
23 Dec. 20
_
24 Dec.
10
2 Dec.
10
21 Nov. 30
50c
Dec.
25c
Dec.
16 Dec.
9
Dec.
16 Dec.
9
(quar.)
.....
—
—
— —
——-
Jamaica Water Supply Co.
4
Johns-Manville Corp
Dec. 20 Dec.
10
14
Joslyn Mfg. & Supply
Prefer red (quar.)
14
.
(quar.)
$15*
$1
75c
Dec.
16 Dec.
2
Jan.
2 Dec.
20
Parchment Co. (quar.)—.
Kansas City Power & Light, pref. B (quar.)—
Kansas City Southern Ry., pref. (year-end) —
Kansas Electric & Power 7% pref. (quar.)
6% preferred (quar.)
Kansas Pipe Line & Gas., preferred (quar.)
Katz Drug Co. (quar.)
—
$4.50 preferred (quar.)
—
—
Kaufmann Dept. Stores 5% pref. (quar.)
Kearney (J. R.) Corp. (quar.)_,
Preferred (quar.)
Kelley Island Lime & Transport
Kerlyn Oil Co., class A (quar.)
$2
35c
Dec.
20 Dec.
10
Kennecott Copper
Jan.
1 Dec.
12
Jan.
1 Dec.
12
$1
50c
Dec.
18 Dec
Dec.
24 Dec.
9
Jan.
2 Dec.
14
%1A
\2c
62 Ac
$15*
25c
...
........
—
Great Western Sugar
Preferred (quar.)
Jan.
Dec.
Jan.
2 Dec.
18 Dec.
21
3
2 Dec.
10
20 Dec.
6
Dec. 20 Dec.
6
Dec
16 Nov. 15
Dec. 16 Nov. 15
Dec.
2 Dec.
6
$15*
Dec.
9 Dec.
2
Jan.
2 Dec.
16
$15*
Greening (B.) Wire Co., Ltd. (quar.)
Griggs, Cooper & Co. 7 % pref. (quar.)
Group No. 1 Oil Co
Jan.
75c
15c
Greene Cananea Copper
Jan.
1 Jan.
1
Dec.
$50
25c
Gulf States
...
Dec.
$1A
(quarterly)
$6 pref. (quar.)...
Gulf Power Co..
Jan.
$1A
$1H
14
30 Dec.
10
2
16 Dec.
2 Dec. 20
Dec.
43 He
20c
Dec.
_
16 Nov. 29
16 Nov. 29
Dec. 31 Dec. 16
Dec.
14 Dec.
25p
Dec.
20 Dec.
Halle Bros
50c
Dec.
10 Dec.
7
Haloid Co. (quar.)
25c
Dec.
31 Dec.
16
6
5
25c
Dec.
t$15*
Dec.
20 Dec. 13
31 Nov. 30
Hamilton Watch Co
50c
Dec.
16 Dec.
6
Hammermill Paper Co
Hanners Oil Co,, common
25c
Dec.
20 Dec.
5
2c
Dec.
$1A
Jan.
Hamilton Mfg. Co., partic. preferred A.
Hamilton United Theatres, Ltd., 7% preferred-
Harbison-Walker Refractories, pref. (quar.)
Hard Rock Gold Mines..
Harris burg Steel Corp
Hartford Electric Light (extra)
Common (irregular)
5c
45c
15
20 Jan.
6
Dec. 20 Nov. 30
Dec.
16 Dec.
2
.0458
Feb.
1 Jan.
15
.0458
1
Jan.
15
15
SI J*
Feb.
Jan.
Jan.
Hazeltine Co. (quar.)
Extra
1
75c
Dec.
16 Dec.
50c
Dec.
16 Dec.
(irregular)
Heileman (G.) Brewing (quar.)...
25c
Dec.
14 Nov. 15
25c
Dec.
16 Dec.
Hein-Werner Motor Parts (quar.)
20c
Dec.
16 Dec.
35c
16 Dec.
$15*
Dec.
Jan.
$2
Jan.
2 Dec.
2 Dec.
Hawaiian Electric, 6% preferred (final)
Hazel-Atlas Glass Co
Hecla Mining
30c
$15*
Jan.
2
Kalamazoo Vegetable
2 Dec.
2
2
31 Dec. 20
Jan.
1 Dec.
20
3 Dec.
17
Dec.
Jan.
20 Dec.
10
10c
Dec.
5c
Dec.
23 Dec.
18 Dec.
$2 A
Dec.
Jan.
$1A
2
Jan.
3%
Dec.
tlOc
Dec.
15c
16
6
14 Dec.
3
1 Dec.
11
2 Dec.
15
7 Sept. 26
6
31 Dec.
Dec. 21 Nov. 29
2 Dec.
4
25c
Jan.
30c
Jan.
40c
Jan.
2 Dec.
15 Jan.
$1A
Jan.
2 Dec.
4
4
12*
50c
Dec.
20 Dec.
$1
$3
Dec.
24 Dec.
9
Jan.
2 Dec.
*9
6
50c
Dec.
24 Dec.
9
t$lA
Dec.
10 Dec.
2
40c
Dec.
16 Nov. 30
SI A
5%
Dec.
Jan.
21:Dec.
30 Jan.
Jan.
15 Dec. 20
Dec.
31 Dec.
Jan.
13
15
2
31
Dec,
2
Dec.
Keystone Public Service pref. (quar.)
Keystone Steel & Wire—...——————;
Keystone Watch Case
Kimberly-Clerk (quar.)
Dec.
2
Dec.
Dec.
12
12
14
Jan.
Dec,
Dec.
Dec.
Dec.
2
Dec.
16!Dec.
2
Dec.
15!Dec.
1
ffl *4
Dec.
14'Nov. 30
+$15*
t$l A
Dec.
14 Nov. 30
Dec.
Nov. 30
Dec.
Dec.
Dec.
Dec.
16
25c
Dec.
Dec.
16
5
Dec.
Dec.
2
Dec.
Dec.
14
$15*
12Ac
$15*
$1A
$15*
Dec.
Dec.
14
Dec.
Jan.
Nov. 30
Jan.
Jan.
Dec.
10
Dec.
10
Dec.
Dec.
$1A
$15*
t$l
Dec.
Dec.
6
10
Jan.
Dec.
16
Dec.
10
Dec.
Dec.
9
Dec.
16 Dec.
2
Dec.
75c
16 Dec.
2
50c
15c
Dec.
15 Nov. 23
23 Dec. 10
Dec.
$1A
20 Dec.
10
1 Dec.
14
Jan.
11 Nov. 27
2 Dec. 14
$1
Dec.
$15*
$15*
Jan.
37 Ac
Jan.
12Ac
$1A
$1A
12 Ac
Dec.
16 Nov. 30
Jan.
2 Dec. 14
14 Nov. 30
Jan.
Dec.
Dec.
2 Dec.
14
2 Dec.
14
16 Dec.
2
2
75c
Dec.
16 Dec.
25c
Dec.
14 Nov. 30
85*c
Jan.
1 Dec.
10
16 Dec.
2
2 Dec.
16
(quar.)
Dec.
16 Nov. 30
Dec.
20 Dec.
10
25c
Jan.
50c
•_
—-—
Dec.
10
10
10
Jan,
2 Dec.
2 Dec.
16
Jan.
2 Dec.
16
Jan.
2 Dec.
16
25c
Dec.
Feb.
27 Dec.
1 Jan.
17
62 Ac
30c
$1
30c
$1A
$15*
*50c
10c
Dec.
Jan.
Dec.
Jan.
Feb.
Dec.
Jan.
20
2
20 Dec.
2 Dec.
30
12 Nov. 29
2 Dec.
20
1 Jan.
17
14 Nov. 30
2 Dec.
6
$15*
Dec.
16
25c
Dec.
15 Nov. 29
25c
Dec.
15 Nov. 29
Dec.
16 Dec.
$3
$1
—
2 Dec.
26 Dec.
Jan.
$15*
$15*
$1A
$1A
30c
(year-end)
Leonard Refineries, Inc
Leslie Salt Co, (quar.
20 Nov. 30
Dec.
Jan.
.30c
-
Extra
24 Nov. 29
15 Dec. 31
Dec.
5c
6% preferred (quar.)
5% preferred (quar.)
Klein (D. Emil) Co
Preferred (quar.)
Kleinert (I. B.) Rubber Co. (irregular)
Kresge Dept. Stores 4% conv. 1st pref. (quar.) —
Kresge (S. S.) Co
Kroger Grocery & Baking, 6% pref. (quar.)
7% preferred (quar.)
—
Lake Shore Mines, Ltd. (quar.)
Lamaque Gold Mines Ltd
J
Landis Machine preferred (quar.)
Lane-Wells Co. (quar.)
Lawyers Title Insurance Corp. (Va.)A(s.-a.)
Lehigh Coal & Navigation
Lehigh Portland Cement, pref. (quar.)
Lehigh & Wiikes-Barre Corp
24 Nov. 29
Jan.
70c
Preferred (quar.)
Kings County Lighting, 7% pref.
Dec.
Dec.
*5c
Extra
$2
62Ac
10
Dec. 20 Dec.
7
2 Dec.
14
Dec. 23 Dec.
7
Jan.
Dec.
14 Nov. 30
5c
———.—.—
Lexington Telephone Co. (quar.) —;
—6% preferred (quar.)
Libby-Owens-Ford Glass (year-end)
Life & Casualty Ins. Co. of Tenn. (quar.)
Liggett & Myers Tobacco, pref. (quar.)
Lily-Tulip Cup (quar.)
Lindsay Light & Chemical Co., pref. (quar.)—
Line Material Co
Dec.
Jan.
25c
Inc., $1.25 conv. pref. (quar.)
Kerr Addison Gold Mines (interim)
Kerr Lake Mines. Ltd..
■:0.r
Dec.
75c
31 Ac
Special..
Kennedy's
Lehn & Fink Products
Dec." 13*
Dec.
3
14
Dec.
Kalamazoo Stove & Furnace
16 Nov. 30
Jan.
2 Dec.
—
Joy Manufacturing (quar.)
Dec. 28 Dec. 12
2 Dec. 12
Jan.
2
Dec. 10 Dec.
Dec. 21 Nov. 30
5uc
Goodrich (B. F.) Co
Utilities $6 prer. (quar.)
$5A preferred (quar.)
Hackensack Water, preferred (quar.)
Hall (O. M.) Lamp
Hall (W. F.) Printing (quarterly)
—
•—
50c
...
Preferred (quar.)
Great Northern Iron Ore Properties
Great Northern Ry. pref. (resumed)
—
7% preferred (quar.)
Laughlin Steel, 7% preferred
Dec. 20 Nov. 30
Dec.
16 Dec.
26 Nov. 26
60c
7% pref. (quar.)
—
5Cc
2c
Dec.
Dec.
Jan.
7c
Jones &
2 Dec.
_
9
20 Dec.
9
1 Nov. 30
50c
25c
Brewing Co. (quar.)
Mining, Ltd
Gold Belt
Preferred (quar.)
Goodyear Tire & Rubber Co
$5 conv. preferred (quar.)...
Gorham Manufacturing Co
Gorton Pew Fisheries (quar.)
Grand Rapids & Indiana Ry. (s.-a.)
Grant (W. T.) Co. (quar.)
—-———- -—- -
(quar.)
4
25c
5c
Gold & Stock Telegraph Co. (quar.)
Goldale Miners, Ltd. (interim)
—
$5 preferred A (quar.)_
Jefferson Lake Sulphur
14
2 Dec.
Dec.
Jan.
25c
-
—— ——
(quar.)
14 Dec.
2 Dec.
25c
25c
$1
(interim)
Island Mountain Mines
14 Dec.
56Hc
Hoist Co
-—
40c
—
Glidden Co. (interim)
Preferred (quar.)
Preferred (quar.)
_
Dec.
Jan.
Jan.
Glen Alden Coal
W.) (quar.)
Extra
Dec.
Jan.
Georgia Power Co. $6 preferred (quar.)
$5 preferred (quar.)
Extra
'•
Jersey Central Power & Light,
6% preferred (quar.)..
55*% preferred (quar.)
Jewel Tea Co. (quar.)
62 Ac
(quar.)
Helme (Geo.
■
15c
—
General Theatres Equipment Corp..
Extra
■
35c
end)
....
Gulf Oil Corn,
6
25c
General Refractories Co. (year
General Reinsurance Corp
Goldblatt Bros, preferred
Jan.
Dec.
1 Jan.
13
20 Dec.
25c
7% cumulative preferred
6A% cumulative preferred-.6% cumulative preferred
Iron Fireman Mfg. Co. (extra)
Irving Air Chute (quar.) —
12 Nov. 14
...
Dec.
30c
Investment Corp. (Philadelphia)
Iowa Southern Utilities Co. (Del.)—
16 Nov. 20
1 Dec. lo
$1
$5 preferred (quar.)..-
Preferred
20 Nov. 22
pref. (qu.)
General Mills, Inc., 5% pref. (quar.)
General Public Utilities. Inc., $5 pref.
General Telephone Corp.
Extras
Dec.
40c
25c
(Me.) pref. (s.-a.)
Mills
Intertype Corporation (irregular)
2
__
14
$1.33
7% preferred (quar.)
2
20 Dec.
50c
General Motors Corp
Extra
20 Dec.
Dec.
■—
General Ga« <& Electric Corp. $5 prior
General Instrument Corp. (quar.)w
Preferred
20 Dec.
Dec.
20 Dec.
27 Dec
Dec. 31 Nov. 30
$1
Interstate Hosiery
2
Dec.
80c
...—
6c
40c
—
Cigar Co. (quar.)
Extra
25c
$1
Extra
Dec
t$6 A
$15*
preferred
International Telephone
Dec. 16 Nov. 15
2
Dec. 20 Dec.
Dec.
50c
Extra
International Silver 7%
5
5
Dec. 31 Dec. 20
15 Dec. 31
Jan.
Dec.
9 Dec.
2
Jan.
15 Dec. 31
$1A
37 Ac
(quar.)
International Nickel Co. of Canada
Payable in U. S. funds,
-\v.
International Ocean Telegraph Co. (quar.)
International Salt Co. (quar.)
—
3
16 Dec.
16 Dec.
3c
Dec.
40c
Stock
International Harvester
1 Nov. 30
Jan.
Dec.
Dec.
Dec.
Dec.
14
2c
10c
1—
Jan.
6
—
5
20c
Gannett Co., Inc., pref. (quar.)
5
16 Dec.
16 Dec.
62 Ac
Dec.
Jan.
5
20 Dec.
Dec.
$1
Dec.
15 Nov. 30
5
16 Dec.
Dec.
20 Dec.
Dec.
JS1
68 Ac
$3 A
50c
21 Dec.
Dec.
Dec.
1S1
Preferred (final)
Hydraulic Press Mfg. Co———
Idaho Maryland Mines (monthly)Illinois Bell Telephone
——
Illinois Central-Leased Line (special)
Illinois Commercial Telephone Co. (Madison,
Wis.,) $6 preferred (quar.)
Imperial Chemical Industries, Amer dep. rec—Imperial Tobacco of Canada (interim)---——>
Incorporated Inventors
Indian Motocycle Co
6% preferred-—
Indianapolis Power & Light (quar.)
Indianapolis Water, 5% pref. A (quar.)
Dec.
25*c
50c
87 Ac
21
62 Ac
(irregular)
— — ——
Huron & ErieMtge. Corp. (Ont.) (quar.)
Hussman-Ligonier pref. (quar,)---—------ — Huston (Tom) Peanut Co., 7% preferred (s.-a.)
Hyde Park Brewers Assoc. (year-end)
Hygrade Sylvania Corp
Humble Oil & Refining
11
1 Dec.
25*%
50C
Class A and B (extra)
General Fire
preferred
Hudson's Bay Co. 5% pref. (s.-a.)
Hudson Bay Mining & Smelting Co
13
Jan.
$1.20
t6%
1 Dec.
Dec.
Dec.
Dec.
21
$1
$1
75c
75c
15c
6
1 Dec.
$1A
•*.
25c
Class A and B (semi-annual).;.
General
pref. (quar.)..
62 Ac
75c
—
(quar.)
First Security Corp. of Ogden (Utah)—
Fox (Peter) Brewing Co.
Extra
Special
5% preferred
6
17
Jan.
$1A
25c
Security Fund, Inc—
First National Bank of Jersey City
Goebel
28
Honolulu Oil Corp. (irregular)
Hooker Electrochemical Co., 6%
11
15 Dec.
50c
25c
(quar.)
Mar. 15 Feb.
2 Dec.
Dec.
50c
Home Fire & Marine Insurance
Jan.
15 Dec.
50c
Plxtra
5
Dec. 20 Dec.
Dec. 18 Dec. 14
Dec. 16 Nov. 30
6%c
5A% preferred (quar.)
Firemen's Fund Indemnity (San. Fran.) (quar.)
First National Bank (Toms River, N. J.) (qu.)_
Globe
20 Dec.
27 Dec.
$15*
31 Ac
Furnace Co
Holland
17
5
27 Dec.
$25*
10c
(quar.)
—-
Francoeur Gold
preferred (quar.)
Preferred (quar.)
Prior
1 Mar. 18
Dec.
Dec.
14 Nov. 30
Dec.
Dec.
10c
25c
Preferred (s.-a.)._.
Foote-BurtCo
Apr,
Dec.
2.5c
Extra
7
Dec. 31 Dec. 20
15c
25c
$1
5f,c
——
Extra
4
Dec. 16 Dec.
Dec. 27 Dec.
9
Dec. 20 Dec.
Dec. 20 Nov. 30
25c
25c
—
.
Federal Mining & Smelting Co.
Federal Mogul Corp
Class B common
4
25c
— — —
-
.
Ferro
6
25c
----
-
-
-
„
Federal Bake Shops
Extra
Financial
23 Dec.
50c
Fairbanks, Morse & Co. (special)
Falstaff Brewing, preferred (semi-ann.)
Quarterly
Dec.
Dec.
Dec.
§1
$15*
(quar.)—-——
Extra
20c
50c
•
10
12
Holders
Payable of Record
$3 A
$1.05
(year-end)...
—
—
Hershey Creamery Co. (s.-a.)
...
—
7% preferred (s.-a.)..
——— — Hewitt Rubber Co. (quar.)
—
Hibbard. Sj>encer. Bartlett & Co
Hick ok Oil Corp. (quar.).-
1 Mar. 15
65c
■—
Fafnir Bearing Co.
2 Dec.
Dec. 27 Dec.
30c
(Syracuse, N. Y.), irreg—-
Excelsior Insurance
Ian.
ADr.
Share
Company
Hercules Powder Co.
15
25c
25c
Eversharp, inc., new 5% pref. (quar.)—
New 6% preferred (quar.) —
Ex-Cell-O Corp—-
Name of
Payable of Record
1940
7,
When
Per
Holder*
When
Per
Name of
Dec.
Chronicle
Dec.
15 Dec.
5
65c
Dec.
14 Dec.
4
60c
Dec.
14 Dec.
1
$15*
Jan.
15 Dec. 31
16 Nov. 29
Dec.
$2
15c
Jan.
1 Dec.
13
$15*
Jan.
1 Dec.
10
30c
Dec.
16 Dec.
2
15*%
Dec.
10 Dec.
2
20c
Dec.
13iDec.
2
t':.
Volume
The Commercial & Financial Chronicle
151
Per
Name of Company
Share
Lincoln Service Corp. (Wash., D. C.) quar.)
'
t
25c
Dec.
Nov. 30
2 5c
Dec.
Nov. 30
Dec.
Nov. 30
87 He
25c
Dec.
Nov. 30
Mar.
...
...
(Quarterly;
Feb.
7
$1
Dec.
Dec.
6
$1H
Extra..
Preferred (quar.)
Apr.
Mar. 15
25c
Preferred (quar.)
Dec.
Nov.
8
$1H
Jan.
Dec.
16
25c
10c
....
Dec.
Dec.
7
Dec.
Dec.
7
Lionel Corp. (extra)
Little Long Lac Gold Mines, Ltd.
Little Miami RR. Co., original capital (quar.)
Special guaranteed (quar.)...
Lock Joint Pipe Co. (increased mo.)
$1.10
Dec.
50c
Dec.
Locomotive Firebox (year-end)
Loew's (M.) Theatres Ltd. 7% preferred.
Lone Star Gas Corp. (year-end)
$1H
50c
Nov. 27
Dec.
Dec.
Dec.
Nov. 22
Dec.
Dec.
$1
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
11
75c
Quarterly
Longhorn Portland Cement (year-end)
Loose-Wiles Biscuit 5% pref. (quar.)
Lord & Taylor (quar.)
Loriilard (P.) Co. (final)
i
Preferred (quar.)
Louisiana Land & Exploration
Louisville Gas & Elec. (Del.;, cl. A (quar.)-.—
Class B (quar.)
Louisville & Nashville RR. (year-end)
Lunkenheimer Co., 6H % pref. (quar.)
Lynchburg & Abingdon Telegrapn (s.-a.)
Dec.
30c
50c
Lone Star Cement (year-end)..
Dec.
Nov. 25
Nov. 25
Dec. 21
t$3H
......
..
Holders
When
Dec.
Dec.
Dec.
17
$1H
$2H
30c
Dec.
$1H
Dec.
7
11
4
18
6
6
5c
Dec.
Dec.
37Hc
Dec.
25c
Dec.
Jan.
Nov. 30
Nov. 30
Nov. 26
Dec. 23
Jan.
Dec.
Dec.
Dec.
$2
M. J. & M. M. Consol. Co
'
Dec.
2*
14
2
Dec. 31
He
tun
Jan.
25c
Dec.
25c
Dec.
15c
Publishing
Mclntyre Porcupine Mines, extra
t$l.H
McLouth Steel Corp. (irregular)
40c
McKenzie Red Lake Gold Mines, Ltd. (quar.).
J3c
Dec.
Dec.
Dec.
Dec.
Jan.
Nov. 11
McColl Frontenac Oil, pref. (quar.)
McCrory Stores Corp. (quar.).
Extra
McGraw-Hill
12
Extra
Dec.
10
Dec. 26
Dec. 26
1
Dec.
Dec.
Dec.
17
Dec.
Dec.
17
Dec.
Dec.
17
40c
Dec.
t$lH
Dec.
Nov. 29
Dec.
5*
$1H
Jan.
Dec.
$1H
t$i h
Dec.
Dec.
15
Dec.
Dec.
20
50c
Jan.
Dec.
10
50c
37 He
37 He
1
20
Dec.
Dec.
10
Dec.
Dec.
5
Dec.
Dec.
5
Dec.
Nov. 30
Dec.
3
Dec.
Dec.
Dec.
Nov. 30
Nov. 20
Dec.
5
Nov. 20
Dec.
2
Dec.
Dec.
2
Dec.
Dec.
Dec.
New England Power Co. preferred (quar.)
Preferred (quar.)
New England Public Service Co.—
Jan.
Feb.
Prior hen preferred
Prior lien preferred
New
(year-end)
City Omnibus (quar.)
New York & Harlem Railroad (s.-a.)
Newberry (J. J.) Co. (quar.)
Dec.
Newmont
Nov. 29
Nineteen Hundred
Dec.
Dec.
2
12
Dec.
23
(quar.)
$7.20 preferred (quar.)
UDec. 26
16 Nov. 25
16 Nov. 25
Dec.
16 Nov. 25*
Oklahoma Natural Gas Co. (quar.)..
50c
Dec.
14 Dec.
7
Dec.
10 Dec.
5
Dec. 10 Nov. 25
Dec. 10 Nov. 25
Dec. 20 Nov. 19
Dec. 10 Nov. 12
...
Dec.
Jan.
J20c
X10C
ttlH
Dec. 21 Dec.
2
2 Dec.
20
Jan.
Jan.
Jan.
Dec. 20
2 Dec. I 0
2
7.5c
Dec. 20 Dec.
50c
.........
Dec.
$3
10
13 Dec.
2
Dec. 30 Dec.
16
t50c
Dec.
Monolith Portland Midwest Co. 8%
t25e
Dec.
16 Dec,
Monsanto Chemical Co.
$1H
82 H
$2 H
Dec.
14 Nov. 26
preferred
...
preferred..
(year-end)
$4.25 preferred A (semi-ann.).
$4.25 preferred B (semi-ann.
i.).
5
Dec.
5
Jan.
Nov. 30
Dec.
Dec.
6
Jan.
Dec.
Jan.
Dec.
14
14
Jan.
2 Dec.
Jan.
2 Dec.
14
14
Jan.
2 Dec.
14
Dec.
21 Dec.
10
Dec.
10
Dec. 21 Dec.
10
Ohio Seamless Tube
Dec.
Dec.
Dec.
$14
$1H
$1.65
$14
$1.80
Ohio Edison Co. $5 preferred (quar.)
$6 preferred (quar.)
Dec.
Dec.
75c
35c
Jan.
Nov. 22
50c
50c
;
Extra
Prior preferred (quar.)
Oklahoma Gas & Electric Co. 6% pref.
7% preferred (quar.)
Oklahoma-Interstate Mining Co. pref.
Preferred B (initial)
5
16
Dec.
$14
$1H
NY Pa NJ Utilities Co. (quar.)
Oahu Sugar Co. Ltd. (year-end)-
common.
$14
$1H
5% prior preferred (quar.)
6% preferred (quar.)
Preferred
$5H
25c
prior preferred (quar.)
Preferred (quar.)
Omnibus Corp. (quar.)
Preferred (quar.)
------—
Oneida, Ltd. (quar.)
7% part, preferred (quar.).Orpheum Building (semi-annual)
434c
(quar.)
—
A (s.-a.)
fl?
14 Nov. 16
14 Dec.
2
14 Dec.
5
Dec.
20 Dec. 10
16 Nov. 30
Dec.
Dec,
Dec.
$1.5
16 Nov. 30
2
15 Dec.
t$l 4
Dec.
16 Dec.
2
35c
Dec.
31 Dec.
31 Dec.
14
Dec.
75c
Dec.
31 Dec.
30c
Dec. 30 Dec.
Jan.
2 Dec.
conv.
--
—
$2
—
14
14
13
13
18 4c
43 4c
15c
40c
—
Otis Elevator Co
Dec.
Dec.
(quar.)
.
-
Dec.
Dec.
Dec.
10
20 Nov. 22
$1H
Dec.
20 Nov. 22
30c
(near.)
t25c
t$14
Ottawa Light Heat & Power (quar.)
5% preferred (quar.)
Pace loo Mfg. (s.-a.)—
Preferred A & B (s.-a.).
Pacific & Atlantic Telegraph Co. (s.-a.)
Pacific Finance Co., 8% preferred (quar.)
6H% preferred (quar.).
5% preferred (quar.)
14 Nov. 30
14 Nov. 30
Dec. 20 Dec.
Dec. 30 Dec. 16
1 Nov. 23
Jan.
Jan.
1 Nov. 23
31 Dec.
19
50c
Dec. 31 Dec.
2 Dec.
Jan.
14
20c
Feb.
1 Jan,
15
164c
$14
Feb.
1 Jan.
Feb.
1 Jan.
15
15
$3
$3H
—
Dec.
19
2
Pacific Finance Corp.
2
9*
30c
40c
Pacific Indemnity Co. (quar.)
Extra
June
2 May
Package Machinery, extra..
June
2
Dec. 20 Dec.
Jan.
2 Dec.
14
20(5
16 Dec.
Jan.
2 Dec.
14
2
$1
—
Dec.
16 Dec.
$1
$14
Packer
10
May 10
Dec. 21
Dec.
-
Preferred (quar.)
Ottawa Rleetrir Ry
12
Dec.
Dec.
40c
Novadel-Agene Corp. (quar.)
Ohio Finance Co.
Dec.
Dec.
Jan.
25c
20
2c
Carpet Mills (year-end)
Nov. 23
Dec.
Norwich Pharmacal Co
Dec.
25c
9
Dec.
Dec.
(final)
Rayon, cl A & B
Prior preferred (quar.)
North River Insurance Co. (quar.)
Northland Greyhound Lines, Inc.—
$6H preferred (quar.)
Northwest Engineering
Northwestern Telegraph Co. (semi-ann.)
$6.60 preferred (quar.)
$1 H
10
North Central Texas Oil
$7 preferred
2 Dec. 18
17 Dec.
2
2 Dec.
2
10 Nov. 30
1 Dec. 16
10
Dec.
North American
9
Dec.
6
Dec.
North American Aviation
9
Jan.
5
2
Nov. 30
6% preferred (quar.)
54% preferred (quar.)
Dec.
Jan.
15
Nov. 30
Dec.
$2
15
Jan.
Norfolk & Western Railroad (extra)
Norfolk & Western Railway (quar.)
North American Co. (quar.)
Nov. 29
50c
4
Jan.
Dec.
Nov. 29
Dec. 10
$1H
10
Dec.
50c
.....
Dec.
Nov. 15
Nov. 15
20c
5H % cumulative preferred (quar.)
Modine Mfg. Co
......—
Dec.
10
Nov. 25
Corp. B
Dec.
$1
5
Nov. 22
Nipissing Mines, Ltd
Noranda Mines, Ltd. (interim)
45c
....
Dec.
Mining
Dec.
4
16
16
Dec.
Dec.
Dec.
25c
2
Preferred (semi-annual)
New York Merchandise Co. (extra)
New York & Queens Elec. Light & Power (quar.)
9c
Model Oils, Ltd
Modern Containers, Ltd. (quar.)
Extra
Dec.
Extra
4c
Mississippi Valley Public Service, common
6% preferred B (quar.)
Mitten Bank & Trust Co. (Phila.) (reduced)...
Mobile & Birmingham RR. preferred (semi-ann.)
Mock, Judson Voehringer
Preferred (quar.)
Nov. 30
Nov. 30
Jersey Zinc Co
Ohio Oil Co
25c
16
16
Dec. 14
Dec.
2
Nov. 20
$3
Mission Corp
2 Dec.
1 Dec.
t75c
t87Hc
$2 4
($6 div. series)
($7 div. series)
New England Telep. & Teleg
New Haven Water (semi-ann.)
New Jersey Zinc
75c
Extra
1
16 Nov. 30
5c
Minneapolis-Honeywell Regulator (quar.)
10
7
16 Nov. 30
15c
;
10
15 Jan.
Dec.
6
2
13
$1*4
8% preferred (participating)
Common
(semi-ann.)
Midwest Piping & Supply
Minneapolis Brewing..
15 Dec. 31
16 Nov. 30
Dec.
Dec.
Dec.
Jan.
17
Neisner Brothers (quar.)
Extra,
Dec. 20,Dec.
Dec. 10 Dec.
Dec.
Dec.
t$6$1
Middle States Securities (quar.)
Midland Grocery Co., 6% pref. (s.-a.)
Midwest Oil Co. 8% preferred (s.-a.)
1 Jan.
14 Nov. 29
Dec.
7
Apr. 15 Apr.
16
50c
Dec.114
21
Jan.
Quarterly
Dec.
2 Dec.
.....
Michigan Silica (quar.)
Michigan Steel Tube Products
Dec.
1
23 Dec.* 6
23 Dec.» 6
N iles-Bement-Pond
Ordinary registered (interim)
2H%
Amer. dep. rec. ordinary registered (interim)..
2H%
Maryland Fund, Inc
i
ioc
I
Masonite Corp., common (quar.).
25c
Master Electric Co (quar.)
i
60c
(Stock div.)___
3H %
Mastic Asphalt, preferred (extra)
20c
Common (quar.)
10c
Mathieson Alitali Works (quar.)
37 He
7% preferred (quar.)
81H
Mead Corp. (resumed)
25c
Melchers Distilleries Ltd. 6% partic. pref
t30c
...
Feb.
Dec.
Extras
Nov. 30
Marconi Internat'l Marine Communications—
Merritt-Chapman & Scott preferred A
Metal & Thermit Corp
Dec.
Dec. 27 Dec.
Dec. 27 Dec.
Naybob Gold Mines (initial) (quar.)—
Dec.
Dec. 20
$1 H
Mesta Machine Co
Dec.
16 Nov. 14
2 Nov. 14
Jan.
-
Nov. 30
5c
Extra
Jan.
Dec.
_
-
Jan.
Dec.
Nov.25
Dec.
Jan.
10 Nov. 30
2 Dec. 16
6c
Utilities
5% preferred (quar.)—
6% prefened (quar.)..
Montreal Cotton, Ltd. (quar.)
Preferred (quar.)
Montreal Loan & Mortgage Co. (quar.)..
Dec. 28 Dec.
$1H
$1H
xn
V&1H
Dec. 28 Dec.
14
Corp
Page-IIersey Tubes, Ltd. (quar.)
5H% preferred (quar.)
Dec.
28 Dec.
14
Pan American Petroleum & Transport
25c
Dec.
21 Dec.
Dec.
Paraffine Cos. (quar.)
50c
Dec.
23 Dec.
Dec.
15 Nov.30
15 Nov. 30
Jan.
15 Jan.
2
16 Nov. 30
Jan.
X31HC
Dec.
R.) Dry Goods Co. tquar.).
$1H
Jan.
Morrell (John) & Co. (extra)
Motor Finance Corp., preferred (quar.).
$1H
o
Dec.
14
30
10
Dec. 24 Dec.
Dec. 14 Dec.
14
40c
(Extra)-
18 Dec.
50c
Motor Wheel Corp. (quar.)
Dec.
75c
Dec.
4
10 Nov. 20
Mountain City Copper
2.5c
Dec. 20 Dec.
Producers (semi-ann.)
Mullins Mfg. Corp., $7 preferred
Muncie Water Works, 8% pref. (quar.).
30c
Dec.
16 Nov. 25
t$3-43
Dec.
24 Dec.
6
$2
Dec.
16 Dec.
2
40c
50c
Dec.
14 Nov. 27
Mountain
Muskegon Piston Ring (irregular)
Muskogee Co
Mutual System, Inc
5c
Dec.
16 Dec.
Jan.
15 Dec.
Myers (F. E.) & Bro
National Acme Co
National Aviation Corp
National Battery, preferred (quar.)
National Biscuit Co
National Bond & Investment (quar.)...
15
Dec
6
2
50c
Dec.
16 Dec.
6
50c
Dec.
16 Nov. 30
.
r-,r-
(special).
National Breweries, Ltd., (quar.)
55c
Jan.
40c
Tan.
15 Dec.
13
25c
Dec.
21 Dec.
10
Dec. 21 Dec.
10
21 Dec.
10
2 Nov. 20
40c
Dec.
16 Dec.
9
50c
43c
Jan.
2 Dec.
14
Jan.
2 Dec.
14
10c
iDec.
16 Dec.
2
w
10
2
17
25c
Dec.
27 Dec.
12
Dec.
6
20 Dec.
Dec. 18 Nov. 21
Dec.
15 Nov. 30
15 Nov. 30
t$l4
(quar.)
—......—......
Dec.
$3
75c
Jan.
50c
—
Pennsylvania Power & Light $7 preferred (quar.)
$6 preferred (quar.)
$5 preferred (guar.)
Pennsylvania RR. (year end)
Pennsylvania Salt Mfg. Co
Pennsylvania Sugar Co. (quar.)
Quarterly
Pennsylvania Telephone $2H pref. (quar.)
—
2 Dec.
40c
Preferred (final)
*.«.
7
6
10%
tlOc
t50c
Parker
Peninsular Telephone
Preferred A (quar.)
2 Dec. 21
Dec. 20 Dec.
2 Dec.
Jan.
75c
Pennroad Corporation (irregular)
Pennsylvania Edison Co., $5 pref. (quar.)
$2.80 preferred (quar.)
Pennsylvania Glass Sand Corp
16
Dec.
Appliance Co. (initial)
(stock dividend)
Pato Consolidated Gold Dredging
Pa ton Manufacturing, Ltd
7% preferred (quar.)
Peerless Casualty (New Haven) pref. (s-a)
Penick & Ford, Ltd
-
Parker Wolverine Co.
31
Dec. 26 Dec.
$14
(quar.)
Park Street Trust Co. (Hartford) (s.-a.)
Park & Tilford preferred (quar.)
:
Parke, Davis & Co
31
Jan.
75c
80c
Extra
Preferred
Jan.
Penn El^otric Switch, class A (quar.)
50c
8% preferred
National Transit Co.„_,..
Natomas Co. (quar.)
Jan.
50c
Mapes Consolidated Mfg. (quar.)
Extra
Marehant Calculating Machine Co. (quar.)
Jan.
Newport Industries, Inc
Niagara Alkali preferred (quar.)
Niagara Hudson Power Corp
5% 1st preferred (quar.).
5% 2d series A & B preferred (quar.)
2
25c
Mansifeld Theatres, preferred
Dec.
$14
$14
Dec.
Dec.
National Brush (quar.)
Class A preferred (quar.)
National Malleable & Steel Casting
National Steel Car Corp., Ltd. (quar.)
Nov. 30
Dec. 20
Nov. 29
Preferred (quar.)
A
Dec.
Dec.
Preferred (quar.)
-National Bond & Share Corp.
^
2
Dec.
Moore (Wm
A and B preferred (quar.)
National Grocers Co.. Ltd., $1.50pref. (quar.)_. t37Hc
National Lead Co. (quar.)
12Hc
Extra
37 He
Preferred B (quar.)
$1H
18
3c
Montana-Dakota
20c
Dec.
3c
Mallory (P. R.) & Co. (year-end)
Mangel Store Corp.. $5 cum. preferred
Manischewitz (B.) & Co., 7% pref. (quar.)
Marshall Field, 6% pref. (quar.)
16 Nov. 20
9
Dec. 23 Dec.
20c
Dec.
18
$1
Mohawk
National Cylinder Gas Co
National Dairy Products
$1H
$1 %
Preferred (quar.).
1 Jan. 18
16 Nov. 20
Dec.
25c
10c
Extra
Feb.
7
7
18
Dec.
Dec.
Madsen Red Lake Gold Mines, Ltd
Monarch Mills.........
Monolith Portland Cement,
50c
1 Jan.
25c
Extra
mh
.___
Feb.
Dec.
Magma Copper (year-end)
Magnet Consol. Mines, Ltd
Magor Car Corp. (quar.)
Preferred (quar.)
75c
$3 preferred (quar.)
$2 class A (quar.)_
National Container Co
Dec.
Nov. 30
Jan.
%25c
20 Dec.
20 Dec.
New York Air Brake
Dec.
30c
Participating preferred (semi-arm.)
MacKinnon Steel, Ltd., 7% pref
MacLeod-Cockshutt Gold Mines, Ltd
Mabbett (Geo.) & Sons, 7% 1st pref. (quar.)..
7% 2d pref. (quar.)
Macassa Mines, Ltd
16 Nov. 29
Dec.
Dec.
25c
(quar.)
Extra
New York
Dec.
Jan.
Dec.
25c
National Casualty Co. (Detroit)
National City Lines (quar.)
16
(one share McMarmack Red Lake
Gold Mine for each share held).
30c
Holders
When
Payable of Record
12
Stock div.
McManus Petroleum
Per
Share
Name of Company
Payable of Record
37 He
participating
6% cum. partic. pref. (quar.)
7% prior preferred
Link Belt Co. (quar.)
,
,
3347
Jan.
35c
Feb.
15
30c
Dec.
16 Dec.
14 Nov. 22
2 Dec. 10
Dec.
20c
Dec.
$14
Jan.
70c
Jan.
1
Dec. 20
2
14
Dec.
1
Dec.
14
2-4-41
2 Dec.
16 Dec.
2
10
6
$1
Dec.
$1 4
Jan.
1
$14
$1H
$14
Jan.
2 Dec.
14
2 Dec.
14
2 Dec.
14
Jan.
Jan.
$1
Dec.
18 Nov. 23
$2
Dec.
14 Nov. 30
Dec.
16 Dec.
37 He
37Hc
62 He
Mar. 15 Mar.
Dec. 27 Dec.
2
1
15
The Commercial & Financial Chronicle
3348
I
When
Name of
$1
$1M
Pennsylvania Water & Power Co. (quar.)——
Preferred (quar.)
25c
Peoples Drug Stores,,Inc.---.
Year-end
25c
-—-—
50c
Peoples Gas Light fc Coke (quar.)
Extra
—
$1
—
Jan.
2 Dec.
16
Jan.
2 Dec.
16
Dec. 23 Dec. 10
Dec. 23 Dec. 10
Jan. 15 Dec. 21
Dec. 16 Nov. 20
lc
Dec. 21 Nov. 30
25c
Petroleum Corp. of America
Stock dividend (one share Consolidated Oil for
each 5 shares Petroleum Corp. of America)
35c
Dec. 19 Nov. 30
Dec. 20 Nov. 20
Pfaudler Co
25c
Jan.
25c
Jan.
Dec.
Perron Gold Mines. Ltd., extra.-----.--*---,
Pet Milk Co.
(quar.)
—
Pfeiffer Brewing Co.
(quar.)
Phelps Dodge Corp. (year-end)
Philadelphia Co., $6 preferred (quar.)
$5 preferred (quar.)
—-—
Philadelphia Electric Power preferred (quar.)__
75c
SIM
SIM
50c
10c
-
.
Dec. 21 Dec.
Dec. 31 Dec.
2
10
9
16
23
2 Dec.
Jan.
2 Nov. 30
Dec.
12 Nov. 30
Jan.
Dec.
2 Dec. 10
7 Dec. 10
16 Nov. 22
Dec.
16 Dec.
$1
SIM
SIM
$3 A
50c
Jan.
6
Share
Company
15c
60c
Dec.
Jan.
25c
Dec.
75c
15c
50c
flM
Preferred (quar.)
Sherritt Gordon Mine Ltd
5c
Sherwin-Williams of Canada, Ltd., 7% pref—
Simmons Co.........
--------
—
...
Powdrell & Alexander, Inc—
Power Corp. of Canada (interim)
—
—
South Bend Lathe Works
Jan.
15 Dec.
5c
Jan.
tSIM
SIM
SIM
Jan.
Jan.
15 Dec. 31
2 Dec. 21
2 Dec. 21
5M % preferred (quar.)
Proctor & Gamble, 5% pref. (quar.)_„Provident Loan & Savings deb. (quar.)
Public Investing Co. (semi-ann.)
Public National Bank & Trust Co. (N. Y.) (qu.)
...
Dec.
14 Nov. 25
....
15c
Dec.
10 Nov. 20
7 Mc
37Mc
Dec.
Jan.
16 No v. 29
2 Dec. 20
Dec.
Public Service Electric & Gas 7% pref. (quar.)..
$5 preferred (quar.)
Public Serivce Co. (N. J.)
13
15
15
15
15
2
2
...
...
...
....
5% preferred (quar.)
5M% preferred
6% preferred vquar.)
Pyrene Mfg. Co
Quaker Oats Co. (quqr.)
6% preferred (quar.)
Quaker State Oil Refining
Kals on Si,eel Car 5% preferred (quar.).
Rand's (Pittsburgh), common
8% preferred (quar.)
Raybestos-Manhattan. Inc
Rayonier, Inc., $2 preferred (quar.)._...
Reading Co. 2nd preferred (quar.)
First preferred (quar.)
Real Estate Loan Co. of Canada, Ltd. (s.-a.L.¬
Reeves (Daniel) Inc. (quar.)
Preferred (quar.)
Reliance Grain, preferred
25c
Dec.
15 Dec.
14 Nov.
14 Nov.
14 Nov.
14 Nov.
2 Jan.
2 Jan.
27 Dec.
27 Dec.
2 Dec.
16 Dec.
16 Nov.
50c
Dec.
16 Nov. 22
25c
6% preferred monthly
8% pref. (quar.)
7% preferred (quar.)
$5 preferred (quar.)....
6% preferred (quar.)
Public Service Co. (Okla.) 7% prior lien (quar.).
6% prior lien (quar.)
Publication Corp. (quar.)
Non-voting (quar.)..
.........
Original preferred (quar.)....
.........
7% 1st preferred (quar.)
Pullman Company (quar.)
Extra..
Pure Oil Co. (year-end)
19 Nov. 25
Dec.
20 Dec.
S2
Dec.
SIM
SIM
Dec.
Dec.
50c
SIM
SIM
50c
Dec.
50c
Dec.
SIM
SIM
SIM
SIM
Jan.
Dec.
Jan.
1 Dec.
-—
2 Dec.
Jan.
9 Dec.
12iNov.
2iDec.
Dec.
16 Nov. 30
Dec.
...
...
16 Nov. 30
......
14)Nov. 30
Dec.
16 Nov. 22
Dec.
16,Nov. 22
20c
Jan.
Dec.
10
SIM
Remington Rand, Inc. (interim).
Preferred (quar.).
Republic Investors Fund, Inc.,
6% preferred A & B (quar.)
Republic Steel Corp
6% pref. (quar.)
6% prior preferred (quar.)..
Rheem Manufacturing (quar.)
Rich's. Inc., 6M% pref. (quar.)
Dec.
30c
20c
Jan.
Dec.
10
tSIM
....
....
15c
Feb.
40c
Dec.
SIM
SIM
Jan.
Preferred (quar.)
i
Dec.
12
12
2
Dec.
30 Dec.
14
Dec.
21
Dec.
7
May
May
1 Apr.
1 Apr.
30
30
Jan.
2 Dec.
21
Jan.
2 Nov.
15 Dec.
19
Dec.
25c
Dec.
16 Dec.
2
Rustless Iron & Steel
I
16 Dec.
Safety Car Heating & Lighting..
Safeway Stores, Inc....
II" .I
"
IIII "I
......IHII.II
2
St. Joseph Lead Co.
St. Lawrence Corp. 4%
preferred.......
4% preferred (quar.)
St. Lawrence Paper Mills Co.
6%
_
Standard Oil Co. (Ohio)
6% preferred
St. Louis Bridge. 6% 1st pref.
(s.-a.)
3% second preferred (s.-a.)
Savage Arms Corp
Savannah Electric & Power, 7 A
% deb B
8% debenture A (quar.)
7% debenture C (quar.)
...
(quI)H
5M % preferred (quar.)
Scott Paper Co. (quar.)
Extra
$4A cum. preferred (quar.)
preferred (quar.)
Scranton Lace Co
Dec.
16 Dec.
6
Dec*
26 Dec.
26 Dec.
10
Dec.
10
Dec.
16 Nov. 30
15c
Dec.
Dec.
Dec.
9,Nov. 29
16'Nov. 30
_
20,Dec.
5
5
1 Dec.
Dec. 20 Dec.
6
Dec. 23 Dec.
10
25c
Jan.
15 Jan.
2
tS2
Dec.
Dec.
10
Jan.
Jan.
Jan.
2
Sun Oil Co. (quar.)
Sundstrand Machine Tool
Dec.
16 Dec.
Dec.
16 Nov. 15
16 Nov. 15
14 Nov. 30
(liquidating)
Supersilk Hosiery Mills, Ltd., 5% pref. (s.-a.)..
Paper Co
;
Swan-Finch Oil (irregular)
Swift & Co. (quar.)
Sylvanite Gold Mines (quar.)
Sutherland
5
Dec.
14 Dec.
9
Dec.
Dec.
14 Dec.
16 Dec.
9
30 Dec.
Dec. 16 Dec.
14
Dec. 16 Nov. 25
Dec. 20 Dec. 10
Dec.
20 Nov. 27
1 Dec. 14
23 Nov. 23
23
Dec. 23
$3.30
S2M
30c
10c
30c
5c
50c
Dec.
Jan.
Dec.
Jan.
Dec. 39 Dec.
Dec. 30 Dec.
Dec. 30 Dec.
18
1 Dec.
16
68Mc
Jan.
1 Dec.
16
60c
Dec.
16 Nov. 20
SI
20.8c
Dec.
Jan.
Dec.
Dec.
SI
Dec.
Dec.
16
5
10c
5M% participating preference (quar.)
Talon, Inc. (quar.)
Stock div. of 1 sb. 4% non-vot pref. stock
1 Dec.
Jan.
6
on
common.
XX V
Jan.
Dec.
28c
Dec.
12c
Dec.
25c
Dec.
25c
Mar.
50c
Jan.
10c
Dec.
Nov. 15
50c
Deo.
Dec.
2
25c
Dec.
Dec.
2
Texas-Pacific Land Trust, ctfs
Sub. shares
Texon Oil & Land
S10
Dec.
Nov. 27
10c
Dec.
Nov. 27
10c
Dec.
Dec.
Thatcher Mfg. Co. (quar.)
Thermoid Co., $3 pref
25c
Dec.
Nov. 30
SI
Dec.
Dec.
4
SIM
Dec.
SI
SIM
Dec.
Jan.
Dec.
Dec.
Dec.
10
20c
Dec.
Nov. 25
10c
Dec.
35c
Dec.
Dec.
Nov. 25
Nov. 25
Sulphur Co
Special
i_
Thew Shovel, pref. (quar.)
Common (irregular)
Tide Water Associated Oil pref.
Tilo Roofing Co. (quar.)
Extra
(quar.)
:
---
Preferred (quar.)
25c
Dec.
15
15
20
Tokheim Oil Tank & Pump
25c
Dec.
Toronto Elevator. Ltd., pref.
65c
Dec.
Dec.
16 Dec.
6
Jan.
Jan.
Dec.
10
10
10
Tunnel RR. of St. Louis (s.-a.)
SIM
SIM
Dec.
8
lONov.
1 Dec. 19
Twin Coach Co
Jan.
.1"!
I
IHIIIIIII
25c
Dec.
15 Nov. 30
Underwood Elliott Fisher Co. common
50c
15 Nov. 30
15 Nov. 30
Union Carbide & Carbon Corp
Union Gas Co. (Canada) (quar.)
40c
Dec.
Dec.
Dec.
6
Union Pacific RR
Dec.
16 Dec.
6
Feb.
1 Jan.
20
United Aircraft (year-end)
United Artists Theatre Circuit, Inc.—
1 Jan.
20
Nov. 29
Twentieth
Udylite
Century-Fox Film Corp. pref. (quar.)
5% preferred (quar.)
Dec.
Dec.
tSIM
tSIM
SIM
Jan.
SIM
S3
Dec.
Jan.
37Mc
Dec.
Dec.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
60c
Dec.
2
5
2
3
25
14
14
6
6
15
13
9
15
10c
—
—
—
Feb.
Tan.
75c
Dec.
Jan.
Dec.
Dec.
Dec.
2
75c
Corp
United Carbon Co
Dec.
$2
Jan.
10
Nov. 15
Nov. 15
37Mc
(quar.)
(quar.)
Traders Finance Corp., Ltd., preferred A (qr.)_
Preferred B (quar.)
Truax-Traer Coal Co. 6% conv. pref. (quar.)_5M% convertible preferred (quar.)
Nov.
...
5
Dec.
4
Dec.
4
Nov. 25
Feb. 24
Dec.
6
Dec.
Feb.
16
Feb.
10c
Dec.
16 Dec.
16
16
SIM
Preferred (quar.)
Talcott (James) Inc
Dec.
__
13
18 Dec.
.Dec.
Jan.
8
2 Dec.
16 Nov. 30
2
1 Dec.
2
6
28 Nov.
6
'Dec. 28 Nov.
Dec. 30 Dec. 16
Dec.
Todd-Johnson Dry Dock A & B
Preferred A & B (quar.)
Todd Shipyards Corp
10
2
5
Dec.
25c
V
14
Dec.
Dec. 26 Dec. 14
9
Dec. 14 Dec.
Jan.
5c
Extra
Tacony-Palmyra Bridge (quar.)
10 shares of
14 Nov. 30
5
14 Dec.
10 Dec.
31 Dec
S3.15
Super Corporation of America—
Trust shares A (liquidating)
i;IVl
Dec.
Dec.
Mining (quar.)
Trust shares B
Dec.
2
68 Mc
40c
Preferred (quar.)
Sunshine
Dec.
SI
Dec.
9
Dec.
Sunray Oil Corp
Texas Gulf
M
2
tsi
Strawbridge & Clothier 7% pref
Strouss-Hirshberg (quar.)
25c
Extra
16 Dec.
50c
IIH.I
(quar.)
14
SI
75c
75c
Extra
9
Mar. 15,Feb.
SIM
SIM
30c
Stone & Webster, Inc
Dec.
Dec.
Dec.
Schenley Distillers, preferred (quar.)
2 Dec.
20c
...
Jan.
Jan.
6M% debenture D (quar.)
Sears, Roebuck & Co. (quar.)
2 Dec.
Jan.
SIM
Texas Gulf Producing
SIM
17Mc
SIM
SIM
$2
SIM
SIM
llDec.
Jan.
25c
SI
Sterchi Bros. Stores
5
S3
San-Nap-Pak Mfg. Co., pref. (quar.)
Jan.
25c
(initial quar.)
Stecher-Traung Lithograph 5% pref. (quar.)
Steel Products Engineering
5
25c
10
20
10c
SI
Special
20
t50c
preferred...!
2
10
_
50c
2 Dec.
SI
16 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
Dec.
25c
25c
J., Inc. (s.-a.)
16 Dec.
20 Dec.
.
5
14 Nov. 30
1 Jan. 15
Dec.
Dec.
Dec.
Jan.
t90c
30c
Feb.
SIM
3M%
30c
3
Jan.
Dec.
25c
(Ky.) (quar.).
Extra
10
SIM
SIM
SIM
SIM
SIM
25c
Standard Oil Co.
Dec.
1
SI
...
16 Dec.
16 Nov. 15
17 Dec.
25c
IIIZII
10 Nov. 23
Dec.
16 Nov. 16
16 Nov. 16
16 Dec.
2
Dec.
20c
I.
20 I )ec.
Dec.
Dec.
Dec.
SIM
...
16
Dec.
40c
18c
Dec.
Jan.
5
25c
......
Dec.
2
5
25c
25c
Dec.
14
25c
(quar.)..
25c
SI
2
15 Jan.
16 Dec.
16 Dec.
Standard Oil Co. (Indiana)
Extra
Tappan Stove
:
Taylorcraft Aviation, pref. A (initial)
Taylor Milling Corp..
Teck-Hughes Gold Mines (quar.)
Telephone Bond & Share Co. 7 % 1st pref
S3 1st preferred
Tennessee Corp., common (resumed)
Common (r sumid)
Texas Corp. (quar.).
30c
Rubinstein (Helena) class A (quar.)
Ruud Manufacturing Co. (quar.)....
Russell Industries
Preferred (quar.)
......I."II
Russell Mfg. Co
Dec.
Jan.
Dec.
Standard Oil Co. of California
20c
Ruberoid Co
14
35c
SIM
SIM
50c
50c
10c
Roosevelt Field, Inc. (initial)
Roper (Geo. D.) Corp. (quar.)
common
....
(Preferred (quar.)
each
Robertson (H. H.) Co. (quar.)
Extra
Roeser & Pendleton, Inc. (quar.).............
Dec.
25c
50c
S3
SIM
14 Nov. 30
2
13 Dec.
5c
Class A (quar.)
Dec.
S3M
15 Dec. 20
Dec.
Dec.
Extra
SIM
.........
Jan.
15c
1M
10
1
5
1-1$
15
1 Dec.
16 Dec.
5
2 Dec.
Feb.
1 Jan.
27 Dec.
25c
Richfield Oil Corp
Richmond Fredericksburg & Potomac RR.
7% gtd. preferred (s.-a.)
6% guaranteed preferred (s.-a.)
Risdon Mfg., 7% pref. (quar.)
Riverside Silk Mills, class A (quar.)
Roberts Public Markets (quar.)
Preferred
Jan.
2 Dec.
15 Nov. 20
15 Jan. 31
Dec.
10c
Extra
Extra
......
Jan.
Dec.
16 Nov.
Dec.
15
Jan.
2%
37 Mc
Dec.
Jan.
....
(semi-annual)
Co.,
Jan.
25c
6% preferred (final)
Co
6
6
10c
Dec.
4
15
Stearns Mfg. Co., Inc.
20
2
2
29
13
19
21
17
Dec.
Dec. 20 Dec.
Jan.
40c
2
10
1
Jan.
Dec. 19 Dec.
6
Dec. 30 Dec. 20
Jan.
2 Dec. 16
Standard Wholesale Phosphate & Acid Works
Jan.
...
Dec. 14 Nov. 20
Dec. 28 Dec.
7
Dec. 16 Dec.
2
Dec. 20 Dec.
4
22
_
....
SIM
SIM
ll
5% preferred
16 Dec.
Jan.
10 Nov. 30
7
14 Nov. 20
15 Dec. 31
20 Nov.
SIM
SIM
(final)
6% preferred (quar.)
30 Dec.
16 Dec.
Dec.
Dec.
Standard Oil Co. of N.
Extra
1 Dec. 10
1 Dec. 10
3
16 Dec.
2
Dec. 24 Dec.
1
Feb. 28 Feb.
Dec. 16 Nov. 29
Dec.
Dec.
7
Dec. 20 Dec.
(quar.)
Extra
South Pittsburgh Water, 7% pref.
Dec.
Dec.
Dec.
16
16
20
5
Jan.
Dec.
14 Nov. 23
16 Nov. 30
Dec.
15c
South Carolina Elec. & Gas Co., $6 pref. (quar.)
South Carolina Power Co. $6 preferred (quar.).
Jan.
..........
—
Dec.
Jan.
Jan.
14 Dec.
5
9 Nov. 25
21 Dec.
SIM
(extra)
Jan.
31
5c
_.
Dec.
10c
5c
50c
175c
—
Dec.
10c
'N
til A
6% preferred (quar.)
6% partlc. preferred (quar.)
Preston East Dome Mines (quar.)
Extra
Price Bros. & Co., Ltd., 5M% preferred...
12 Nov. 12
2 Dec. 15
18 Dec.
9
Dec.
25c
19 Nov. 25
tl5c
2
tSIM
$1M
20 Nov. 29
10c
...
23 Nov. 29
15 Dec. 15
2lDec. 14
Dec. 16 Dec.
2
Feb.
1 Dec. 31
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Dec.
Dec.
Jan.
Dec.
50c
Dec.
25c
Jan.
t$4M
Dec.
tin
Dec.
25c
—
So.Calif Edison
$1
70c
(quar.)......—
Slvyer Steel Castings
Skelly Oil Co
...
Sloane-Blabon, $6 pref. A (initial)
Smith (Howard) Paper Mill, pref. (quar.)
Snider Packing Corp
Snyder Tool & Engineering (initial)
Solar Aircraft (irregular)
Sonotone Corp
Preferred (quar.)
South Porto Rico Sugar
Preferred (quar.).
t$3M
14 Dec.
16 Nov. 30
Dec. 21 Dec. 12
Dec. 20 Nov. 30
Dec. 20 Dec.
6
Jan.
2 Dec. 13
2Mc
Siscoe Gold Mines
60c
Stock dividend..
Pollock Paper & Box 7% preferred (quar.)
Potash Co. of America
Holders
1J
Simon (H.) & Sons, Ltd
Simonds Saw & Steel
Ltd.—6% pref B (quar.)
Southern Canada Power (quar.)
Preferred (quar.)
Southern Colorado Power Co., 7% pref
Southern Phosphate Corp...
Southland Royalty
Southwestern Life Ins. Co. (Dallas) (quar.)
Sovereign Life Assurance
Sparks. Withington, pref. (quar.)
Spartan Mills (semi-annual)
Spencer Kellogg & Sons
Spencer Trask Fund
Spiegel, Inc pref (quar.)
Squibb (E. R.) & Sons, $5 preferred (quar.)
Common (year-end)......
Staley (A. E.) Mfg. Co
So cumulative preferred (quar.)..
7% preferred (s.-a.)
Standard Brands, Inc., (quar.)
23 Nov. 29
1940
Dec.
10c
SIM
—
When
Seaboard Oil Co. of Del. (quar.)
Seeman Bros., Inc
2 Dec.
2lDec. 14
Dec. 20 Dec. 10
$2 A
7,
Payable of Record
Shattuck (F. G.), quar
Shattuck Denn Mining (irregular)
Shell Union Oil Corp. (final)
South Penn Oil Co.
t2il
31
Dec. 23,Dec.
2
Dec. 20 Nov. 2P
Dec. 16 Nov. 21
Jan.
25c
...
i
Plymouth Oil Co. .'reduced)
cum.
2 Dec.
1 Dec.
Jan.
Jan.
10c
(quar.)
Pleasant Valley Wine
$4
10 Dec. 20
10 Nov. 25
2
2 Dec.
J 10c
(quar.)
Pittsburgh Brewing, preferred
Pittsburgh Fort Wayne & Chicago RR. (quar.).
Preferred (quar.)
Pittsburgh & Lake Erie RR
Pittsburgh Metallurgical Co., Inc
Pittsburgh & North Adams RR. (B & A leased)
(s.-l.)
Pittsburgh Plate Glass
Pittsburgh Screw & Bolt Corp.
Placer Development Ltd. (s.-a.)
Schiff Co.,
20
Jan.
Pilgrim Trust (Boston) (quar.)
...
Jan.
2 Dec.
$2
Pioneer Gold Mines of British Col.
Reliance Insurance (Phila.)
Extra
Name of
Simmons-Boardman Pub Corp. S3 conv. pref..
Simmons Hardware & Paint (liquidating)..—..
25c
Phiico Corp
Pickle Crow Gold Mine, Ltd., (quar.)
Planters Nut & Chocolate
Per
Holders
Payable of Record
Company
Dec.
6
Nov. 20
SIM
$2
Jan.
Nov
30
Dec.
Dec.
2
SIM
Dec. 16 Dec.
2
20 Dec.
2
20c
75c
Dec.
Volume
3349
Chronicle
The Commercial & Financial
151
Condition of the Federal Reserve Bank of
Per
Name
United Carr-Fastener
Share
of Company
30c
(quar.)
Extra
80c
Holders
When
Dec.
16 Dec.
16 Dec.
5
5
Dec.
5
Dec. 24 Dec.
2 Dec. 20
United Elastic Corp
15c
United Fuel Investments, Ltd., 6% pref. (qu.)>
United Gas A Electric Co. (N. J.)—
75c
Jan.
$2H
Dec.
88c
Dec.
$1H
25c
Dec.
Dec.
1H
Nov. 29
$2
Dec.
Dec.
14
25c
Dec.
Jan.
Dec.
2
Dec. 20
Dec.
Dec.
10c
Dec.
Nov. 30
75c
Dec.
Dec.
68Mc
Dec.
Dec.
following shows the condition of the Federal Reserve
Bank of New York at the close of business Dec. 4, 1940,
The
Nov. 29
Dec.
York
New
Payable of Record
5% preferred (semi-annual)
United Gas & Electric Corp. (resumed)
7% preferred (quar.)
United Gas Improvement (quar.)
Preferred (quar.)
United Illuminating Co. (year-end)
-
United Mercnants & Manufacturers, Inc
United New Jersey Railroad & Canal (quar.).
United Pacific Insurance (quar.)
United Public Service Corp
United Public Utilities Corp. $3 preferred
%2M preferred
U. S. Gypsum Co. (quar.)
$2H
$1H
Nov. 30
50c
Dec.
Dec.
Jan.
D6c.
Dec.
United States Treasury.*
Redemption fund—F. R. notes
9,590,898,000 9,579,636,000 7,021,215,000
...
9,655,505,000 9,649,620.000 7,096,997,000
Total reserves..
Secured
S. Govt,
direct and guaranteed
by
obligations
U.
Dec.
Total
384,000
755,000
492,000
2,149,000
1,014,000
1,783,000
876,000
2,904,000
1.784,000
2,026,000
383,430,000
266,144,000
bills
511,000
503,000
384,956,000
398,139,000
267.903.000
383,906,000
649,574,000
652,859,000
782,045,000
652,371,000
655,519,000
17,000
2,858,000
180,820,000
9,731,000
16,068,000
786,975,000
...
Other bills discounted
Dec.
...
discounted
Dec.
Dec.
Nov. 30
Industrial advances..
Dec.
Nov. 30*
U. S. Govt, securities,
United States Playing Card
50c
Jan.
Dec.
United States Potash
Common
Dec.
Dec.
2
25c
Dec.
Dec.
14
Dec.
Dec.
Co., 6% pref. (quar.)..
Upper Michigan Power & Light Co 6% pf. (qu.)
Upressit Metal Cap Corp. 8% pref
Upson-Walton Co. (irregular)
Utah Oil Refining
Utah Power & Light $7 preferred
$6 preferred
Utica Knitting Co., 5% prior pref. (quar.)
Utility Equities Corp., $5H div. priority
L
Jan.
Dec.
6*
Nov. 20
Jan.
2
Apr.
July
Apr.
July
Dec.
Dec.
Dec.
Dec.
Due from foreign banks
Federal Reserve notes of other banks...
Dec.
Dec.
Uncollected items.............
2%
Si
t$7H
S1H
t$4
30c
$1H
62Hc
11
*
Veeder-Root, Inc
Ventures, Ltd. (interim)
Victor Equipment Co., preferred
Victor-Monaghan Co., 7% pref. (quar.)_
Viking Pump Co., $2 AO pref. (quar.)„Common (year end)
Vinco Corp. (initial)
Virginia Elec. & Pow. Co., 86 pref. (quar.)
Virginian Ry. preferred (quar.)
Preferred (quar.).
Preferred (quar
Vulcan Detinning Co. (year-end)
7% preferred (quar.)_
Wabash-Harrison (s.-a.)
Wagner Electric Corp. (quar.)
Waldorf System, Inc
Dec.
Dec.
13
30
Dec.
Dec.
10
Dec.
Dec.
2
Dec.
2
Preferred (quar.)
Walker (Hiram) Gooderham & Worts, Ltd.—
Jan.
Dec.
21
Dec.
Dac.
Dec.
Dec.
Dec.
Nov. 30
Dec.
Dec.
7
$1
$IH
%1H
$2
Dec.
Dec.
Nov. 30
3-1-41
Mar.
Dec.
Dec.
t50c
Dec.
Nov. 29
Dec.
5
$i v<
Jan.
Dec.
Dec.
1
50c
Dec.
Dec.
1
10c
Dec.
Dec.
5
$1H
Dec.
Feb.
Instrument
Jan.
Apr.
18
19
37 He
May
Aug.
July
19
S2H
Dec.
Dec.
Jan.
50c
Jan.
Dec.
50c
Dec.
10
Nov. 30
Dec.
2
Dec.
(George), Ltd. (quar.)
Weyenberg Shoe Mfg
Wheeling Steel Corp. 6% preferred (quar.)
$5 prior preferred (quar.)
W hi taker Paper Co
Preferred (quar.)
Whitman (Wm.) & Co., preferred (quar.)
Willson Products (quar.)..
Wilsil, Ltd. (quar.)
Dec.
10
Nov. 20
•S1H
Dec.
Nov. 15
Dec.
Dec.
Dec.
Jan.
Dec.
81H
81H
81H
25c
16 Nov. 29
16 Nov. 29
2 Dec. 31
Dec.
24 Dec.
1
Dec. 28 Dec.
16
Jan.
2 Dec.
14
2 Dec.
10
14
2Hc
43 9*c
Dec.
20 Dec.
Dec. 20 Dec.
10
81
Dec.
16 Nov. 22
lc
Dec.
Dec.
16 Dec.
25c
20 Dec.
6% preference registered (final)
Worthington Pump & Machinery Corp.—
4H% prior preferred
4H % convertible prior preferred
Wright Aeronautical (year-end)
Wright-Hargreaves Mines, Ltd
81
Dec. 20 Dec.
Dec. 14 Dec.
Jan.
81
Dec.
Jan.
2 Dec.
.......
Wrigley (Wm.) Jr. (monthly)
(quar.).
Yale & Towne Mfg. Co
Special
Yellow Truck & Coach, class B
7% class B preferred (quar.)
Youngstown Sheet & Tube
Preferred (quar.)
Youngstown Steel Door
Zlon'n Co-operative Mercantile Institution (qu.)
Wurlitzer (Rudolph), pref.
These
the Reserve banks when the dollar was, on Jan. 31.
to
difference, the difference Itself having been appropriated as profit by the Treasury
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
STATEMENT
MEMBERS
OF
ASSOCIATION AT
OF THE
HOUSE
YORK CLEARING
DEC. 5, 1940
2 Dec.
%
7
6,000,000
20.000.000
77,500,000
Chem Bank A Trust Co.
20.000,000
57,637 800
765,833,000
185,796 000 62,222,421,000
Bank of Manhattan Co.
90.000.000
Guaranty Trust Co
Manufacturers Trust Co
%l&
14
Corn Exch Bank Tr Co.
Jan.
14
First National Bank
10 Nov. 29
Jan.
Jan.
31 Jan.
Dec.
Dec.
16 Dec.
2 Dec.
14
15
2
16 Nov. 30
40.151 100
41,748.000
21.000.000
15.000.000
10,000,000
50,000.000
4,000,000
100,270,000
Cent Hanover BkATr Co
Irving Trust Co
Continental Bk & Tr Co.
73,554 900
21,193 100
108,927 600
53,435 000
4,470 600
136,804 500
4,116 000
500.000
Fifth Avenue Bank
82,445 800
1.481 300
25,000,000
Bankers Trust Co
Title Guar A Trust Co..
6.000,000
Marine Midland Tr Co..
15 Nov. 30
17,873,000
216,008,000
13,977 ,600
594,460,000
26,773 ,000
69,711 ,900 a2,559,809,000
Bank of New York
13
*25c
Average
National City Bank
12
13
14
1 Dec.
Deposits,
Average
Surplus and
Capital
Members
9
Time
Deposits,
Profits
•
House
Net Demand
Undivided
•
Clearing
2 Dec.
5,000,000
12,500,000
7,000,000
7.000,000
New York Trust Co
16 Nov. 39
Comm'J Nat Bk A Tr Co
16 Nov. 30
Public Nat Bk A Tr Co.
9,473
28,009
8,662
10.382
100
000
900
700
37,511,000
190,155,000
6,610,000
71,395,000
99,094,000
723,826,000
cl,153,476,000
311,813,000
734,949,000
721,148,000
61,784,000
d3,199,332,000
57,779,000
€1,186,872,000
16,302,000
128,983,000
436,738,000
132,842,000
92,076,000
56,382,000
28,981,000
780,000
5,386,000
1,146,000
42,638,000
3,560,000
59,484,000
•
2,386,000
3,064,000
38,591,000
2,048,000
52,930,000
16 Nov. 30
Dec. 10 Nov.
Dec. 20 Nov.
Dec. 20 Nov.
Dec. 20 Nov.
Dec. 16 Dec.
10c
Dec.
27 Dec.
5
12
Dec.
13 Dec.
2
30
30
30
30
3%
Dec.
81H
81H
Dec.
Dec.
14 Dec.
14 Dec.
84
Dec.
*10c
Jan.
Jan.
Totals
*
720,014,000
937,003,900 15,316,451,000
518,518.000
As per official reports:
National, Sept. 30, 1940; State. Sept. 30, 1940; trust
companies, Sept. 30, 1940.
Includes deposits in foreign
branches
as
follows:
$293,443,000 (latest date
a
available); 6 $66,311,000 (latest date available); c $2,946,000 (Dec. 5); d
(latest date available); e $22,606,000 (Nov, 20).
14 Nov. 29
2 Nov. 20
Jan.
NEW
CLOSE OF BUSINESS THURSDAY,
Jan.
Dec.
York City
Weekly Return of the New
Clearing House
2 Dec.
Jan,
Dec. 27 Dec.
Jan.
1 Dec.
20c
1934.
under the provisions of the Gold Reserve Aot of
81H
81 X
$1 %
being worth less to the extent of the
these certificates
59 06 cents,
gold taken
1934, devalued from
by the United States Treasury for the
certificates given
are
over from
2
$77,787,000
7 Nov. 13
Stock
4
and
Bond
Averages
4
2 Nov. 20
25c
Jan.
20 Dec.
2 Dec.
Jan.
1 Dec.
15c
Jan.
2 Dec.
11
11
daily closing
stocks and bonds listed
as
on
averages
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
4
2 Dec.
the
4
Dec. 18 Dec.
Dec. 24 Dec.
are
20
40c
Below
20
8i y
HOC
81H
81H
50c
Jan.
Dec.
2
81 %
10
Dec.
16 Nov. 30
50c
Dec
15 Dec.
5
dividends.
X Payable in Canadian funds, and in the case of non-residents of Canada
deduction of a tax of 5% of the amount of such dividend will be made.
10
10
Total
30
20
15
Total
10
First
Second
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili
40
trials
Dale
1 Nov. 30
50c
Bonds
Stocks
16 Nov. 30
Jan.
Transfer books not closed for this dividend,
90.8%
1,812,000
t "Other cash" does not Include Federal reserve notes or a bank's own Federal
z
14
10 Nov. 27
9
15.833c Dec.
37 He
Dec. 20 Dec.
t5c
Extra
94.3%
713,000
Reserve bank notes.
9
t$3
Wood (Alan) Steel 7% preferred
Woolworth (F. W.) & Co., Ltd.—
94.3%
ad¬
14 Nov. 20
Dec.
15c
...
and
Industrial
14 Nov. 20
Dec.
81
S1H
81H
81H
7% preferred (quar.)
deposit
711,000
make
10
75c
30c
Public Service
t On account of accumulated
to
reserve
to
Chase National Bank...
Wolverine Portland Cement (resumed)
Wolverine Tube Co.......
*
total
vances
16
81H
Michigan Power 4H% pref. (quar,)..
Wisconsin Power & Light Co.—
Dec.
8i y<
7% cumulative preferred (quar.)
tli.ien Dec.
7% cumulative preferred
Dec.
81H
6% cumulative preferred (quar.)
tsi Dec.
6% cumulative preferred
_
of
F. R. note liabilities combined
10 Nov. 25
Jan.
Wisconsin
Interim
Ratio
Commitments
12
Dec.
Dec.
40c
20c
9,794,000
Total liabilities and oapltal accounts.. 10528,042,000 10,514,633,000 8,078,531,000
14 Nov. 25
Dec.
Jan.
81H
10c
6% preferred (quar.)
52,463,000
7,457,000
13 Nov. 30
81H
6 H% preferred (quar.)
50,951,000
51,079,000
53,326,000
7,109,000
15,559.000
51,087,000
53,326,000
7,109,000
15,638,000
Surplus (Section 7)
Surplus (Section 13-b).
Other capital accounts.
100 cents
Wisconsin Electric Power—
6 % preferred (cash or common stock)
Wisconsin Investment Co
Wisconsin
10400,882,000 10387,560,000 7,957,866,01.0
Total liabilities
10
Dec.
Dec.
20c
20c
Westvaco Chlorine Products 5% pref. (final)
8,700,850,000 8,713,787,000 6,572,659,000
142,872,000
156,204,000
160,347,000
2,456,Of0
1,445,000
1,443,000
deposits
Capital Accountt—
10
25c
(year-end)
271,278,000
Nov. 29
37 He
37 He
81H
Westmoreland, Inc. (quar.)
Total
Deferred availability Items
Other liabilities, inol. accrued dividends.
Capital paid in
60c
75c
Westmoreland Coal Co
142,624,000
656,995,000
409,730,000
636,297,000
458,303,000
Other deposits..
2
Dec.
10c
$1
Washington Water Power, $6 pref. (quar.)
Wayne Knitting Mills (year-end)
Preferred (semi-annual)
Welch Grape Juice, common
Wellington Fund, Inc
West Texas Utilities, S6 preferred (quar.)
West Virginia Pulp & Paper
Western Exploration (quar.)
Western Light & Telephone pref. (quar.).
Western Union Telegraph (resumed)
West gate-Greenland Oil Co
Westinghouse Air Brake Co_.
(Year-end)
Westinghouse Electric & Mfg
7% participating preferred.
1,538,242,000 1,516,124,000 1,239,879,000
Foreign
2
Dec.
...
acc't— 7,528,769,000 7,600,232,000 6,098,109,000
60,648,000
46,830.000
77,481,000
reserve
U. 8. Treasurer—General account
2
S3H
Warren (S. D.) Co. (quar.)
Liabilities—
F. R. notes In actual circulation
Deposits—Member bank
2
25c
(quar.)
SI preferred (quar.)__
Ware River Railroad (semi-ann.)
22,535,000
10528,042,000 10.514,633,000 8,078,531,000
Total assets.
Nov. 30
Jan.
40c
Walgreen (quar.)
17,000
3,349,000
159,791,000
8,867,000
9
Dec.
....
Other assets
Dec.
17,000
.
1,560,000
192,994,000
9,712,000
15,883,000
Bank premises
Dec.
20c
Extra
direct and guaranteed
Jan.
Jan.
10c
Total U. 8. Government securities,
Total bills and securities
50c
7% preferred (quar.)
7% preferred (quar.)
Weston
$1 H
$1H
Van Norman Machine Tool
Vanadium Corp. of America
Vapor Car Heating Co., Inc. (quar.)
Weston Electrical
Bonds
Notes
75c
Preferred (quar.)
United States Truck Lines, Inc. (Del.)
United Stores $6 preferred
Common
anteed:
16
43^fc
United States Tobacca Co. (year-end)
Extra
direct and guar¬
$1H
%1M
Preferred (quar.)
Preferred (quar.)
74,806,000
Bills discounted:
Dec.
pref
976,000
1,716,000
68,268,000
1,483,000
63,124,000
Other cash t__
2c
United States Rubber Co. 8% non-cum.
United States Steel Corp., common
United States Sugar Corp., pref. (quar.)
Dec. 6, 1939
Gold certificates on hand and due from
60c
(quar.)
(Quarterly)
27,1940
$
50c
United States Petroleum Co
U. S. Pipe & Foundry (extra)
Nov.
4, 1940
Atsag—
Dec.
25c
2
Dec.
$1
7% preferred (quar.)
United States Graphite Co
17
corresponding
the previous week and the
Nov. 30
Nov. 30
%1H
Extra
in comparison with
date last year:
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Dec.
6
130.33
27.57
20.15
43.41
108.49
95.01
47.13
110.10
90.18
Dec.
5
129.96
27.67
20.25
43.38
108.49
94.95
47.08
110.04
90.14
Dec.
4
130.75
27.78
20.27
43.60
108.50
94.91
47.29
109.94
90.16
Dec.
3
130.78
28.00
20.25
43.67
108.56
94.88
47.08
110.03
90.14
Dec.
2
130.93
28.03
20.11
43.68
108.55
94.72
47.25
110.02
90.11
131.00
27.97
19.97
43.65
108.50
94.69
47.10
110.09
90.1
Nov.
30
,
The Commercial & Financial
3350
Dec.
Chronicle
1940
7,
of the Federal Reserve System
Federal Reserve System, giving the principal
ftems of resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appear in our department of "Current Events and Discussions/'
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made In the breakdown or loans as reported In this statement, which were
Weekly Return of the Member Banks
Following is the weekly statement
issued by the Board of Governors of the
of the Federal Reserve Bank of New York of April 20. 1937, as follows:
.
h
..
confined to the classification of loans and discounts.
This classification h£
industrial and agricultural loans, and (2) loans (other than'to brokers and dealers) for the purpose
£^h<«ing or
securities
The revised form also eliminates the distinction between loans to brokers and dea ers in securities locatedin
•utside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted
with acceptances
commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in
ail other' toana as
"other loins "
Subsequent to the above announcement, it was made known tnat the new Items
commercial. Industrial and agricultural loans and other
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29, 1937, issue of the
Chronicle, page 3590.
described in an announcement
The changes
amounts
In the report form are
<Df
ca-"Ting
New York Oil^ and those
and
formerly
loans,
of (1) commercial,
ASSETS AND LIABILITIES OF
San Fran.
S
$
730
697
3,550
722
431
580
1,949
736
1,201
741
297
363
1,054
363
218
335
304
987
116
200
204
361
21
2
13
4
3
10
Loans—total
9,128
646
3,346
474
4,911
1,993
231
301
137
190
646
Commercial, Indus, and agrlcul. loans
322
210
8
11
3
39
10
3
2,357
299
67
88
34
22
18
3
7
35
1
16
344
4
467
Open market paper..
—
Loans to brokers and dealers In securs.
14
11
65
13
7
10
14
40
24
385
purchasing or carrying
Other loans for
Dallas
Mlnneap. Kan. Citv
$
S
10,721
1,228
24.902
—
$
S
%
ASSETS
Investments—total
ON NOV. 27,1940 (In Millions of Dollars)
St. Louts
Chicago
Atlanta
Cleveland Richmond
PhUa.
Sew York
Boston
Total
Federal Reserve Distrlas-
Loans and
101 LEADING CITIES BY DISTRICTS
WEEKLY REPORTING MEMBER BANKS IN
L
460
17
212
33
24
50
182
48
129
31
196
12
80
58
1,228
2
2
25
1
1
4
1
1
39
207
83
117
'"ho
66
"79
68
56
176
17
4
3
302
10
1
32
37
securities
Real estate loans......
Loans to banks....................
Other loans
Treasury bills
1,724
140
24
354
.......
...
Y-;
37
Obligations guar, by U. 8. Govt....
Other securities
Bank..
12,138
641
bonds
Reserve with Federal Reserve
"""67
143
131
36
270
35
20
59
34
334
634
179
114
1,090
138
121
93
101
63
66
270
64
29
81
45
196
91
139
42
136
59
361
114
202
142
487
3,001
V-
6,898
2,707
3,624
United States
2
""27
1,002
347
1,861
Treasury notes
""104
488
784
—
.
33
"
-
57
1,616
117
1,402
275
275
66
115
564
112
6,999
521
775
232
146
1,603
276
746
27
17
83
8
27
51
13
115
24
18
143
14
540
367
274
609
125
286
331
236
236
297
193
193
3,347
200
Balances with domestio banks...
Other assets—net..................
95
281
81
17
31
455
79
23
76
49
22
1,249
40
1,069
1,560
581
451
3,030
570
516
1,252
10,919
338
1,365
538
22,1.89
740
203
192
990
116
135
1,091
1,078
261
146
231
192
5,375
43
138
15
21
32
84
13
42
2
531
34
490
348
316
1,326
381
169
428
274
361
1
16
4
"'1
"297
107
90
382
Cash
In vault....
..........
LIABILITIES
Demand deposits—adjusted
Time deposits.....
United States Government deposits-
47
60
-
Inter bank deposits:
.....
8,843
382
671
21
617
i
449
3,919
.............
1
Domestic banks
Foreign banks
2
1
5
.
1
7
•:
....
Borrowings..
.
744
20
248
1,631
...
Capital accounts
"io
23
5
96
""302
3,822
Other liabilities
.....
.....
410
96
385
217
Weekly Returns of the Board of Governors
61
of the Federal Reserve System
following was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Dee. 5,
showing the condition of the 12 Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (tbird table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banKs.
The comments of the Board of Governors of the Federal Reserve System upon th*
returns for the latest week appear in our department of "Current Events and Discussions
The
COMBINED RESOURCES AND LIABILITIES
Dec.
Three Ciphers (000) Omitted
4,
27,
1940
Dec.
9,
6,
1939
1940
$
$
$
$
$
$
Oct.
10.
1940
19,324,301
10,074
335,574
19.077,299
11,284
326,661
19,032,300
11,381
319,347
14,986,122
304,688
19,280.299
10,073
341,290
19,167,300
9,395
309,787
19,856,186
19,807,159
19,711,860
19,643,483
19,631,602
19,512,948
19,415,244
19,303,028
15,298,935
1,585
2,550
1,209
2,626
1,207
2,899
951
949
1,044
992
1,312
3,370
1,657
3,293
3,542
2,955
2,533
2,425
4,615
6,419
4,135
3,835
4,106
4,244
4,491
3,999
3,525
3,737
7,985
8,076
8,400
11,387
1,400,100
999,000
1,278,947
985,800
2,512,172
2,531,635
11,153
298,738
10.672
19,880,778
Other bills discounted-.
Total bills discounted....................
Redemption fund (Federal Reserve notes)
.....................
Total reserves............
1940
Oct.
Oct. 23.
19,393,798
9,894
308,168
19,491,799
hand and due from 0. 8. Treas.x.
Other cash
Oct. 30,
$
$
S
$
19,546,295
on
Nov. 0,
1940
13,
1940
19,594,780
11,515
274,483
Gold ctfs.
BUSINESS DEC. 4, 1940
RESERVE BANKS AT THE CLOSE OF
Nov.
Nov. 20,
1940
1940
1940
ASSETS
OF THE FEDERAL
Nov.
.....
9,866
302,947
Bills discounted:
Secured
by
U.
Government obligations,
8.
direct and guaranteed
'■
_
7,912
8,215
8,161
8,193
8,305
1,295,900
1,299,700
904,500
1.314,700
1,330,000
953,000
1,380,100
965,800
1,397,700
924.100
1,377,700
949.600
1,379,200
916,600
2,204,200
2,215,651
2,231,300
2,243,318
2,254,100
2,266,559
2,327,300
2,339,952
2.332.800
2,351,900
2,383,500
2,399,100
2,344,992
2,363,730
2,395,562
2,415,485
47
47
47
47
47
47
47
47
47
47
20,661
23,608
788,713
41,248
55,851
21,678
876,632
21,552
942,969
760,247
656,491
41,274
55,145
41,258
55,364
41,348
54,189
1,071,624
41,257
53,676
20,573
689,084
41,274
55,374
19,754
759,353
41,306
55,534
22,233
773,326
41,193
56,253
22,979,362
22,981,304
23,045,482
23,041,638
22,797.980
22,852,648
22,754,742
5,773,207
14,153,573
5,703,129
14,291,954
198,606
5,669,742
5,642,700
14.051,798
309,577
403,851
5,629,576
13,979.418
465.268
5.548,874
14,126,719
254,916
14,170,535
375,707
1,132,478
1,153,293
1,152,579
1,125,150
575,976
.
7,616
2,195,400
2,207,104
...
United States Government securities,
7,569
899,500
Industrial advances.........
8,325
532,137
598,171
562,736
1.122,101
558,413
1.091,831
567,597
direct and
guaranteed:
Bonds.....
............
..........
Notes
Total
U.
8
Govt
securities,
direct
and
guaranteed
Total Dills and securities
Due from foreign
Federal
...........
banks...
deserve notes of other
banks..
Uncollected Items..............
Bank premises
Otner assets..
.
....
Total assets
20,970
23,784
"i
698,906
V
Deposits—Member
banks'
account
reserve
United States Treasurer—General account..
Foreign
^
_
.
Otner deposits
k
21,614
41,259
54,893
41,975
22,998,962
22,584,369
18,622,662
5,520,271
14,147,775
383,052
1,071,443
528,776
5,508,424
14,015,812
462,610
1,057,344
603,002
5,479.304
4,899,500
13,927,014
579,053
1,056,401
517,853
11,616,517
10,138,768
986,147
3,658
16,080,321
659,124
3,874
12,747,568
18,273,376
LIABILITIES
Federal Reserve notes In actual circulation....
1,233,225
71,965
346,191
398,444
386,416
1
i
P*
Total deposits..
.......
Deferred availability Items
Other liabilities, lnol. accrued dividends......
Total liabilities
16,116,943
714,660
4,972
16,175,990
16,185,046
818,146
5,088
4,656
16,143,535
883,710
4.935
10,125.200
675,244
4,331
16.211,670
727,957
5,057
16.131,046
736,357
4,147
22,434,351
22,489,246
22,391,821
22,636,997
22.222,683
137,641
135,251
151,720
26,839
149,152
45,480
37,619
723,645
620,184
6,124
22,609,782
CAPITAL
22,612,164
22,677,590
22,674,880
137,890
151,720
26,839
137,775
151,720
26,839
137,750
137.719
137,720
137,678
137,638
151,720
151.720
26,839
50,480
151,720
151,720
20,839
47.165
151,720
20,839
46,724
137,653
151,720
26,839
45,753
22,998,962
22,584,369
18,622,662
ACCOUNTS
CaDltal paid In
Surplus (Section 7)
Surplus (Section 13-b)
...
Other capital accounts
52,806
...
26,839
51,583
26,839
47,350
m
27,264
22,979,362
22,981,304
23,045,482
23,041,633
22.797.980
22.852,648
22,754,742
90.6%
90.5%
90.1%
89.7%
86.7%
7,114
7,269
90.3%
7,288
90.2%
6,505
90.8%
7,106
89.8%
90.8%
7,351
7.422
7,459
7,598
9,492
1-15 days bills discounted
2,055
1,690
933
,1.312
1,816
1,444
1,166
1,941
0,334
5,133
320
366
1,188
500
243
264
271
180
235
16-30 days bills discounted
705
960
1,004
1,022
904
612
255
781
730
391
31-60 days bills discouuted
259
476
639
746
728
735
735
262
316
1,710
815
939
996
789
523
456
269
290
820
717
3,999
3,525
3,737
7,985
8,076
Total liabilities and caDltal accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to
make Industrial
advances
..
Maturity Distribution of Bills and
t
Short-Term Securities—
61-90 days bills discounted....
Over 90 days bills discounted
Total bills discounted-
......
4,135
3.835
4,106
4,244
4,491
158
Volume
3351
The Commercial & Financial Chronicle
151
Weekly RetuYns of the Board of Governors of the Federal Reserve System (Concluded)
Dec. 4.
Nov. 27,
1940
Nov.
Nov. 20
1940
Three Ciphers (000) Omitted
1940
Oct.
Nov. 6,
13,
1940
Oct.
30,
Oct.
23,
Dec. 6,
Oct. 9,
16,
1939
1940
1940
1940
1940
1940
Maturity Distribution of Bills and Short-Term
Securities
(Concluded)
1,411
1,467
1,313
1,316
1,412
1,345
1,532
15-30 days Industrial advances
31-60 days industrial advances
321
186
188
120
108
257
276
196
148
964
302
490
573
515
518
343
319
199
255
61-90 days Industrial advances
82
103
165
296
305
473
490
445
592
347
5,548
5,593
5,587
5,873
5,763
5,807
5,904
6,073
6,060
8,187
7,569
7,616
7,912
8,215
8,161
8,193
8,305
8,325
8,400
11,387
2,195,400
2,204,200
2,231,300
2,254,100
2,327,300
2,232,800
2,351,900
2,383,600
2,399,100
2,512,172
2,195,400
2,204,200
2,231,300
2,254,100
2,327,300
2,232,800
2,351,900
2,383.500
2,399,100
2,512,172
6,064,953
291,746
5,996,665
5,962,586
5,891,395
261,819
5,837,873
288,999
5.814.154
293,883
5,785,779
277,355
5,176,588
292,844
5,935,887
293,187
5.771,996
293,536
292,632
277,088
5,773,207
5,703„129
5,669.742
5.642,700
6,629,576
5,548,874
5,520,271
5,508,424
5,479,364
4,899,500
6,176,500
2,770
6,095,500
6,070,500
2,719
6,034,000
5,987,500
5,878,000
5,844,500
5,287,000
2,772
2,976
5,946,500
2,342
5,930,500
2,458
1,842
2,195
6,485
2,446
6,179,270
6,097,958
6,073,219
6,036,772
5,990,476
5.948,842
5,932,342
5.880.195
5,850,985
5,289,446
1-15 days Industrial advances
.
Over 90 days Industrial advances
Total industrial advances.--
1,399
1,244
1,316
-
357
U. 8. Govt, securities, direct and guaranteed:
1-15 days
;
-
—
-
16-30 days
-
31-60 days
-
61-90 days
-
Over 90 days
Total U. 8. Government securities, direct
and guaranteed
...
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agant
Held by Federal Reserve Bank
In actual circulation
Collateral
Held by
Agent as Security for
Notes Issued to Bank—
Gold ctte.
on
hand and due from U. 8. Treas...
By eligible paper
Total collateral
does not include
•"Other cash"
Federal
Reserve
notes.
the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
31. 1934. these certificates being worth less to the extent of tne difference, the difference Itself having been ipproprlated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934
i
These are certificates given by
x
cents
on
Jan.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
Three
Ciphers
(000)
Total
Federal Reserve Agent at—
certificates
on
hand
and
New York
1
%
It. Louis Minneap. Kan. City
Chicago
%
%
S
Dallas
San Fran.
I
%
t
%
I
due
19,594,780 1,138,621 9,590,898 1,017,662 1,336,240
529,973
817
17,939
1,462
18,820
19,880,778 1,166,068 9,655,505 1,038,940 1,354,996
from United States Treasury
550,255
11,515
i-.-.——
Total reserves
1,336
274,483
Redemption fund—Fed. Res. notes..
Other cash •
Atlanta
S
Cleveland Richmond
Phtla.
»
Boston
%
ASSETS
Gold
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 4, 1940
Omitted
26,111
1,281
19,997
1,483
63,124
371,095 2,956,501
299,174
507,522
411,595
277,269 1,158,230
1,419
34,819
209
368
448
541
1,446
14,672
6,471
15,581
12,938
26,980
388,831 2,992,739
522,403
306,013
427,624
705
17,031
290,748 1,186,656
Bills discounted:
Secured by U. 8. Govt,
bllgatlons,
direct and guaranteed
1,585
Other bills discounted
2,550
511
339
135
30
2
32
255
203
53
503
254
149
73
36
197
77
191
924
56
4,135
25
1,014
593
284
103
38
229
332
394
977
56
90
7,569
998
1,783
2,103
299
785
309
263
5
254
87
82
601
1,295,900
899,500
92,999
383.430
108,606
129,796
68,672
49,683
75,384
90,092
47,665
34,485
55,909
38,808
36,888
25,603
44,007
50,329
34,934
108,340
266,144
147,849
102,625
63,399
64,553
Total bills discounted
Industrial advances
U. 8. Govt, securities, direct & guar.:
Bonds
Notes
Total
U.
Govt,
8.
25
90
75,200
securities,
direct and guaranteed
2,195,400
157,552
649,574
183,990
219,888
116,337
84,168
250,474
94,717
62,491
107,406
85,263
183,540
Total bills and securities..
2,207,104
158,575
652,371
186,686
220,471
117,225
84,515
250,966
95,054
63,139
108,470
85,401
184,231
47
3
18
5
4
2
2
6
1
20.661
504
1,076
1,641
3,322
1,905
773,326
76,686
2,838
3,769
1,560
192,994
56,802
86,161
29,642
9,712
4,495
4,828
5,412
6,091
2,159
43,428
2,428
15,882
63,103
2,585
3,254
2,743
102,298
3,328
5,964
2,302
19,825
1,369
1,630
22,979,362 1,408,443 10528042 1,292,832 1,674,776
739,746
508,935 3,358,044
667,775
393,048
Due from foreign banks
Fed
Res. notes of other banks
Uncollected Items
Bank
41,193
premises
Other
56,253
assets
Total assets
1,995
2,045
1
1
4
1,789
31,688
508
2,382
41,257
2,858
4,982
see a
1,072
29,442
3,065
1,108
2,584
2,922
575,221
410,130 1,422,370
LIABILITIES
5,773,207
468,210 1,538,242
400,552
525,902
271,334
189,189 1,227,181
214,800
156,703
206,942
95,456
478,696
14,153,573
767,986 7,528,769
77,481
9,995
683,448
14,108
75,535
29,483
938,823
17,392
348,014
228,867 1,850,676
32,881
16,104
352,084
16,619
174,528
13,022
92,492
23,123
16,957
234,293
14,165
23,123
3,521
770,834
22,068
56,311
F. R. notes In actual circulation..
Deposits:
Member bank reserve account
U. 8. Treasurer—General account.
254,916
Total deposits.....
...
7,356
839,823 8,700,850
16,116,943
6,304
6,268
33,143
3,346
802,574 1,034,201
366,297
485,303
54,486
1,132,478
575,976
Foreign
Other deposits...
390,771
71,682
5,652
6,935
5,250
275,251
14,813
22,352
12,852
277,076 1,981,701
398,761
209,757
325,268
275,102
881,059
26,977
5,128
31,846
74,433
160,347
54,972
79,284
61,415
29,046
101,738
42,423
16,837
31,763
27,581
34,821
481
1,443
645
527
178
203
535
132
159
177
164
328
22,609,782 1,382,947 10400882 1,258,743 1,639,914
723,698
495,514 3,311,155
656,116
383,456
564,150
714,660
4,972
Deferred availability Items
Other liabilities, lncl. accrued dlvs
Total liabilities
398,303 1,394,904
CAPITAL ACCOUNTS
Capital paid in
137,890
9,337
Surplus (Section 7)
Surplus (Section 13-b)
151,720
10,405
26,839
53,131
Other capital accounts
2,874
a
4,172
2,970
4,423
22,824
4,709
3,246
713
1,429
538
2,303
3,613
1,142
1,893
2,200
1,292,832 1,674,776
739,746
842
544
15,638
"Other cash" does not Include Federal Reserve notes,
4,680
5,725
14,031
5,247
5,355
14,175
14,323
1,007
5,357
11,889
14,198
4,393
3,609
7,109
2,880
Total liabilities and capital accounts 22,979,362 1,408,443 10528 042
711
247
Commitments to make Indus, advs...
6,505
•
i
51,087
53,326
1,002
8,605
2,240
3,152
1,001
2,469
508.935 3,358,044
667,775
393,048
575,221
23
388
61
120
6
4,165
3,974
1,266
2,422
11,606
10,224
2,121
3,515
410,130 1,422,370
4
2,567
Less than S500.
FEDERAL
RESERVE NOTE
STATEMENT
Three Ciphers (000) Omitted
Atlanta
Chicago
St. Louis
$
Cleveland Richmond
S
%
S
%
5
Minneap. Kan. City
$
Dallas
$
San Fran.
$
S
as
6.064,953
291,746
484,569 1,614,297
16,359
76,055
421,775
549,004
23,102
282,359
11,025
210,569 1,258,133
30,952
21,380
228,007
13,207
161,210
4,507
215,113
8,171
103,352
536,565
21,223
7,896
57,869
468,210 1,538,242
400,552
525,902
271,334
189,189 1,227,181
214,800
156,703
206,942
95,456
478,696
6.176,500
circulation
held by agent
Phila.
S
5,773,207
Held by Federal Reserve Bank
In actual
New York
$
S
Issued to F, R. Bank by F. R. Agent
Collateral
Boston
Total
Federal Reserve Bank of—
Federal Reserve notes:
500,000 1,635,000
430,000
550,000
300,000
220,000 1,270,000
234,000
161,500
220,000
107,000
549,000
305
325
924
234,305
161,825
220,924
107,000
549,000
security
for notes Issued to banks:
Gold certificates on
hand and due
from United States Treasury
631
Total collateral
500,025 1,635,631
6,179,270
430,495
65
495
25
2,770
Eligible paper
220,000 1,270,000
Quotations for U. S. Treasury Notes—Friday, Dec. 6
United States Treasury Bills—Friday, Dec. 6
Rates quoted are
300,065
550,000
Figures after decimal point represent one or more 32ds of a point.
for discount at purchase.
Int.
Int.
Bid
Dec.
11 1940
...
Dec.
18 1940..
Deo.
26 1940
Jan.
2 1941
Jan.
8 1941.......-
Jan.
15 1941
Jan.
22 1941
United
Asked
Jan.
States
til I ! >t»i I ! il a
29 1941
Feb.
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
Bid
5 1941
Natl Defense Series
Feb.
0.06%
0.06%
0.06%
Feb.
26 1941
Mar
5 1941
Securities
following
page.
Maturity
Mar. 15 1941...
June
15 1941...
Dec.
13 1941
Feb. 19 1941
Government
York Stock Exchange—See
Asked
15 1941...
Mar. 15 1942...
0.06%
0.06%
0.06%
on
the
Sept. 15 1942—
Dec.
New
15 1942...
June
15 1943...
Rate
Asked
Bid
Rate
Maturity
1X%
1H%
IH%
1 H%
101.27
101.29
Sept* 15 1943...
101.27
101.29
Dec.
102.1
102 3
Mar. 15 1944...
102.27
102 29
June
2%
1H%
1X%
104.1
104 3
Sept. 15 1944...
104
104 2
Mar. 15 1945...
102.17
Bid
Asked
102.19
Transactions
at
the
New
15 1943...
15 1944...
York
1%
1H%
102.8
102.25
102.10
102.27
1%
H%
102.8
102.10
101.11
101.13
1%
H%
102.15
102.17
101.8
101.10
Stock
Daily, Weekly and Yearly—See page 3367.
Exchange,
York Stock Exchange
Stock and Bond Sales—New
YEARLY
DAILY, WEEKLY AND
■
»
«
-
-
•—
«•
<
week.
New York Stock Exchange during the current
point represent one or more 32 ds of a point.
Corporation bonds on the
Mcrtg&g©
Federal F<trm
Home Owners' Loan and
m
the transactions in Treasury
daily record of
7
Stock Exchange
Securities on the New York
n«mnt.£!'
United States Government
No
the only transactl
disregarded In the day's range, unless they are
for the year.
NOTICE—Cash and deferred delivery sales are
is taken of such sales In computing the range
account
Below we furnish a
Page One
Pages
Occupying Altogether Sixteen
"
w
Quotations after'.decimal
Bond Prices
Dally Record of U. S.
(Close
122.20
122.16
122.20
122.15
122.10
122.16
122.20
122.15
122.10
114.2
....
(High
3
Total sales In $1,000 units...
1i6.il
(High
3 lis,
(High
j Low.
(Close
:
mm
....
m
102
102
"mn+
102.2
m
m
102
102
102.2
102
103.1
V
103.1
V'.'
'mm
108.13
108.13
(High
i Low,
108.13
108.13
108.13
5
2
108.14
109.15
(Close
$1,000 units...
mmmm
109.15
1
mmmm
/■'/mmmm
113.12
(High
m m m
113.12
Low.
f.C'Iose
m m mm
113.12
1
(High
(Low.
(Close
3s, 1946-48
2
2
5
110.29
110.31
113.10
111.4
110.29
110.31
111.2
110.31
111.4
111.1
4
30
110
110
110.2
(Close
110
110.2
-J
1946-47
2 lis,
1948-51
lis, 1951-54
Low.
•
110.3
110.6
Total sa ts in
[High
1968-63
•
Low.
11
$
1
i
1
1
11
108*4*
107*4*
108.4
108.2
....
m m
108.4
m
108.3
m
108.3
■
..^mm-m
mm m m
4
mmmm
*1
103.13
(High
103.11
10*3.13
103.13
(Low
103.11
103.13
103.13
mmpmm
103.13
(Close
103.11
103.13
103.13
■/'mmmm
103.13
2
*1
*11
....
....
....
mmm
....
....
110.8
•
'
-
mm
m
m
mmmm
llis, 1946-47
*
110.12
3
1
..(Low.
/:
——
Total sales in $1,000 units...
Odd lot sales,
t Cash sale.
t Deterred delivery sale
110.12
110.11
mmmm
*4
'
(Close
110.12
110.11
:
'
(High
3
li'o'.ii
----
m
110.8
....
m rn m
•■■mmmm
Note—The
....
110.2
bonds.
only
includes
table
above
Transactions in
1 Treasury
110.2
110.2
v
sales of coupon
registered bonds were:
t0
10£d? to
110.28 to 110.28
3lis, 1941-1943
1 Treasury 3lis, 1944-1946
1 Treasury
1
Total sales in $1,000 units...
1
8
■m.mm'm
110.8
2
Close
2 lis,
....
....
•''m
110.6
$l,000,tintts...
«
108.2
mmmm
....
no'.fT
■
....
■
mmmm
(Close
t
Total sales in $1,000 units...
'
—-
-i Low.
lis,J1956-59
3
....
mmmm
^^mm
(High
2
Low.
2 lis, 1942-44
j»wW>»
110.3
»
ii «i
(High
110.4
mm mm
■
Total sales in $1,000 units...
y--108*2"
Close
mm mm
3
110.3
Loan
3s, series A, 1944-52
110.3
mmrnm
111
Close
Total sales in $1,000 units...
(High
....
mrnmm
111
Low.
•
Home Owners'
1
«
Total sales in $1,000 units
14
110.4
.
1
Total sales in $1,000 units...
111"'
High
110.30
7
....
29
*1
Total sales in $1,000 units...
...
2 lis, 1942-47
110.30
32
110.2
Low.
(High
2 lis,
(High
j Low.
(Close
111.1
111.1
110.29
•
||
(Close
Total sales in $1,000 units...
3
mm m
Low.
1956-60
108.11
—
■{ Low.
3s, 1942-47..
113.10
mmmm
Close
a
113.10
■■■mmmm
Total sales in $1,000 units...
2 lis,
108.11
m
12
(High
■
(High
:mmrn
'
■
111.4
108*11
•••;
'
■
■m
~—
>.
mmmm
Total sales in $1,000 units...
oo-rn'mm
20
8
Total sales in $1,000 units...
mmmm
—
|I Ol0S6
Low.
mmmm
113.11
113.6
113.1
Close
''mmmrn
113.9
113.1
113.1
Low.
20
[High
112.22
113.11
103.29
—
(Close
3s. 1944-49
112.22
mm
103,29
1
Total sales in $1,000 units...
mmml
113.5
113.1
33
----
—jLow.
1
112.22
mm
(High
•
t
112.22
(Close
Total sales in $1,000 units...
3s, 1951-66
1
3 lis, 1944-64
112.22
mmmrn
104.2
mmmm
:
[High
Federal Farm Mortgage
112.23
\
104.2
103.29
10*3*29
104.2
103.25
m
I
:;;W~
•
E
10*3*29
m'm'rn
mmmm
'
t
I
....
(High
| Low.
-
t
I
1
$1,000 units...
Total sales in
*
4
mmmm
C
••
Total sales in $1,000 units...
2
•
Total sales in $1,000 units—
mmmm
106.28
5
(Close
113.13
106.28
fmrnmrn
106.15
-j Low.
2s, 1953-55
113.13
'm'm'mm
106.15
~"
"
(High
113.13
m
'mmmm
■
,
mmmm
—
(Close
Total sales in $1,000 units...
'
'
■
106.28
106.15
(High
1
mmmm
1
—
-j Low.
2s. 1948-60
109.15
109.15
'
i
106
1
mmmm
—
(Close
mmmm
106
105.26
■mmmm
- —-
Total sales in $1,000 units...
[mmmm
mmmm
■
'
| Low.
2s, 1947
8
:
105.26
■
106
—
(High X;
108.13
mmmm
/■■'X
1
105.26
6
Total sales in $1,000 units
"mmmm '
mmmm
mmmm
1
m
105.23
108.13
mmmm
mm
105.23
1
'mmmm
106.8
'X
(High
108.14
109.15
106.3
;
'
108.14
109.15
109.15
106.8
mmmrn
'■
JLow.
'
109.16
3 lis, 1949-62
•
mmmm
106.8
106.3
105.23
mmmm
109.15
(High
J Low.
mmmm
-"mmmm
7' ' ''V''
-mmmm
■
'
'
^
.
106.3
| Low.
108.13
■
■
mmmm
mmmm
mmmm
■■mmmm
''mmmm
5
I
/'mmmm
.
mmmm
I Close
mmmm
"
1,
108.13
(Close
Total sales in
mm m
2
mm
1
mmmm
'
3
2
'
1
2 lis, 1964-66
103T-
102.31
Total sales in $1,000 units...
3 Ha, 1946-49
1951-63
-
102.31
mmmm
mmmm
(High
2 lis.
102.81
102.30
102.30
102.30
Total sales in $1,000 units..
3 lis, 1944-46
20
Total sales in $1,000 units...
(Close
3 lis, 1943-46
108.12
1
$1,000 units..
v
IOI0S6
(High
(Low.
108.15
108.15
.mmmm
■
'
Total sales in
3
•>
Total sales In $1,000 units,.
3 lis, 1941
108.11
Low.
108.21
108.21
^
108.12
I
108.14
108.14
■'
108.12
108.11
102.1
—-
mmmm
108.11
2 lis. 1960-52
102.1
7
*11
8
$1,000 units...
(High
Total sales in
108! 15
108*21
mm
m m m
'.mm
Zmmm
108.9
1
102.1
mmmm
10*8*14
108.9*
108.9
-j Low.
1949-63
mmmm
mm m m
I
(Close
2
mmmm
m
2 lis,
116.10
mmmm
102
■
(High
1 Low.
1943-47
116.10
mmmm
■
-mmmm
110.13
—
....
(High
116.10
mmmm
mm mm
U
....
102.2
$1,000 units...
Total sales in
3 lis,
mmmm
'
mmmm
116.11
(Close
I Close
'
"
110.13
Total sales in $1,000 units...
1
'
Total sales In $1,000 units..
3Hs, 1941-43
114.1
;
mmmm
116.11
(Low.
1946-66
114.1
■
|
11*0*13
(High
j Low.
2 lis, 1948
Dec, 6
Dec. 5
Dec. 4
Dec. 3
2
Total sales in $1,000 units...
114.1
m
'mmmm
114.2
IC10B€
m
'm mm m
114.2
(Low.
4s. 1944-64
.
.
2 lis. 1945
2
1
1
1
35
Total sales In $1,000 units...
Nov. 30; Dec.
(High
(Low.
(Close
Treasury
122.16
122.16
122.10
122.10
(Low.
4Mb, 1947-62
Prices
Daily Record of U. 8. Bond
Dec. 6
Dec. 5
Dec. 4
122.10
122.10
(High
Treasury
Dec. 3
Dec. 2
Nov. 30
(High
110.10
110.9"
HO". 15
110*23
HOT 8
110.9
110.9
110.10
110.18
110.23
110.15
(Close
110.10
110.9
110.13
110.18
110.23
110.17
Total sales in $1,000 units...
13
7
8
2
32
2}js, 1955-1960
!1
| Low.
2 lis, 1960-65
12
HOT 8
United States Treasury
United States Treasury
Bills—See previous page.
Notes, &c.—See previous page.
New York Stock Record
LOW
AND
SALE
HIGH
PRICES—PER
SHARE, NOT PER CENT
Sales
Dec.
Nov. 30
$
per
share
54
*52l4
2
53U
531?
43
*35l2
43
531?
*52
5334
578
6
6
618
*2212
*1538
23
*22
2234
151?
4178
42
*»!,
*
15i2
41i4
73
514
9l«
»!•
58
*
4134
&8
741?
514
514
1012
19i«
193s
1034
91?,
193«
23i2
23i2
2314
23l2
11
*9
93*
*
1178
117«
*166l2 167i4
*10
1034
*1278
13
531?
*35i2
53i2
512
*22l2
43
*15i2
413s
h
*65
51*
*ht
512
2258
57s
2234
On Basis of
155*
155*
*15i2
40is
h
15 V*
*
72
5
*
5i8
12
»16
ioi2
101*
10i2
934
*103s
1034
914
2U4
217*
21
914
2114
233s
23l2
2312
24
107*
10i8
9
20i2
32334
12
167
*10i8
1234
12
1214
167
10i2
1234
12
167i2 168i2
107*
*10i8
13
*125s
12
*1114
168i2 169
10S4
*10i4
1234
*125g
77*
7&s
734
8
*7312
3334
75
75
75
345*
34
343*
1734
15*
175s
17
*U4
1714
15*
16
8»«
*14
161?
*14i2
161?
*16
*4934
*15i2
51
50
50
4934
50
48l2
I6I4
15l2
151?
15%
153s
16
74
5734
83s
455s
57«4
5734
455s
*li4
8ls
83*
*44
Bid and asked prices, no
77*
*731*
77*
76
77«
*75i2
Abbott Laboratories
4!i%
conv
110
30
Nov
9
Jan
300
Adams-M tills corp
No par
200
Address-Multgr
5
12i2June I5
36i2June 10
i8June 10
60 May 21
4
May 21
3*June 4
634June 10
41* May 21
7
May 21
15ieMay 21
61 June22
6^4 June 11
135i2June 10
8?tMay 16
mmmmmm
4,000
*18
2,700
3,300
914
1,000
20i2
2414
8,000
5,200
Straus
Corp..... 10
Air Reduction Ino
No par
Air Way El Appliance.. No par
Alabama A Vlcksburg Ry.100
Alaska Juneau Cold Mln
10
Allegheny Corp..
No par
5li % Dv A with $30 war. 100
514 % pf A without war. 100
$2.60 pnor conv pref.iVe par
Alghnj Lad 8t' Corp..N* par
Alleg A West Ry 6% gtd—100
1,100
Allen Industries Inc
2,400
200
Allied Chemfca. A Dj9.No par
Allied Kid Co
5
800
Allied Mills Co Ine
No par
10
Allied Stores Corp
No par
4i2May 21
56 May 28
21»4Mav 22
7,500
300
1
49l2
4834
48s4
900
I6I4
16
16
15ia
1512
1,000
577*
58i4
5778
58
1,800
Am
8
1,300
American
16
4914
*48l2
3334
3414
4,100
17I4
17i4
1714
1,000
li4
*1U
*145s
138
300
16
68l2
8I4
*5814
8
8
8
8
8
*44
45
46
46
44
16
t In receivership,
100
441*
a Def
16i*June
540
delivery,
Alils-Chalmerf Mfg
Alrtlnes Ine
6*
.......10
11
June
5
June 10
lig May
912 May
38»2May
12is May
*1*4 Jan
15
28
23
22
12
Jan
71i2 Sept
14912 Sept
Apr
4912 No«
Jan 2 5
16*4 Apr 23
9*8 Jan 2
75
417s
18
45U
Apr
68
'4
Jan
68
10
Jan
2
Sept
18
8
June
231* Sept
Apr
6*4
15Us Apr
10
Apr
91*
Apr
6
Apr
Apr
Apr
54if
12*14 Apr
114 June
12
60
Aug
58if Apr
5
21
Jan
4
16
AimApr
76
Apr 15
26
June
x
Sx-dlv.
Ex-rlg at.
Jan
20ia Sept
4ia Sept
28
50
Feb
14
4
12*4 Apr
Jan
H4 Sept
68
4
June 18
Mar
Sept
Feb
Jan
2*s Jan 9
18
Apr 22
27ia
6U Dec
®8 July
5h Aug
Dec
Nov 26
June 10
Oct
llif Sept
6612
26
May
Apr
14
per
Aug
19
Sept
157S Sept
52
6
9
8
1234 Apr 16
182
Apr 9
35
r Cash sale,
Apr
Nov 27
79
50
a New stock,
Apr
26iaMay 10
Bank Note......10
) referred
53
120
6I2
lis Jan 8
145* Jan 3
12ia Jan 4
22
Sept 25
share
share $
3U2 Mar
.
27ia Apr 8
19if Jan 4
58is Jan 2
7* Mar 11
77
Mar 26
7
Highest
per
33ia
46ij Apr
60
A
Steel
59
341*
70U Feb 14
Feb
~
147
4i<May 28
Acme
5% preferred
100
No par
Alpha Portland Gem..No par
Amalgam Leather Co Inc
1
6% conv prefened
50
Amerada Corp
..No par
Am Agric Chem (Dei!..No par
3334
1714
114
*145*
$
share
347*May 25
53*
79
50
100
$ per
No par
800
8
No par
preferred
share
May 21
May 22
May 22
No par
25
4,900
12
per
Co
12
1014
$
AdamB Express
200
403*
*1134
121*
16712 168i2 3l6512 167
IOI4
IOI4
IOI4
IOI4
125*
1234
1212
12i2
45
sales on thla day.
k
12
Par
Abraham
72
6*4
!2
&8
1U4
105g
9i2
1734
114
•
157*
203s 213s
2314j 23i2
1*4
455s
22»4
51*
*17
8I4
*22
741?
3412
57
225«
®16
34U
*165s
114
46
4,300
57*
4H4
74
8I4I
5412
5 V*
*12
74
57 <|
43
405*
35
t
*36
58
#ie
ft.*..*.*
*535*
415*
6
900
•
54l2
57*
2212
*l2
*
5H2
126
Year 1939
Lowest
Highest
Lowest
Shares
80
8
18L
51i2
*122
Range for Previous
EXCHANGE
Week
43
1?
514
5*
6
534
2212
57S
415*
741?
the
$ per share
62
*1558
4138
7*4
7U2
1634
Dec.
126
*53
54
*53
531?
5
$ per share
52
52i4
x52i4
*122
*12U8 126
*36
43
*3512
*3434
**114 It
Dec.
4
$ per share
16
58
19
*105s
9%
53i2
51?
#U
"IB
Dec.
*12034 126
*120i2 126
16
3
$ per share
Friday
Thursday
Wednesday
Tuesday
Dec,
$ per share
54
*12014
*35l£
t
1
100-Share Lots
Range Since Jan.
STOCKS
NEW YORK STOCK
Monday
Saturday
Sept
9
46i*
Dee
28U
69
IDs
Sept
Jan
Sept
Oct
2001* Sept
147s Sept
I5is Sept
ll*k Jan
71
48*s
197s
Aug
Jan
Jan
3*s Sept
21
Sept
74i* Sept
241* Sept
47
Dec
17*
Jan
60
Jao
$ Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 2
151
AND
SALE
HIGH
PRICES—PER
$ per share
7
7
Dec.
38
I S
87
28i2
61
60i8
60i8
1%
8734
*183% 185
2878
♦2012
37i2
133
1%
87
28%
7
7
184
2
share
per
133
1*4
1*8
87
♦183
Dec.
37
3834
133
♦130
Tuesday
21
2078
29
62i8
21%
3
Dec.
$ per share
7
*37
♦133
7
*133
1%
*1%
87%
87%
*18334 185
28%
*6034
x20%
87
185
28
28%
*61
62%
20%
♦111
115
♦111
115
*111
*116
121
*116% 121
*117
120%
*7
12
20%
115
*7
12
734
734
5%
*80
734
*53s
57s
1014
7«4
*514
*9i2
*914
10%
82%
*80
82i2
*7
*111
Dec.
784
534
9%
8I84
*7
7%
*5%
*9%
*6%
*80
1%
87%
61%
20%
20%
*111
*7
7%
*7%
5%
5%
10%
81%
*9%
2
1%
1%
2
*134
4i2
4
4
3%
378
4%
*1
Ufi
1
1
1
1
1
15
15
15
*15
*80
l%i
*3«4
15
*1412
27s
27s
234
1158
39i8
414
*3184
*50%
>1%
*21%
3%
*12%
*48%
1534
11%
3934
4%
32
51%
178
23%
*1U2
3%
3%
*12%
*48%
1534
39
*21%
13%
1584
80
81
82
123s
12%
3
20
12%
*2%
19%
.
*24%
234
4834i
48%
41
7%
70
15%
15%
71
71%
6%
6%
*9%
*32%
44%
9%
33%
45%*
9%
33%
4434
*145
147
147
50%
52
*146%
*146% 151
27
27%
27%
51%
,
*11%
12%
12
I *11%
12%'
12%
1434j *1384
76%1 76%
16%! *15%
*14
76%
*15%
166
166%
166
69
69
69
70
70
70
*151% 156
153
5%
5%
7
7
*97
97%
97%
*9
9%
5%
6%
56
56%
7%
7%
*5034
53
27
33%
*1434
27%
34
1534
*113
5178
1%
23%
13%
49%
16
82%
12%
2%
20%
25%
2%
48%
41%
7%
160
160
160
15%
48%
41
4134
7%
7%
160
4%
31%
111
*24%
25%
2%
234
2%
'20%
*107
111
*107
12
39%
4%
3134
51%
1%
50
234
9
15%
*11%
1%
23%
413<(
51%
1%
22%
4%
31%
51
2%
12
40
4%
*30%
51%
|
*14%
2%
1%
22%
3%
13%
49%
3%
3%
*12%
*11%
40%
15%
15%
82
82%
12%
12%
19%
24%
234
48%
41
7%
160
15
2%
19%
2%
19%
111
*107
24
24%
234
49
41%
7%
4034
7%
160
160
15
15%
71%
6%
9%
*40
32%
79
*86
93
*36%
*94%
37%
95%
17%
56%
*14%
17%
56%
14%
56%
27
3234
*14%
*113
60
*40
32%
32%
834
5%
5%
*80% 100
*7%
7%
*76
80%
93
*86%
37%
*36%
95%
95
55%
7
53
*5034
27%.
32%
26%
3234
*15
15%
.—,*113
60
32%
*8%
9%
*5
5%
*80% 100
7%
81%
2%
12
4034
4%
1,300
100
3%
1,600
*153s
82
12%
2%
2%
.2%
19
19
19
111
*107
24
24
24%
I
*40
31%
*8%
9<<
28
*113% 114
25
24
24
*106
108
*103% 108
*31
31
31%
8 584
86%
13034
*130
—
32%
21%
56
3034
86%
87%
12934 130%
24
24
21
9%
*18%
9%
21
*20%
9%
*18»4
*12%
14%
*12%
*87
99
*88
•
8
32%
*20
23%
12*1%
21
30
600
2,500
Amer Metal Co Ltd...No par
6% preferred
24%
"""250
American News Co
4,900
Amer Power A Light—No par
49%
41
7%
49%
49%
z4834
48%
40%
7%
2,400
$6 preferred ........No par
$5 preferred
No par
41%
x7
160
41%
x40%
7
*159
162
7%
*159
162
15
15
15%
15
56
57%
634
*5034
6%
53
2,400
19,500
180
Am Rad A Stand San'y.No par
Preferred
.100
American Rolling Mill
18%
111
108
*106
24
1,700
1,000
American Sugar Refining.. 100
Preferred
100
300
Am Sumatra Tobaooo..No par
6,700
Amer Telep A Teleg Co... 100
American Tobaooo....... 25
3,100
Common class B
5,100
7
No par
No par
Preferred
71
24
|
110
110%
5 j
4%
100
600
Andes Copper Mining......20
A P W Paper C cine
5
600
Archer Danieis Mldl'd.Nc par
23
600
ArmourACo(Del)pf7% gtdlOO
97%June
4
May
35 May
58% Jan
22%May
6%May
3% May
96% Jan
13%
234
3234
110% 110%
4%
50%
60 , *40
32% a:30%
9 j
*8%
4%
*4%
31%
*8%
4%
*80% 100
7%
7%
5
51
8,200
Armour A Co of Illinois
60
"2,600
1,000
100
78
78
95
38
*32
38
95%
*9234
95%
7% preferred
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
Artloom Corp........No par
7% preferred
...100
540
16%
58%
13%
16%
58%
1334
10,200
2,500
*16%
I
*18
17%
19
23%
"2~ 100
Associated
500
4,200
300
1
....100
100
6% 1st preferred
7% 2d prererred
500
100
Dry Goods
Assoc Investments Co.No par
5% preferred
.........
...100
25
pref series A... 100
5% preferred...
4% conv
2,100
Atlas Corp
7
49%
*49
4938
900
71
*68
71
100
7
7
118% 118%
*6%
7
70
100
...6
50
6% preferred......
No par
Atlas Powder
5% conv preferred
100
Atlas Tack Corp......No par
Austin Nichols
....No par
*2%
1634
4%
2%
1634
20
434
9,200
Aviation Corp
16%
1634
4,900
Baldwin Loco Works v t c
3%
3%
8,000
Baltimore A Ohio..
4%
5%
4%
3,000
584
1,500
4% preferred
......100
Bangor A Aroostook
60
Conv 5% preferred
100
Barber Asphalt Corp....... 10
260
28%
29
10%
10%
3,000
*7%
8%
800
30
30
1*106
35 prior A
Barker
3,700
900
N* par
oiD il(Thel_3
...100
N« par
Brothers
5
Barnsdall OH Co.-
No par
100
25
No par
Bayuk Cigars Inc
1st preferred
"loo
13
preferred.........60
180
......
Beatrloe Creamery
35 preferred w w
Preferred x-warrents.No par
108
.....50
Beech Creek RR
...
20
200
Beech-Nut Packing Co
200
Beidlng-Hemlnway
No par
Belgian Nat Ry» part pref...
Bendlx Aviation
.......5
20
4,000
2,100
700
1,800
21,400
Beneficial Indus Loan..No par
Pr
21
21
4
21
22
22
12
4%May 22
65
Aug 29
49%May 22
29%June 18
pfdg2.50div ser'38No par
No par
Brat A Co...
Bethlehem Steel (Del).No par
1,500
7% preferred.......—100
500
Blgelow-Sanf Corp Inc. No par
Black A Decker Mfg Co AO par
6
5
18% May 21
June 24
7
5
May 23
112%June 11
4
May 21
1% Feb
10
4
7
May 21
Aug 16
12%May 23
284May 15
3%May 15
5% Dec 6
27% Nov 29
8% May 21
4
May 15
20 May 21
7%June10
20% May 21
lll%June 10
18%May 21
29%May 14
102 May 22
7% June 11
Nov 26
14
14%
*12%
14%
*12%
14%
Blooming dale Brothers. No par
11
May
*87
95
*87
95
*87
95
Blumenthal A Co pref
100
54
June 27
14%
*87
96
this day.
t In receivership,
a
20
Det. delivery.
..—No par
Blaw-Knox Co
May
May
6%May
5
l3%May
Bliss A Laughlin Inc
1
Vew <tock
*
Oasn me
32
Apr
41% Apr
22% Mar 8
113% Aug 23
_
15% Nov 12
4% Apr 10
Feb 27
Dec 6
Apr 22
Apr 22
68
Apr 20
35%
110%
7%
64%
4334 Apr
4
11
4
Apr
9% Jan
102
4
July 23
9
Jan 11
15
t Ex-dtv
»
1%
Dec
12%
Apr
5
Apr
Apr
Apr
10
12
2% Mar
25% Apr
41*4 Apr
1% Jan
14% Jan
3% Sept
Aug
171, sept
984
Feb
sept
Sept
sept
Jan
Sept
Jan
Nov
Jan
25% Nov
33
Sept
8
Sept
43% Sept
60
Dec
3% Aug
25
Aug
9
Sept
13
Aug
Aug
Apr
2% Apr
41
11
22% Deo
112
Oct
21% Sept
3%
Apr
32
Apr
28
Apr
8% Sept
140
Sept
30% Jan
79% Jan
158, Jan
5% Sept
40% Jan
124% Mar
*26
Jan
7
Feb
687, Nov
49
18%
162
Nov
Jan
Jan
117, June
228,
50
80% Sept
15% Mar
IO84
9
Apr
Deo
Sept
20
Jan
Jan
46% Sept
63
Sept
144
Nov
Apr
69
Oct
163
Aug
July
41
Jan
8%
Apr
9
Apr
Apr
15%
75% Mar
137, Deo
148
Apr
73
Apr
Oct
75%
132
Sept
4% Sept
8% Apr
78
3%
Apr
Apr
14% July
18% Oot
34
Sept
97% Sept
18% Jan
171% Deo
87% Jan
89«4 Jan
153% May
8% Jan
14%
96
Jan
Aug
15% Sep,
28%
Apr
4
Aug
648, Sept
12
Sept
24
Apr
48
Sept
Sept
2O84
Apr
40
35
Apr
547s
13%
Apr
27% Aug
884
Apr
21
Jan
Sept
Apr
4
Deo
21
Apr
37
Sept
97
May
106
Deo
3% Aug
33>4 Apr
60
60
Mar
65
8I84 Sept
7% Sept
6% Apr
58
Jan
13
Mar
1%
73
Jan
884 Sept
Sept
10%
100
Jan
Oct
Deo
82% Deo
6
70
Jan
10%
78'4
95
Deo
5
41
Apr
81
Oct
45
Mar 26
30
Apr
38
June
90
Jan
100
June
58% Nov 19
23% Jan 3
22% Apr 20
22% Apr 20
27%May 7
111
Dec
4
9% Mar 19
61
Feb 14
80%May 13
12484 Jan 10
8%
5%
32%
8%
Mar
Mar
Mar
Apr
197,Majr
6% Jan
4
4
4
15
10
2
5%
Apr
Sept
Deo
71
15
Apr
Aug
30% Jan
2684 Sept
9% Aug
18% Sept
104% Apr
2484 Oct
110%June
5'4
7
Apr
71
116
127
Jan
Apr
8
Sept
2
Apr
16
Nov
3% Aug
9% Aug
3% Aug
Dec
16% Apr
8% Jan
4
0
10%
Nov 13
May
3
37, Jan
30% Jan
9% Nov
21% Sept
884 Jan
11% Sept
Jan
Aug
30%
87%
21%
6
Apr
13
Jan
24%
Apr
33
Feb
11% Aug
15% Apr
109% Oot
Jan
Jan
19% Jan
26% Nov
1J5% Nov
28
17
Apr
98
Apr
107% Nov
27»4 Sept
104% Sept
7% Apr
128% Aug
9% Oot
July
7
32% Oct
Sept
June
484 Sept
11% Dec
4
Sept
4%
49
13% Jan
Jan
Mar
9% July
48% Aug
Apr
Aug
5
8684 Apr 17
26
43%
4
115% Mar 12
42%
50
3
30
Oct
21
Jan
8
Jan
*498,
14% Jan
62% Jan
12?
9%
67%
36%
22%
56%
95
*12%
14%
20
500
1,100
59% Dec 6
8% Nov 14
53% Nov 18
134
*23%
9%
101% Apr 15
12
Apr 23
28
22
25
21
23
22
21
15
15
21
14
*19
24
20
6% Nov 14
12% Jan 4
105
9%
9%
*1984
Mar 13
3 634 Apr 16
112% Apr 22
20%
23%
Feb 23
18
June 17
23%'
24
03
May 28
9%
*19%
1934
14% Apr 12
17% Jan 5
23% Feb 23
102
10
Feb
2% Sept
Oct
20% Aug
105
24%May
17% May
49%June
22%May
63% May
l09%May
Apr
4% May
591,
8
May
61
140
3
7
117,
18%
86i,
5%
6%
3%
30%
6%
127% Sept
Feb
25% Jan
57
6% Sept
Apr 16
70
152%May
33% Jan
100% Mar
43%June
884
147
May 23
102
Aug
25% Aug
36% Apr
May 21
9%June
132
Dec
5
Apr 11
13
8%June
Apr
64
9
54
82
9%May 22
Atlantic Refining
100
_
39%May 21
1
At! G A W I 88 Lines
200
"
100
Atlantlo Coast L.ne RR
4,500
June
100
5% preferrred
23%
49%
100
Atch Topeka A Santa Fe._100
May 21
l34June 17
*1934
96
No par
...
3034
9
94%
17%
6
-
36 conv prior pref
1,900
5%
*80% 100
7%
7%
81
82%
*94
96%
23%'
4
8
*2
50%
108
June
*12
32%
19
107
*31
13%
2
4%May 22
1934
9%
20
*23%
9%
*19%
on
25%May 21
2?§
14%
*113
...
20%
9%
20
Bid and aeked prices; no sale
May 21
12%May 21
,
*103% 108
*103% 108
*103% 108
*31
*31
*31
*31%
120
120
*118% 123% *118% 122
118% 118%
734
734
734
734
*734
8
*734
8
*10
*10%
10%
10% *10%
32
32
32
32%
32%
32%
32%
32% |
21
21
21%
21%
21%
21%
20% 21%
56
56
55%
5534
55% 55% *55
55%
30
30
30
30 |
29%
30
30
30%
85
85%
86
86%
85%
86%' 85% 86%
130
130% 130%
12934 130% *126
,*126
128
24
6
AncborHock Glass Corp. 12 50
35 dlv preferred
No par
2
*106
.
2%May 21
5% May 21
83% June 11
May 21
May 21
32%
*68
108
100
*
18
7
49%
June
$6 1st preferred
Nov 9
Nov 8
Mar 5
Feb 23
Apr 15
89% Apr 15
9134 Apr
153% Oct
136
American Woolen
18%
74%
12%
11%
37%
4
175% Mar 12
100
600
4
May 28
Dec
1,700
8
Mar
68% Nov 28
69
Am Type Founders Inc
10
Am Water Wks A Elec. No par
*109% 111% *109% 111%
111
145
20
113
23
12s4May
70% Aug
ll%May
Anaconda W A Cable..No par
15
*18
May
760
32
94%
11
25
6% preferred
1,400
2,100
II,700
*103% 108
20%
*9%
*18%
*12%
21
934
21
No par
31",300
27%
9
9
9
9
9%
8%
9
9%
*2634
27%
26%
26%
2634
27%
26%
27%
*113% 114
*113% 114
*113% 114
*113% 114
*24%
26
25%
25%
24% 25 I
25%
25%
*106
No var
American Stove Co
June 10
31%
14%
*16%
18%
23
7
49
*69
American Stores
400
35
1334l
2234
Amer Steel Foundries..No par
1,400
*33%
*80% 100 (
7%
7%
*76
78%
93
93%
19
"2",900
100
15 prior conv pref
25
Anaconda Copper Mining..50
113
5%'
6% preferred
Amer Zinc Lead A Smelt.... 1
»15
32%
9
American Snuff...........25
21
15
21
28
2
25
21
22
18
28
20
21
1,600
27
| *40
60
100
1,000
Oct
9,900
27%
*50%
48% May
5 May
May
30%May
122
May
50% Dec
139 May
19%May
9%May
Jan
163
June
23
5
8
10% Jan
28%May
4%May
7
54
3484 May
9%May
Amer Ship Building Co.No par
Amer Smelting A Refg.No par
Preferred
100
Mar 19
Mar
6% Jan
63% Jan
May
7
52%
32%
*12%
750
6,200
Mar 20
26
6
3
1
8
4
25
121
oonv preferred..-.100
6
Jan
Nov
Jan
Jan
July
135
251, Oot
115% Mar
Apr
May
Apr 27
22s4
87%
147,
3%
20% June
25
American Safety Raaor.. 18.50
American Seating Co..No par
1
Mar 29
6% Jan
l%May
12% May
2
13%
13% Aug 24
May
90
Apr 22
8
57
69%
27
....
800
4H%
June
12% Sept
41%May
10 May
38
May
10
3
6% Apr 23
37. Apr
58%
x31%
27%
32%
15%
1,900
3
4
8
50i2May
35
7
*5034
|
16% Apr 18
91% Mar 25
3% Mar 8
6% Apr 16
2% Jan 8
28% Jan 8
Jan
Aug
116% Sept
179
July
40% Oct
109%
4
5
8
67% Sept
140
Apr
Sept
16% Aug
80% Aug
9
Feb 23
984 Apr
8% Jan
66% Apr
634
52%
59
13%
17
No par
234
*5
22%
100
234
—
*55%
American Locomotive..No par
Preferred
........100
Amer Mach A Fd> Co.No par
Amer Mach A Metals..Ns par
3,200
234
14
17
22%
50
2%
13%
*16%
14
par
5% conv preferred...
234
16%.
13%
*55%
1,600
100
Amer Invest Co of 111—.1
111
*23
2,600
No par
6% n on-cum pre!
Amer Internat Corp...N
100
19
58%
13%
*10
300
*107
19%
16
13%
108
32%
21
56%
13%'
49%
1534
83
12%
2%
American Ice..
May
45%May
l%Mav
18
May
83%
150
140%May
38
..50
3% Aug
31% Apr
Apr
100
13
Highest
share $ per share
125
4
23
6% conv preferred
3
per
Nov
American Hide A Leather...1
American Home Products... 1
4
Nov 15
23% Jan
W preferred..
No par
Amer Hawaiian SS Co
10
400
1%
15%
l%May 22
3%June 17
1
May 15
65
115
6,100
23%
119
*117
119% *113
118% *117
119% 119% *119
118%
7
7
I
634
*6%
*6%
> 7
634
*6%
*634
7
3
2%
*2%
*2%
*2%
2%'
*2%
284
*2%
3
18
*1634
18% *17%
1834
*1634
18%
17%
17% *17%
4%
434
4%
4%
434
4%
4%
4%
434
17
17
16%
1634
16%
1634
16%
16%
1634
16%
4
4
334
3%
334
3%
334
3%
334
3%
5
5
5
5
5
5%
4%
4%
4%
434
6
6
6
6
6%
6%
5%
5%
5%
5%
30
30
30
29
29
28%
29
30%
29%
29%
10
10
10%
10%
10%
10%
10%
10%
10%
1034
8
8
8
8
8
8
*7%
8%
7%
7%
30
30
30
30
30
*29%
30
*29%
29%
29%
32%
75
Amer European Secs._.Nc par
Amer A For n Power...No par
Deo
12 1
40%
1%
5734
*110
111
*110
111
*10934 111
7
7
7
7%
7%
7%
*48%
49%
*48%
49%
49%
49%
71
71
*71%
73
*72%
7334
*20%
6% 1st preferred
100
American Encaustic Tiling... 1
May
Sept 30
3
3
33%May 10
7% Jan
24% Jan
*21%
16%
*18
*10
8
185
2%May 21
9%May 28
23 May 21
3
May
1%
12%
May
[
2>4 July 18
116% Jan 29
UftMay 21
23%
82%
9
Lowest
June 28
No par
800
33s
13%
112
May
6%May
4% May
500
49%
No par
Allegh Co NJ25
American Colortype Co
10
Am Comm'i Alcohol Corp..20
21
28
21
23
23
18
18
21
9%May
45% Jan
135
No par
700
|
24
2
23
27
28
17 2d preferred A
4%
3%
26
21
•7 preferred
52
13
5%June
May
May
1% Oct
86% Nov
164
May
18 May
34
May
13% May
100 May
28
128
1,900
31%
58
57%
122% *120
*734
8
American Chicle
3 per share
I,000
*4
49%
100
3 per share
2%
51%
95%
16%
57
*16
♦734
15
31
16%
57%
17%
57
18%
*120
2,300
I
95%
95
16%
17
108
1
*11%
40%
37
23
*103
300
200
2%
37
*17%
22%
*23%
1%
4%
14%
15
37%
95%
*15%
*106
82
1
93
57
9%
*2634
400
*334
*36%
17
9%
28
5%
10
Year 1939
Highest
American Crystal Sugar.... 10
"""766
*134
1
cody pre)erred
Am Coal Co of
734
*80
1%
4%
*88
17
9%
*2634
"""566
12
*9%
*76
23
*113% 114
6%
5%
5%
10
7%
79%
17
16
1,300
7%
71
57
7
*5034
2234
"
2,100
■
834
*76
*7
7%
12%
13
*12
13
13%
13%
*12%
13%
*2
*2
2%
234' *2
2%
2%
33 I *32%
33
33
*32%
.33
33
*109% 110
*109"% 110
109% 110
*109% 110
5
5
5
5
5
5%
5%
5%|
51
52
5Q34
51
51%
52%
50%
50%
31%
9%
4%
5
*80% 100
*7
7%
6234
20%
115
119% 119%
12
15%
82%
33
60
*111
I
13
*12%
2%
*8%
20%
20%
3,900
25
Preferred....
100
American Car A Fdy ..No par
Preferred
100
Am Chain A Cable Ino.No par
1,860
15%
31%
62%
115
28%
72
7134
72%
73%
72% 73%
6%
6%
6%
6%
6%
6%
6%
6%
*9
9
9%
9%
9
9%
9%
9%
33
34
34
35
33%
33%
34%
33% 34
44%
45
45%
44%
45
*43% 43%
42% 44
14734 *145% 147% *145% 147% *145
147% *145% 147
51%
50%
51%
51%
51%
*52%
53
52% 52%
*146% 151
151
*146% 151
*146% 151
*146% 151
2634
2738
26%
27%
26%
26%
26%
26%
26%
11
11%
*11%
11%
11%
*11%
11%
11%
11%
12%
12%
12%
12%
12%
1234
1234
13%
13%
14
13%
1334
13%
1334
13%
13% *13%
13%
74
74
76%
76%
76%
*74%
74%
7134
72%
15
15
16%
15%
15%
*14%
15% *14%
15
16534 166%
16634
166% 16634
166% 167
167% 16734
70
69%
69%
69%
69%
69%
6834
69%
70
70%
70%
70%
70%
70%
70%
69
70%
*152
153
153
153
153
*148% 152%
150% 151
5
5
5
5
5
5%
5%
5%
5%
7
7
7%
7%
634
6%
6%
6%
6%
97
98
97%
97%
98% *98% 103
*99% 103
*9
9
9
9
9
9
9%
9
9%
*113
*40
2734
61%
51
*49
111
2%
48
American Can
300
32
33s
12%
2%
*234
2,700
*1%
83
12%
*107
5,300
*21%
15%
82
*49
1%
51
4%
1
88%
*31
4%
32
13%
49%
15%
*48%
71
*1434
27%
*12%
12
40
i!.J
2%
American Bosch Corn
1%
8,900
33%
7%
*21%
3%
278
1
Am Brake Shoe A Fdy. No par
40
15%
56%
7%
52%
27%
33%
56%
*5034
*2%
11%
39%
4%
31%
*50%
1%
*184
♦334
300
1,100
182% 183
119% 119%
12
Par
87%
28
62%
Shares
37%
135
Range for Previous
100-Stare Lou
Lowest
5H% oonv pre!
100
Amer Cable A Radio Corp.. _1
1%
8734
28
Ranoe Since Jan. 1
On Basis of
7%
37%
*133
185
28%
115
*7
37
EXCHANGE
Week
6
$ per share
135
*183
*4
15
Dec.
7%
37
1%
8734
185
*184
*134
)
*133
37%
135
7%
5
8TOCKS
NEW YORK STOCK
the
CENT
Friday
■
$ per share
118% 118%
12
784
*5%
*80
4
*6%
37
37%
NOT PER
Thursday
$ per share
134
1%
SHARE,
Wednesday
Sales
for
Monday
Saturday
Nov. 30
3353
Jan 24
Apr
Apr
9
2
Apr 9
Mar 13
Jan 18
62
16%
17%
48%
Nov
Apr
Apr
Apr
Sept
Jan
3
32
93% Nov
9
50% June
99% Apr
15% Apr
39
34%
22%
11%
23%
16
ng »t«
Nov 20
Jan
5
Apr
Jan
Jan
4
4
14
81,
Apr
Apr
3
22
Dec
13%
Dec
Nov 23
35
Apr
Apr
*
32
Nov
73%
33«4
22%
Dec
56
Deo
Jan
Oct
57% Mar
Sept
120% Sept
82% Oct
24% Oct
17% Jan
36% Oct
23% Mar
100
67
for «•»!" notion
Dm
New York Stock Record—Continued—Page 3
3354
SALE PRICES—PER SHARE, NOT PER CENT
AND HIGH
STOCKS
NEW YORK STOCK
EXCHANGE
jvr
1 per
S vet share
I77g
31
*106
*30
107% 107%
52% 52%
2434
2434
107%
*52
*24
1734
18%
31%
£31
2484
52%
20
I97g
20%
19%
21
1%
20%
*1
1%
36%
4%
36%
12%
12%
36%
4%
12%
23%
24%
*4%
12%
2884
1
*2%
2%
44
24%
10%
5%
1034
64
43
43
*43%
2%
2%
0
18%
30»4
2434
U
6
13%
*30%
24%
10%
13%
13%
30%
£2284
10%
13*4
30%
22«4
10%
66
7
684
33
3134
34%
34%
17
17
7«4
2%
12%
5%
19%
784
2%
167g
734
2%
167g
784
347g
1634
12%
12%
12%
5%
5%
5%
19%
*19%
1934
■
*12%
19%
*2%
12%
5
19%
4%
10%
*9%
10%
4
684
3184
35
167g
77g
2%
127g
5%
19%
4
10
■' *-
10
5
5
65
65
6%
7%
*2%
8
2%
13
5
5
*5
*19%
1934
4
4
*97s
*76%
10%
*11%
11%
12%
19
19%
19%
19%
19%
78
19%
*37g
97g
*75%
11%
18%
f
10%
■—
700
100
12,000
3,500
100
1,700
3,400
118
40
5
5
1,800
64%
67g
30%
33%
107g
77g
2%
05
65
310
14
13
64%
684
13
'
13%
30%
23%
10%
13%
5
13
3
*115
5
17
Brewing Corp of America
6
*2284
17
300
4,500
5,400
2%
*30
£33%
*10%
784
2%
12
19
14
30%
£3012
5
43%
0
23%
1034
35
Bower Roller Bearing Co
40
*2%
*30
10%
600
4%
43
*2284
32
12
12
13%
67g
31«4
34%
80
80
V
160
700
4
11%
19%
Bruns-Balke-Collender-No par
...-5
Bucyrus-Erie Co
Bush Term Bldg
No par
dep7%pf-l00
5%
1,200
Butler Bros.——————10
19%
700
5% conv preferred.
30
Butte Copper A Zinc
5
Byers Co (A M)
No par
Participating preferred—100
700
300
40
500
11%
19
1,500
Byron Jackson Co——No par
California Packing ....No par
1%
07g
14%
13%
1%
1%
1%
67S
7
384
*38%
*384
*39%
13%
2934
42
7
89
89%
*30
307g
28
1197g 120
7
7
7
*07
67g
*5«4
57g
*284
3%
*91
100%
32
32
5
5%
37%
*20%
37341
1 *104
108
21%
106
22
*2084
2134
*20«4
2I84
*15%
*2%
17%
17%
17%
*16
19
27g
2%
2%
42%
4234
42
96
96
8
he
%
10
70
*9%
55
*!—
*87g
*10%
10
12%
2
2
2
*26
31
78
97g
97g
%
10
117g
17g
*26
2
31
75%
9%
19%
*1
94%
45
85* *.T.Z
86"
*234
*36
3
377g
*""
50
30%
33?g
337g
*19%
*1
1*2
33
83%
83%
29%
337g
50
297g
337g
*143%
104% 104%
*60% 62
11%
117g
101% *100
101%
27
*27% 28
112
33
85"
112
20
1%
*184
*111
112
*18%
19%
*1%
*1«4
1%
17g
1%
1»4
17g
*134
17g
21
*20«4
4%
21%
20a4
4%
787g
787g
4%
*77%
2O84
484
78
74
*69
74
75
75
*09
75
*5%
*20%
75
5%
5%
5%
21%
31%
*20is
21%
31%
27g
377g
29%
3384
*87g
10
*11%
1%
*25%
13
17g
*3284
34
83%
*82
83%
*48
50
30
34%
145'
*20%
21
20
20
4%
77%
4%
77%
*69
7484
5%
21
74
7434
5%
21
*111
112
*19
*1%
*1%
*184
*20
19%
1%
2084
34%
145
30%
34%
145
*111
112
19
19
2
*1%
17g
I7g
*134
2O84
20
1%
I7g
1%
20
85
44
27g
377g
*32
83%
*48
2984
337g
*143
*111
7434
*73
21
21
5%
5%
21
.
10%
i*i«
10%
54
54%
54
28
28%
78
'he
24
124
Sept 26
Sept 16
May 15
May 21
July 8
June 19
24
Dec
Jaa
Apr
22
Aug
32
Jan
31
Apr
3484
Sept
Aug
Apr
Apr
157g
3l7g
41% Apr
1% Apr
7%
47g flept
Oct
Apr
Apr
13% Apr
31% Jan
9% Apr
7%
Feb
Jan
Jan
41
Aug
63
Aug
2
Jan
15% Dec
30% Aug
41
Sept
Apr
26% Nov
13% Jan
Apr
106% Aug
4
Apr
7
29% Apr
3
Apr
Dec
June
1
Apr
0% Mar
67g Apr
I87g Apr
2% June
8
Jan
65% Jan
0% Nov
4
12% Feb 15
May 1
20U Apr 22
3% Jan 3
114U Mar 0
72
Jan
203g Deo
18% Jan
784 Sept
20
Sept
9% Jan
2384 Mar
6% Sept
16% Nov
7
Ap,
25%
11%
13%
48%
Apr
Aug
847g Nov
Apr
30
Sept
Mar
% Feb
47g Aug
63
July
9% Apr
17«4
20%
12
Apr
30% Dec
3% Sept
35
4
121
11
July
77
8
Jan
Apr
137g Apr
2% July
63% Aug
110
Apr
38% Apr
13% Apr
84
Apr
77g Aug
58
Oct
I77g
Jan
3% Sept
10% Sept
47
6%
Jen
Jan
June
Jan
41% Sept
8
£43
Sept
Sept
85% July
33
4
Sept
Sept
94% Mar
122% Mar
64% Sept
30% Dee
1O07S Aug
19% Jan
72% Mar
18% Apr
2% Apr
30% Sept
5% Jan
103% Sept
113% Aug
12% Sept
5
3% June
U*4May 10
3% Apr
3% Apr
85% June
96
32
£27g
Jan
13
Jan
47%
Jan
57g Apr
6
Mar
100
7
Apr 16
4li2 Jan 10
8% Feb 15
June
5% Aug
3834 Dec
2f
22
22
4
18
Sept
Sept
May 9
30*4 Apr 18
98
Apr
17
Aug
2912 Mar 23
47g Apr 3
43% Nov 12
97% Jan 10
2% Jan 3
2ig Jan 24
12ig Jan 4
14*4 Jan
6% Apr
£3% Dec
27
Apr
85% Oct
l8g Sept
1% Aug
3984 Nov
30% Aug
Oct
106
% Jan
_
11% Mar 28
16ig Apr 15
6% Mar 25
34
Nov
9
91% Apr 8
14U Jan 26
98
x60
Feb
6
Jan 30
4% Apr 26
40% Apr 18
133
Nov 14
74% Nov 15
114% Jan 10
43% Mar 8
83% Deo 2
145
June 10
9%
10
44
Mar
50
20
14% sept
07g Oct
Sept
22% Sept
105
Dec
80
Jan
21%
Oct
29% Sept
47% 8ept
95% June
4
Sept
4% Sept
Apr
14
Apr
20% Jan
39% Sept
Aug
% June
% Aug
% Aug
7% Apr
10
Apr
4% Dec
26
Oct
60% Nov
7g Sept
I7g Jan
1% Sept
9% Mar
15% Sept
13% Jan
Apr
53% Apr
9
Apr
41
79
07%June
Jan
94%
Sept
Oct
1478 May
46% Sept
2% Apr
58
4%
Oct
15
Apr
34%
140
May
140
Oct
May
68
Feb
Mar
Feb
69
lO07g Sept
115
20% Apr
39
Oct
69
Sept
78
Mar
42
Jan
102
3,100
300
74%
*5%
74%
21
21
5%
preferred
Preferred
——100
Coca-Cola Co (The)—No par
Class A
—
No par
200
Colgate-Palmollve-Peet No par
54.25 preferred.—No par
400
26
74
May 21
May 21
May 16
Collins A Alkman.
6,300
70
112
7434
5%
a
2
28
16
28
28
Jan
29% Sept
4% May
75
7,500
1,300
21
t In receivership,
6
Apr
May
12214 Deo 2
66I2 Jan 4
3512 Apr 29
34
30%
700
50
94
No par
10igMay 21
6% conv preferred.—100, 108 May 23
Colo Fuel A Iron Corp-No par
12%May21
1
Colorado A Southern
100
Sept 17
U2Dec 6
Ug Oct 24
740
4% 1st preferred...—100
30
4% 2d preferred-...—100
1,000
16
700
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
28,900
Columbia Gas A Elec—No par
4%May 22
67%May 28
,
500
600
700
400
31%
31%
31%
32%
3,600
31%
32% £30% 31%
100
*101% 108
103
103
104
*101% 103
*102
397g 40%
40%
40%
40% 41%
4,500
40% 41%
*105
110
100
*105
1097g *105
1097g 105% 105%
10%
10% 10%
10
10
3,000
10%
10%
l97g
97g
'he
7g
»ie
»16
%
84
»16 202,200
84
*4
55
57
57
5478 57
57
56
5,200
677g
57%
28%
28% 2884
28% 287g
17,400
28% 287g
28% 2834
*Bld and asked prices; no sales on this day.
45
147
.
28%
13
21
21
91
Aug
82*4May
3i4Nov
48%May 16
25igMay22
25%May 21
131 May 22
99%May21
56 May 24
10igMay2l
31%
31%
*101% 108
*101% 108
*39% 39%
39% 40
110
*104
*105
110
10%
6
Special gtd 4% stock
50
Climax Molybdenum—No par
Cluett Peabody A Co..No par
50
73
7484
5%
6% Mar
40i2 Jan
90
100
34
83%
20%
20%
4%
77%
*69
40
66
1%
73
4
9
18
3
Apr 17
108
*184
*69
6
3
Nov 13
100
5%
""no
18%
1%
1%
73
*69
Sept
Clev El Ilium 54.50 pf.No par
Clev Graph Bronze Co (The)_l
Clev A Pitts BR Co 7 % gtd.60
113%
18%
1%
1%
77%
May 21
1% Aug
20
Aug
53isMay
87s Oct
6H% preferred........100
20
4%
9
City Investing Co........100
City Stores
5
Clark Equipment
No par
CCC A St Louis By Co
100
85"
6
13«4 Jan
% Jan
100
1,300
3
h Apr
180
*284
23i4 Apr
■■■!
4
2
he Nov 27
7'%May 21
% Dec
360
*36%
7% Jan
in Nov 13
95
19%
4%
*767g
4%
——26
Chrysler Corp.....
...6
City Ice A Fuel
..—No par
May 22
41
45
77
20*4
4%
76%
Chile Copper Co
16%May21
15 May 28
99ig June 22
17i2May22
lOTsJune 10
212 Oct 15
30i2May28
84% June 17
7gMay 15
% Oct 11
6i2May21
8%May 15
23%May 21
45
20%
20%
4%
*767g
*20
20
32
May 21
2% Oct 15
88
Sept 4
22tsMay24
3i2May 22
*93
85"" *11—
*113" 114% 113%
50
*48
2,100
102% 103%
100% 102%
100% 101
102% 103
62
62
62
60% 60%
*60%
*6034
*6034
12
11% 117g
1234
1134
12%
12%
12%
101% 101% *100% IOI84 *10034 IOI84 *100«4 10134
*27
*27
2734
27
27
277g
2634 2684
2
2034
*234
*36%
34
83%
145
2
21
21
*33
400
%
%
400
45
38
100
he
%
*he
97g
94%
*27g
1,500
300
—
—100
Preferred series A
Chicago Yellow Cab.— No par
Chickasha Cotton Oil—
10
Childs Co.——
No par
600
12%
6
No par
Chesapeake A Ohio By.
25
600
12%
*30%' 37%
*47% 48%
*9%
45
38
8
—
tCblc A East 111 By 6% pf.100
fChlc Great West 4% pf—100
Chicago Mail Order Co
—6
Chicago Pneumat Tool-No par
$3 conv preferred---No par
Pr pf (52.50) cum div No par
fChio Rock Is! A Pacific—100
7% preferred
100
6% preferred
100
9«4
94
3
2
2
31
45
29%
19%
12%
17g
94
104% 104%
62
*60%
11% 11%
27
17g
*25%
%
10
55
*143
*110»4 114
*87g
*11
600
14,400
*48
*100
99
7534
50
30%
34%
15,500
75%
*48%
....
427g
76%
*83
297g
IChesapeake Corp
75%
*9%
1138411384 *113% 114%
*33%
Checker Cab Mfg..—.
707g
97g
*113% 114%
*32«4 34
84%
83% 83%
*143
100
600
%
95%
34
*48%
300
1834
2%
he *—
*45
*11334 115
*3278
21
*7
*94
38
•
*20
Cham Pap A Fib Co 6% pf.100
Common
No par
12%
3784
48%
%
*he
No par
106
8
94
27g
27g
37
85" *—II
77
%
he
*87g
*11
*46
he *_...'
—100
6% prior preferred
*104
55
92%
*45
27g
367g
76%
97g
37
48%
%
%
%
27
97g
92
*284
.36%
%
10
12%
*46
he *.—_.:
76%
97g
92
%
*%6
17g
26%
26%
7684
*45
he
*87g
*1084
12%
2
2
*25%
48
Chain Belt Co...
600
*12
Cerro de Pasco Copper. No par
Certain-teed Products.
...1
200
1,600
1,000
June 12
4
21%
s4
l%Mayl5
2leMay 18
3,400
1%
Aug 15
tCentral RB of New Jersey 100
*20
20%
17
Central Vloleta Sugar Co
36%
*%
38
106
May 21
Jan
12%
16%
18%
1%
19%
6%
7%
10%
30
May 21
42l2May 15
51
34% Mar
14
20
34% Jan
28% Jan
121% Dec
63% Dec
15% Aug
lSig Jan
26ik Feb
5212 Mar
17» Feb
8ig Feb
19i2 Apr
23% Apr
June 10
Aug
Sept
21% Apr
11% Apr
May 21
100
16
Oct 31
9
Central 111 Lt 4H% pref—100
100
36
16%
100% Sept
35i4 Nov 15
21% Jan 10
12% Jan 3
5U Apr 22
1634 Oct 23
82
2%May22
29%May28
3%May23
301J Aug 1
75itJune 8
22%May 21
2 May 24
89i4May 23
5
7234 Nov 14
8i4 Nov 9
May 22
105%May 22
5 May 21
48 June 15
Preferred—
6i4 Jan
Highest
per thare t per thare
94«4
113i2 Dec
39
11
0
1234 Nov 26
Jan 19
Caterpillar Tractor
No par
Celanese Corp of Amer. No par
7% prior preferred
100
Ceiotex Corp..
...No par
5% preferred...—.
100
Central Aguirre Assoc .No par
Central Foundry Co
—-1
36
1%
«8
Carpenter Steel Co
——.6
Carriers A General Corp.—..1
Case (J I) Co—
100
Preferred
-.-——-100
4,800
1,300
47g
47g.
367gf
106
%
No par
47g
30%
31%
*9784
38
%
31
.....
1%
%
12%
he
100%
Canadian Pacific By———25
Century Ribbon Mllls.No par
97%
38%
48
48
1,500
3%
*1
1
12%
ho
30
700
97
96
1
%
*l16
234
5%
,
800
1
96
12%
*46
120
2,100
43
43
8%
48,
%
2,100
17«4
234
*1584
2%
42%
2%
8%
*46
690
21%
1834
234
I884
427g
*38
5,000
2,300
*19%
*15%
*2%
42%
2O84
2%
42»4
8%
13
700
96%
20%
%
8%
12%
39
*87g
*10%
*104
106
%
*377g
,
20%
'he
13%
30%
21%
*20
*91
100%
36
1
39
*91
2,000
1,400
68%
17%
2%
1784
2%
113% 113% *1133«
2%
*2%
234
5%
5%
5%
*2%
3%
*2%
3734
36%
*16
27g
17%
2%
47g
'he
*377«
he
5
84
8%
*12%
*%
47g
1
*7g
%
8%
*12%
he
*2%
234
113% 113%
27g
27g
5«4
584
3%
*2%
*91
100%
3O84
3184
*104
*21
*95
7
7
68
21%
108% *104
8
28
......
126
48% 487g
27% 28
120% 121
487g
120% 120%
*07
33
*20
1
62
*123
7
8884
»X6
62
17%
37%
96
500
68
377g
*7g
wl»
3
310
120
Campbell W A C Fdy—No par
Canada Dry Ginger Ale
5
Canada Southern By Co—100
Cannon Mills—
307g
27g
63%
62
Calumet A Hecla Cons Cop—5
Capital Admin class A—
1
53 preferred A_,
--..10
Carolina Clinch A Ohio By 100
90
2912 Apr
17%May 21
l2%May 22
7% July 3
2 May 21
5%May21
4%May21
1
May 21
4%May 21
May21
H»4May21
34
July 16
Callahan Zinc-Lead
4
3712 Apr 30
3%May 22
50is July 25
500
42
25i2 Jan
May 21
14»4May21
6%May23
—1
5% preferred----
300
307g
a278
*122
48%
2734
10,600
3%
90
42
89%
307g
17%
*2%
5%
*95
28
mm
3%
*39%
68
100%
32%
42
487g
121
3
w
V
38
38
384
1784
5%
42
4884
277g
121
307g
3%
3%
3%
38
*3%
*39%
89%
40
tm'mf
1,900
3,700
1,800
3,500
14%
13%
13%
*37%
6784
67g
57g
*91
20%
122
3%
38
14%
13%
40
mm
1%
0%
1%
0«4
14
1734
2%
*5%
*2%
6
89%
30»4
3%
61%
14%
13%
*37%
1%
07g
67
2%
2%
33g
100%
61
122
42
1%
07g
54
*51
54
1734
5%
*104
3
2%
2%
113% 113% *113% 113%
2%
2%
2%
2%
2%
33
37%
20%
27«4
*39%
89%
3084
*51
69
68
*17%
*113% 113%
3
*2%
5
42
8
3
28%
28%
119% 119%
7
7%
7
33
38%
4%
62% *60%
61%
122
122% *120
4 884
487g
487g 49%
72%
1734
*91
3%
38%
*334
60%
*67%
67,
*2%
3%
4%
122
48% 487g
28%
28%
119% 119%
*17%
2%
3%
38%
3
3
61
120
14%
13%
40
89%
30%
30%
3
3
61
*119
13%
*37%
42
*3938
89%
2984
1334
3%
4%
*3%
90
*89
14%
39%
1%
7
*334
*39%
39
39
4%
1%
67g
14
54
38%
334
384
37g
1%
7
.
13%
*37%
39%
*36
40
1%
684
*51
*14
14%
13%
14
1384
54
*51
7%
14%
40
*36
54
*51
54
Nov 30
l7%May28
2%May 24
8%May22
Maris
4ig Nov 1
24*4 Sept 11
5
27
20
4
13*4 Apr 29
26'4 Nov 12
4112 Nov 13
53*4 Apr 6
x534Nov 26
—50
'
*51
7
4% Nov 13
8 May 21
13
9
3834nov 15
13%May22
27 May 22
38 May 23
1% Jan
Nov
2% Jan
6
May 22
May 28
520
97g
% Dec
34
123% Jan 3
70% Mar 20
29i4 Apr 25
24% Mar 27
257g Jan 3
May 23
May 21
700
4
127gMay 21
3
Burlington Mills Corp.1
Burroughs Add Mach—No par
Bush Terminal.—-—
—J
76
June 10
97
Bulova Watch.
;
177|May28
26
f
28% Apr 15
12h Aug 16
1934May 22
99 May 23
61*4May22
17
Lowest
5 per thare
thare
21
100
1,100
7,100
77g
5 per
No par
7% preferred----Budd (E G) Mfg
1,500
1,300
284
1384
37g
*9%
75%
11%
187g
97g
6
Brooklyn & Queens Tr.No par
Bklyn-Manh Transit--No par
Brooklyn Union Gas—No par
Brown Shoe Co---—-No par
Bristol-Myers Co
2,300
3034
33%
167«
5%
19%
77
Bridgeport Brass Co...No par
Brlggs Manufacturing-No par
Brlggs & Stratton
.No par
7% preferred--------—100
Budd Wheel
No par
Bullard Co—
No par
7
*684
30%
327g
107g
7«4
*2%
5%
19%
A...No par
Class B..
No par
Bond Stores Inc
—-1
Borden Co (The)—.
...15
Borg-Warner Corp
—
6
Boston A Maine RR-.__-.100
H84
24%
*37
113% 113% *114% 118
*77
*76
12%
19%
734
234
*4
4%
10%
80
30%
247«
113
*113% 119
5
5
5%
66%
65% 6584
5%
2%
6
Bon Ami Co class
7,300
3,700
5,000
35
6
*2%
6
Boeing Alrolane Co
5
Bohn Aluminum A Brass.— 6
340
20%
*4
♦4%
11%
24%
4%
11%
Par
■
600
8,400
19
%
;
1940
Year 1939
Lou
Highest
Lowest
Shares
52%
2484
35
44%
2%
684
32%
*4
24
4,3%
4%
6
34%
10%
12%
*2%
07g
32%
*77
12
23%
7g
3534
40
12%
23%
32
•/:
*4%
12%
*4
36%
4%
237g
20%
*37
36%
*4%
,*34
684
1
*24%
187g
20%
1934
237g
6
113
5%
65%
1
*36
*52
24%
40
24%
10%
114%
*113
1
36%
52
52
24%
£19%
20%
On Basis of 100-Share
Week
6
$ per share
f per share
18
17%
177g
17*4
30%
30%
30% 30%
107% 107% *107% 110
18
30%
107% *107% 110
52
52
52%
2484
24%
2412
20%
20% 20%
207g
20% 20%
*37
*30%
31
17%
30%
Dec.
40%
13%
24%
% per share
the
Friday
5
2%
6
13%
13
*30%
Dec.
*37%
43%
40%
*2%
6
6
18
4
*3434
*4%
£ll3g
23%
*38
40%
24%
1
43
*37%
*42%
Dec.
43%
4%
24
*52
197g
20%
20%
*35%
3
31
107%
Thursday
Wednesday
$ per share
share
18
18%
31
Dec.
2
Dec.
NOV. 30
19%
Tuesday
Monday
7,
Range for Preview
Range Since Jan. 1
Sales
far
LOW
Saturday
Dec.
Def del'very.
0% preferred series A
5% preferred
Columbian Carbon Co. No
Columbia Pictures.—No
52.75
conv
100
100
par
par
preferred.No par
Commercial Credit
10
16
59
May 21
May 21
June
3
71
May 29
3isMay21
14>4May 24
27%June 10
48
Mar 26
41% Apr
45% Apr
1
4
34% June
21% Apr
125
131
4
Mar 30
105
Sept
Sept
63
Feb 27
68
Jan
20
Feb 2a
11% Apr
Deo
Sept 24
35% Apr 8
112% Feb 10
24 May 10
4% Apr 4
5% Apr 4
5
Apr
4
26% Mar 12
26% Mar 12
7% Apr 8
93% Apr 8
79
Jan 26
98% Apr 4
8% Mar 15
23% Jan 29
48
Jan
3
108% Feb 21
20% Apr
100
Apr
11% Apr
2% Aug
37g Sept
3% Aug
14
14
Apr
Apr
5% Apr
74% Jan
62% Jan
73
Apr
6% Dec
15% Dec
3884 Apr
98% Oct
100
95
June 13
Comm'l Invest Trust—No par
32
June 10
56
Apr
8
54.25 conv pf Ser '35.No par
Commercial Solvents—No par
97
4
113
Mar
6
Apr
10384 Sept
16% Apr 5
l%June 28
73% Jan 8
33
Apr 8
8% Aug
1% Dec
4584 Jan
£25% Apr
4 H % conv
preferred.
Commonw'lth A Sou—No par
56
preferred series...No
par
Commonwealth Edison Co—25
nNewstock.
r 3ash sale.
8
June
May 21
%May22
May 21
257gJune 10
42
sEx-dlv.y Ex-rights.
42
Feb
45% May
60%
Jan
38
Dec
135
133
Mar
Jan
62% Dec
18
Dec
37% Oct
111% Dec
247g sept
8% Sept
9>4 Sept
8% Sept
25% Dee
25% Dec
9
Feb
91
Mar
83
Feb
96
Oct
15% Jan
30% Mar
67
Jan
109% Aug
60
Jan
110% June
16
Sept
2% Feb
72% Aug
32% Dec
T Called for redemption.
New York Stock
Volume 151
LOW
AND
HIGH
SALE
PRICES—PER
Record—Continued—Page 4
3355
Monday
Tuesday
Nov. 30
Dec.
Dec.
$ per store
*3
? per share
"3
3%
1834
♦18
•1334
3
$ per store
*3
14
1278
*12%
24
24
*24
1178
ll'/g
83i2
90
90%
7%
7%
21% 2178
105% 105%
24%
1778
14
*12%
24%
1278
2478
*79
91
73g
22
92
7%
834
87«
278
278
578
6
578
278
578
8%
834
27g
278
534
578
1%
534
34
3l
| *80%
83
3734
19l2
23%
*19
19%
*56
5634
4834
4214
4834
42
186
177
*434
*'2
478
'u
20%
20%
105% 105%
*1734
*4
18%
434
25%
*42%
26%
43
43%
43%
15%
91
42%
90%
1538
*9078
41%
90
I
8
34
*734
34
*43
43%
43
43
*43%
15%
90%
15
9034
417g
8834
89
90
*234
4%
4%
*24
48
48
*337g
34%
35
9
68
*11%
117g
24t4
24%
134
*45%
34%
9%
34%
28
28
28
28
28%
*68
80
*68
80
*68
80
51%
*42
*19%
51%
20%
*42
20%
51%
20%
Fg
48%
*68
87g
*19%
14%
30
30
30
*29%
39%
40
40
*40
*9%
11
35%
21
35%
*2034
16%
17%
*9%
21
21
7
*115
120
|
157%l
156
<
*128% 131
116%
116
33%
337g
*434
6«4
10%
5
*115
*13%
14%
*13%
34%
35
35
14%
1434
%
*%
4%
4
4%
3034
*34
*31%
3034
27%
31%
1
32
*39
40
*26%
31%
31
27
31%
111%
76
*75
*70
77
*75
88%
«4
*71%
*27g
8%
*30%
*%
*5%
43%
*1934
%
80
3%
%
1
8%
3034
34
634
*137g
*3%
*7i«
*20
*93%
*13
3934
31%
{Denv A R G West 6% pf.100
113% 113%
1378
14
29%
29%
*40
*8
1%
*»!•
*84
17%
82
%
U
%
78
1
1%
%
1%
%
1
80
3%
8%
30%
*71%
*%
5%
7g
80
*27g
3%
*734
8%
30%
%
5%
42%
20%
30%
42%
*197g
14%
3%
%
*14
14%
*14
2034
*1934
96
13%
397g
*1«
12%
3%
3%
716
*7id
No par
Dresser
No par
6%
*934
*115
6%
10
Dunhhj International
700
Duplan Silk
8%
120
"5*266
12434 125
116% 116%
33%
33%
*434
5
139% 139%
6,300
178% 178%
33
33
33%
Mfg Co
900
160% I6I84
800
1,700
10
1,600
preferred
.100
20
4
4
4
8,600
3034
3034
3034
31%
257g
31%
26
26%
31%
31%
2,300
34
34
1
27g
*77g
29%
%
7g
80
278
8%
30
%
5%
5%
43%
437g
20
20
73%
preferred
No par
...No par
36 preferred
XElk Horn Coal Corp..No par
3
500
El Paso Natural Gas
End 1 cott Johnson
150
5% preferred
Engineers Public Service
$5 preferred....
No par
4,200
"""466
35 M
Corp
50
100
1
80
23
June 13
114
107
170
43%
1934
1,000
Fairbanks Morse A Co. No par
1,000
Fajardo Bug Co of Pr Rloo..20
Federal Light A Traction...15
25%
25%
*25%
2578
*25
257g
14%
*1334
14%
14
3%
14%
384
14
3%
%
%
%
14
334
384
%
20
*19%
96
*94%
*12%
20
20%
*93%
98
94%
94
94
*94%
13
13
*1278
39%
397g
94%
1334
39%
*12%
1334
12%
39%
3934
39%
12%
3934
334
*716
l In receivership,
39
a
378
%
20
2,800
400
No par
Federal Min A Smelt Co
2
Federal-Mogul Corp
6
2,800
Federal Motor Truck_.No par
50
800
500
500
36
preferred
Federal
Water Senr A.No par
Federated Dept Stores.No par
63% Sept
4% Aug
Apr
13% Nov
32% Nov
Apr
91
45
Jan
55% June
13%
Apr
25
Sept
5% Mar
18% Nov 12
8% Apr 4
7
June
Nov 22
19% Apr
18%
Dee
23% Jan
12%
Aug
28
Oct
117gMay 22
8%May 21
2%May 21
% July 11
98%May 22
12%May 21
257gMay 22
32 May 21
4%May 15
12%May 21
56%May 24
9%May 15
30%May 22
14
May 21
ll%May 22
65% July 3
127% Nov 27
14% Jan 12
5
May 21
9%June 10
113
Oct22
22
22
28
21
21
22
15
l8%May 21
15%May 21
May
10% May
25 May
10%May
%May
3
May
x2478June 6
%May 22
26
May 21
35 May 22
102
Mar
4
1
Nov 29
%May 15
7
2% Dec 6
5 May 21
15
24
10
5
21
11
May 23
85
June 10
16
July 24
12% Aug 27
2%May 15
'uMay 22
15 May 28
5
10
May 21
Fidel
27%May 21
n
New stock,
r Cash
sale,
x
103
Apr
Sept
10% Sept
112*4 Deo
27% July
1
Phen Flro Ins N Y.32.60
200
4%
17% Mar
25%
Ferro Enamel corp...
13
3% Aug
14% Sept
Nov
Apr
June
4*4 % conv preferred
Def. delivery,
4
Apr
79
200
3,300
Oct
19%
73%
Apr
100
97
39%
Deo
7% Sept
Apr
11%
20% Jan
% Oct
3%June
29%June
17%May
Exchange Buffet Corp. No par
Fairbanks Co 8% pref
100
13%
3% Sept
15*4
3
Ex-Cell-O Corp—_—
99
20
"l",366
300
13%
13%
4
93
23
67% Aug
1,100
19
Jan
8% Sept
Sept
13
2378 Apr
50
Eureka Vacuum Cleaner....6
Evans Products Co..
-.5
Erie A Pitts RR Co
2,100
*98
13%
2,400
34
6%
*5
Deo
28%May
84
8%
43
96
June 10
No par
2934
5%
94
l3%May 22
21
No par
preferred
*77g
1934
May
11% Mar
32% Mar 14
7
May 22
5%May 21
63
May 31
66 May 31
29%
*%
43%
Aug
3
l4%May 15
3
May 21
13*4May 22
3%May 22
%May 15
5%
27*
87gMay 10
4%
6
June
38
%May 15
19%
Jan
62
61
June 17
100
4% 1st preferred.......100
4% 2d preferred....—100
*42
Feb
31
{Erie Railroad
%
Jan
40%
Sept
19% Sept
Equitable Office Bldg..No par
2%
41%
28%
1,400
2,100
27g
8%
29%
%
Jan
Apr
Deo
1,200
1%
13
Aug
7g
1
Jan
32% Aug
9
%
99
this day,
500
37
Eleo Storage Battery..No par
36 preferred....
80
234
110
26
%
1%
38
48
*ht
*%
Deo
2% July
52% Sept
9
3% Sept
67g Jan
*4 Jan
%
Jan 10
23%
Ex-dlv.
y
Deo
103
125% Jan
36% Apr 10
43% Feb 3
10% Feb 21
20% Nov 12
85»4 Apr 5
14% Apr 9
Apr
18
Sept
28
87g Sept
1%
125%
32%
Jan
Oot
Jan
Apr
34% July
4478 July
66
90
Sept
9*4 May
Feb 29
30
Mar
10
Apr
38
Oct
36*4 Sept
6% Aug
13% Sept
24% Apr 23
2378 Jan 10
947gMay 10
171
Apr 9
30
Apr 24
20% Sept
65
101%
Aug
Apr
6
Mar
10% Nov
20% Mar
July
13% Nov
35% Jan
22% Jan
34
July
87*4 Nov
Deo
144%
Mar 30
Dec
17% Deo
19% Jan
13*4 Jan 18
108
Apr
Apr
116% Nov
126%
Apr
188% Sept
Sept
124% Aug
10
Jan 17
120
2
88
*71%
Aug
5
17
Apr 22
29% Feb 24
4% Jan 4
7n
1%
84
67% Sept
91% Feb 24
»ie
80
61% Sept
177
19%June 6
1% Oct 16
%
%
*71%
*234
*77g
*29%
Jan
Apr
Sept
3
Sept
% Sept
16
Sept
93
Apr
26% Jan
678 Aug
20% Apr
32% Sept
Apr
Aug
7u
%
%
1%
%
*71%
73%
Jan
Dec
6% Nov
31% Jan
Apr
95% Nov 12
6
9
4
500
69
*77
May
10%
9
Jan
1,400
7334
116
4078
24%
178% Dec
2,900
257g
30%
*34
88
51% Sept
Apr
75
166*4
Electric Power A Light. No par
4
7334
5
9
June 10
Elec A Mus Ind Am shares
*77
Jan
9
June 10
3,300
77
Dec
Mar
4
165
#i«
88
Dec
22% Mar
100
Nov
117
6% cum preferred
Eaton Manufacturing
*%
*7
Sept
17%
37% Mar
17% Deo
100
Co....4
Edison Broe Stores Ino
..2
6
Electric Auto-Lite (The)....5
Electric Boat
3
*73
*77
Sept
Apr
Apr
Apr
Eastman Kodak (N J).No par
Eastern Rolling Mills
300
*65
9
10178
Sept
2
5,400
69
5% Sept
84
28
118*4
3,700
*65
12% Mar
778 Mar
978 Sept
33
129% Dec
14%
31%
3134
*31%
3134
*39% 41
*39%
40
*111
112
111% 112
6%
634
6%
6%
Mar
5
114 May 22
34%
147g
69
75% Oct 10
l%May 24
3% Aug 15
60 May 21
978May 23
35
108% Aug
2% Jan
Feb 26
112%May 22
2534June 10
3
May 15
preferred
14%
6%
3
45
No par
$4.50
147g
111%'
3878 Apr
July 17
Duquesne Light 5% 1st pf.100
Eastern Airlines Ino
.1
34%
7g
l8%June 11
36
8
14
78
31%
39 i
7<4 Jan
5
2
189% Apr
15%
%
37g
Nov 29
32% Feb
l46%May 28
Du P de Nem (E I) A Co
1,100
290
1
No par
3434
*95
Bid and asked prices; no sales on
1,500
14
20
Dow Chemical Co
147g
%
2034
39%
Douglas Aircraft......No par
1,900
34%
%
*19%
71#
4,100
2,400
13
25
No par
No par
1634
16
98
25
Co
Class A
77% 78%
131% 132%
*21%
21%
98
102
2
Corp-Seagr's Ltd.No par
5% pref with warrants.. 100
""*160
100
'12%
12%
*95
Distil
Doehler Die Casting Co No par
Dome Mines Ltd
..No par
22
3034
*»4
31%
I
26
327g
*65
88%
*7
11
35%
No par
Diamond T Motor Car Co
Dixie-Vortex
*9
26%
31%
6%;
74
74
*75
500
500
35%
*21
10
»i«
3034
69
*65
634
*3%
2,300
17%
82
Match
6% partlc preferred
15%
4
38%
110% 110% *110
43%
20%
12%
98%
24%
24
400
30%
32
57g
12%
Diamond
4034
8%
100
327g
14
34%
39
%
*71%
*27g
8%
30%
600
40%
8%
26
4%
31
27%
31%
7g
100
*29%
8%
120
Delaware A Hudson
Devoe A Reynolds A..No par
18%
15984 160%
10
Detroit Edison
81%
*115
Diesel-Wemmer-Gllbert
700
18
16%
78%
...20
920
14
81%
132
100
Co..........No par
Preferred
14%
2934
112% 112%
40%
10
120
32%
*1334
34%
14«4
14%
35%
14%
*31%
*42%
*1978
12%
98%
24%
43%
20%
*98% 102
24
69
%
%
%
*12
100
12734
115% 115% *116% 117
32
32 78
327g
33%
434
47S
*484
5
33
6%
*65
%
%
1
*16
132%
21%
22
6%
157% 159
•1.
6%
6%
69%
76
*63
Delaware Lack A Western..50
12834t 128% 128%'*126
39
40
*39
88%
6%
•
31%
7g
31%
£31%
*34
111% *110
*110
*115
120
156*4 157%
<fc
3,100
10%
*6%
Deere
11,500
217g
7
21
25
234
1634
*10
5
preferred
Davison Chemical Co (The).l
Dayton Pow <fc Lt 4 J4 % pf. 100
18%
16%
6%
10%
No par
Inc...No par
11%
78% 787g
13034 131%
21
1
2%
79%
131
4
No par
A
Conv 5%
20
._
*16
Jan
17% Dec 2
3%May 22
30%June 12
Sept
£87% Sept
32% Apr
£106
8ept
//6478
Davega Stores Corp
Class
11%
11
3034
*26%
Prior preferred
Curtlss-Wrlght
18%
1134
234
21%
1634
78%
4%
31
26
Curtis Pub Co (The).__No par
Preferred.
.....No par
18%
36
34%
14%
6
2,200
*9
*1334
Ino
4,100
*2034
47g
14%
3i
100
Packing Co.......30
Press
28
*35%
14%
Preferred
20%
36
33
preferred... 100
Cuban-American Sugar.... 10
28
21%
6%
100
20%
36
*10
preferred
28
*2034
*78%
conv
20%'
353g
35%
14%
»i.
zi»
106
Feb
Aug
11
2
150
May 10
6%
1
24%
85
91
Dec
49
Jan
Sept
100
♦1.
65%
179% Deo
7% Apr
1% Apr
42
"""800
11%
2%
Apr
26%May
70 May
61% Jan
38 preferred
Cutler-Hammer
4%
19
*1734
Jan
33
800
*3%
278
June 13
75
25
1
Apr
32»4 Nov
9% Oct
29% Apr
1% Apr
197„ Aug
16% Apr
Mar 29
*17%
12
%»Sept 28
13 June 6
9
92
334
19
18%
_
6
Apr
Mar
4*4 Feb
June 10
48
i*112%
Dec
9
Jan 26
75
20
28
27% May 25
2
May 15
16% June 10
18%May 21
15% Mar 16
47 May 21
41
May 28
Apr
Cuahman's Sons 7% pref.. 100
20
28
106%May 31
4%May 21
49%
116%
9%
40%
5
July
per share
8% Feb
30% Jan
978 Deo
35% Oct 28
80
*6%
6
1
31% Oct 9
6% July 25
21%May 21
*42
6%
1% Apr 4
97% Jan 10
46
2,700
20%
113% *112% 113%
14
14%
14%
30%
29% 29%
*40
40%
40%
83g
8%
8%
18
18%
18%
81
81% 82
*9
11
11
12834
33
16,200
*4May 16
Deo
May 22
2,000
9
28%
48
*%«
116% 116%
32
32%
33
34
9
33%
11%
107
May 21
Cuneo
100
15% Jan 10
Jan
May 21
Cudahy
11,200
7% May 21
22
21
2%
*4 Dec
7»4 Sept
3*4 Dec
233* Nov 15
12
Cuba RR 8%
"t.loo
19% Apr 24
6
21
22
75
5%
Apr
Jan
101*4
1*4 Apr
8% Aug
88
Sept
9% June
June
25
Corp
27
Mar 25
6
300
134
No par
110%
1%
10%
4%
8%
f5 conv pref erred... No par
Crucible Steel of Amer.No par
Crown Zellerbacb
300
48
pref w w..No par
conv
ex-warrants
8
9
95
A pr 5
978 Feb 21
327g Apr 5
43% Dec
21%May
95%May
1,700
*19%
2%
1287g 129%
33%
33
1%
478
138
140
14134
143% 14434 143% 143% £141
*178
*178
*176%
*178%
142% 144
6,900
28%
21%
17
5
*178
No par
*42
28
115% 115%
33
3334
5
Crown Cork & Seal
9
35
*115
120
158% 159%
4,000
*3%
334
19
*17%
*6'g
6%
6%
11334 11334 *112%
20%
20%
20%
*it
21
21
634
*10
10%
No par
Apr
5% Nov 14
1
2%May
8%May
93%May
978May
May 21
Crosley Corp (The)
Apr
6% Aug
4
100
18
92
15% Aug
6% Apr
73
Apr
79% Apr
7% Nov
9
3
1
Corp (The).2
Sept
3
4
May 25
500
50
*17%
3
131
131
Cream of Wheat
5
137g Dec
12% July 8
31% Apr 15
4
41
25
Apr
Apr
166
Co
Apr
Apr
25
1
5
19
Apr
100
Refining
6% conv preferred
540
1,000
28%
87g
*2034
1634
*9%
167g
79%
131
21%
7
11
35%
21
1678
7834
79%
8%
17%
*80
21
12834 130%
*10
18%
82
35%
17
7734
8%
*8%
Corn Products
Crane
20%
4%
12
it
60
Corn Excb Bank Trust Co. 20
11%
*46
3334
pref. 5% series
5,200
*19%
12%
*1
conv.
60
68
6
Continental Steel Corp. No par
Copperweld Steel Co
6
1,500
2,300
*68
12%
27g
Continental Oil of Del
Preferred....
Coty Inc
Coty Internal Corp
80
*18
3ie
*79
500
*68
18%
39%
*8%
8%
18%
540
6,500
80
*1734
3
300
*42
28
30
803g
28
28
112% 112% *112
14
14%
14%
116
33%
18%
12%
*%«
*i«
34%
9
28%
28%
12%
278
100
.....1
■
*3
4
4
*3%
4
*17%
19
19
*17%
19
6%
6%
6%
6%
*6%
6%
*112% 11334 *112% 11334 *112% 11334
2034
2034
2034
2034
20%
20%
*1778
134
48%
87g
28
*3%
28
1%
*46
*3334
28%
*17%
28%
18%
12%
3
12.50
25
11%
No par
3
Jan
5
May 21
Fibre. 5
440
417g
89%
25
68
12%
25
134
preferred
Highest
store
Jan
June
Continental Insurance
Continental Motors
1,000
29
21
26
22
23
22
33
Continental Diamond
10,900
21% Nov
97% May
% Aug
6%May
2%May
6%May
70
700
6,000
May 29
4%May 21
20
3,400
3%
67
$4.50
1,800
May 29
100
preferred
4,200
91
4134
*89
4%
*11%
*24%
134
8%
Continental Can Ino
Pref
4%
*60%
48
9
100
5,900
100
Continental Bait Co el A No par
Class B
..No par
J2.25
*2%
*46
34%
2,800
.1
Consumers Pow S4.50 prNo
par\
Container Corp of Amerloa.20'
15%
15
91
4134
89%
75
6
conv preferred
900
3%
47%
9%
1,300
5%
300
41,4
68
1134
67
17g
15%
92
15'g
100
Consol RR of Cuba 6% pf.100
Consolidation Coal Co
25
43%
*43%
4%
*60%
1184
247g
1%
*46%
1%
89%
41%
8834
43%
*2%
25
18%
7g
4%
67
80%
|
3%
*11%
*24%
17g
14
h
800
4%
*66
*112
84
8
300
*234
12
*%«
600
Jan 15
June 12
63
Conaol Edison of N Y_.No par
$5 preferred
No par
300
4%
71
*12%
27g
400
3%
25
28%
*1734
4%
18
106% 10634
15%
15%
4%
*24
20%
4%
*234
*11%
12%
15%
91
41%
*91
41%
15%
90%
41%
43
88%
15%
91
42%
90%
3%
4%
15%
3%
*42
8,400
8
100
$2 partlc preferred ..No par
Consol Laundries Corp
6
Consol Oil Corp
No par
2,200
57g
1%
8
No par
7% preferred
6H% prior pref..
Consol Coppermlnes Corp
6%
3 per
24% Feb 17
l7%June 10
7% Jan 29
1
Year 1939
Lowest
S per share
10
..
900
27g
8
44%
Aircraft Corp
Consolidated Cigar
share
2%May 22
May 18
No par
_
Consol
per
Range for Previous
Highest
14
par
Consol Film Industries
8%
*16%
15%
3
600
916
37%
9034
*4%
9
42,600
2,900
534
*1%
107
84
7,500
*81
42%
*234
*65
34
620
7%
278
1%
4%
*15%
160
*%
*8%
18
8
8
34
107
2*800
*81
85
*82
85
84%
*81
84%
j
377g
37%
37%
3634
37's
36%
36%
111'32 111'32 111'32 lll'u *111 '32111% lll'i« 111%. lll*u
111%,
734
734
>7U
7%
7%
7%
7'g
7'g
7%
7%
39%
39
39%
39%
3934
3934
3934
39%
3934
39%|
3%
334
3%
334
3%
334
3%
334
3%
3%!
19%
1934
19%
19% 20
19%
19%
19%
20's
19%!
*22
*22
*22%
23% *21%
23
22% 22%
23%
23%|
19
19
19%
19%
19%
*1834
19
19'g
187g
19 I
*56
*56%
5634
5634
5684
5634
5634
5634
563t
5634
4878
49
487g
487g
487g
49
48%
48%
48% 487g
42
41
42%
4234
42%
42%
42%
41%
42'g
41%
187
179
*177
179
187
179% 179% 179
179% *177
434
434
434
47g
47g
478
484
478
478
478
%
%
*%
%
%
12
lg
%
20
20%
1978
20
1934
20
1934
201,4
19%
1978
105
105
105%
105
10534 10534
10534 10534
10534 106
18
17%
1734
*17%
18%
17%
17%
18%
17%
17%
*4
4%
4%
4% , 4%
4%
4%
4%
4%
4%
26
26
26
26
26
26%
26%
25% 26
26%
42
43%
42% 42%
42%
43%
43%
*43%
43%
4334
37%
111% Ill's
*738
8
39%
39%
334
334
19'4
8
8
1%
4%
Congress Cigar
Ctfs of deposit
"1*460
105% 10534
27g
57g
18'
200
Congaleum-Nalrnlno..2\%
12%
25
834
27g
"moo
1378
*24%
7%
2134, 22%
10534 10534
£8%
*1%
1*2
1%
1%
1%
*1%
*1%
*4J8
4i2
4%
4%
*4%
4%
*4%
4%
19
19
*1734
1912
*18%
19%
*18%
18%
*10578 10634 *10578 10634 *1057g 1067g *10534 106%
*15%
1578
*15%
15%
15%
15%'
15%
15%
778
92%
7%
137g
*12%
*®i#
%
ifl
7%
2134 22%
10534 106
9
278
*22
22
91%
7%
2178
22%
105% 105%
71C
37%
21%
91%
6
81
93
90
9
37
92%
7%
*82
278
81
93
13
82
*878
278
h
83
13
82
3%
1734
17%
Par
Conde Nast Pub Inc...No par
13%
83
12
82
105% 10512
V
34
13%
84
12
7%
*3
Lowest
Shares,
14%
12%
2434
13%
80
7%
223g
$ per share
3%
1734
12%
82l4
h
8
*3
Range Since Jan. 1
On Basis 0] IMF Share Lou
EXCHANGE
Week
6
*17%
*1334
*12%
24%
13%
*%
578
3%
17%
*1334
91
*1178
*78
*3
3%
18
1378
1278
Dec.
STOCKS
NEW YORK 8TOCK
the
CENT
Friday
$ per share
$ per store
*1734
1378
18
NOT PER
Thursday
Dec.
5
4
Dec.
*1334
*12%
1278
24iz
*24
3%
18
14
*12%
2
SHARE,
Wednesday
Sales
for
Saturday
Jan 19
44%May 8
6% Nov 12
37
Apr
112
111% Sept
12% Apr
3% July
138%
Apr
155% Sept
15% Apr
14
118%
3178
June
Feb
Deo
8% Sept
186% Jan
183% Feb
3078 Oot
1978 July
2
16% Sept
22% Apr
8% Apr
1% Sept
6% Apr
20% Apr
18*4 Apr
23i8 Apr
1*4 Jan 10
4178 Jan 3
46
Apr 13
32% Aug
65
Sept
Mar 19
£103% Mar
111
Jan
17% Jan
41*4 Apr 16
18% Apr 20
1*4 Jan 4
8% Jan 8
407g Nov
36% Nov
33%May
112
12% Jan
1
1
8
%
28
Apr
Jan
7
40% Oot
18% Nov
3% Mar
12% Jan
41%
Jan
88
Feb
35
Sept
3% Sept
42*4 NOV
Apr
1378 Aug
62%
65%
Apr
80% June
Jan
Apr
89
Aug
Jan
83
69
Apr
96
Aug
Jan
89
97
7*
1*4
3%
1%
*4 Aug
Jan
1
Jan
Aug
Jan
17s Sept
Apr
1% Apr
65% Sept
3% Sept
6
Apr
14% Apr
% Deo
2*4 Apr
67% Aug
Feb
5
11% Apr 25
34*4May 10
178 Sept
3
Sept
6
Sept
3% Sept
65% Sepr
6% Mar
13
Jan
24
Apr
25% Nov
'4% Jan
878 Sept
4378 Jan
20
Apr
38% Sept
11
Apr
18% Aug
Mar 27
81
Jan
98
Deo
29% Jan 15
29
Deo
31%
Dec
1
8%
49%
31%
1878
102
Jan
3
Mar 11
Apr 8
Apr 18
Apr
15% Oct
478
2
Jan
1
Jan
25
3
Jan
95'
Apr
20
Jan
40% Feb 14
Ex-rights,
2% Aug
*4 May
18*4 Apr
82*4 Sept
17% Nov
27*4
Apr,
6% Nov
1%
Jan
27%
89*4
Feb
Oct
23% Nov
40%
f Called for redemption.
Deo
New York Stock Record-Continued—Page 5
3356
Saturday
Nov. 30
$ per
,
I
share
*13% 20%
10%
16%
*96% 100 j
43% 43%
*16%
16*4
*33
34
*22%
22%
7%
28%
32
7%
*26%
*31%
*100%
*16%
...
16%
108
*106
284
2«4
40
*30
30%
*2%
2%
15%
37%
2%
2%
1534
18
18
SALE PRICES—PER
HIGH
Ratios Sines fan
Monday
Dec. 2
62
6%
*5%
al02
102
03%
0%
03%
6%
132
132
16%
22%
*7%
*27
32
16%
*33
34
22%
7%
*22%
28%
*43%
*33
*96% 105
43
43%
16%
16%
34
*96%
*26
23%
7%
27%
3284
99%
43%
32%
*106%
10%
....
17
108
108
2«4
*6
*16%
83%
*19 %
*116
32%
34%
*11034
%«
37%
*2%
234
15%
*17
%«
5i#
1534
10%
0%
*100
37
37%
30%
*2%
*2%
*15»4
I884
®18
*%#
1534
%
1534
—
17%
*27
28
*10%
IO84
0084
22
*10%
*27%
*10%
00%
17%
28
1034
62
22
22
10%
*1934
11%
21
103
103
*1C3
*45
*45
00
61 z
50
*5
104
104
*101
54%
6%
53%
6%
132
3
3
130
5%
107
54%
7
17
6%
17%
83%
130
3
83
130
3
3
*6
6%
17
*16%
79%
*1834
83
*18%
19%
19
115%
32%
33
34
34%
110
116
6%
17
80
44
2
*1%
2%
2%
44
*42
1%
2%
*77
85
14%
*6234
17%
14%
14%
03%
03
17%
84
84
*1%
30%
1%
30%
»18
6
6%
13
10%
12%
*11%
10%
12%
34
34
*23%
173s
26%
20%
24%
17%
26%
20%
13734
*136
17%
*84
1%
30
30
u
it
684
*11%
10%
*1234
33%
*23%
17%
20%
2O84
*%8
%
ht
1584
*15%
*105
7h
%
17
*2034
*10%
0934
3:21%
*11
%«
15%
**8
15%
15%
*105
—
*105
38
40
13734
17%
2734
10%
00%
21%
11%
22%
*41
10%'
j
*17
11%
11%
1734
*1%
*14%
2%
11%
*32%
134
17
2%
11%
33
*15
2
2%
1134
33
*11%
*32%
*32%
13%
*1534
33
1334
10%
*101
104
*32%
*13%
*16
104
*10134 105
10484
25
24%
*133%
150
6%
6%
*92%
95
2%
2%
96
*94%
8
7%
9784
9784
165
*10234
*15
16
*24
*133%
*0%
*92%
284
96
8
*95%
*102%
*15%
*71
73
*72
73
*81
|
1%
2%
600
Gay lord Container Corp
*45
52
100
&H% conv preferred
5%
*101
*130
*84
1%
*27%
534
*11%
103g
*1234
2%;
*#!«
•
4%
%
350
*10%
81
19
1,000
1,200
2%
6%
17
*79
19
6
General Baking
400
130
2%
*25
5
68 preferred..
General Bronze Corp
No par
General Cable Corp
7%
300
27,600
9,400
preferred...... 100
General Cigar Inc.
No par
7% preferred
...100
cum
600
General
Electrlo Co
General Foods Corp
No par
320
26,900
59%
11%
22%
*40
44
1%'
23g
85
14%
03%
1034
85
t
14%
*134
*2%
134
,
31
10%
*11%
16%
*1%
24
17%
26%
21%
138
138
7it
X16
26%
2034
"
18
500
27
10%
60
200
2O84
11%
22%
1,200
1,400
1,200
105
12%
10%
*11%
I684
*1%
13%
44
44
200
2
600
*1%
2%
*84
2%
89
13%
62
900
300
2,200
1,200
20
5,100
800
17%
6,500
84
1,100
1%
27%
500
%
5%
0,500
2,300
120
1234
100
12
12%
3384
3,800
24%
16%
26%
20%
400
800
300
10,200
5,200
3,000
*135
138
138
140
*37
45
*37
45
*30%
31%'
31
31
11%
11%
17
10%
11%
11%
11%
107g
11%
18.200
*11%
11%
17
18
3,600
2,100
71
71
71% 72
*12684 127«4 *126% 128
18
18
*52
57
*52
54%
140
"""655
1,200
1,300
200
80
800
100
60
3
17
17%
*4%
•><
4%
3
16%
4
•it
17
4%
'
no ealea on this day
*3
16%
4
hs
3%
16%
4%
14
l034May 28
7>4May 23
13%May 28
65 conv preferred
No
Brothers
No
66 preferred........No
Glldden Co (The).
No
30% Oct 17
4%May 21
43 May 22
11
May 21
Glmbel
4 J4 % conv preferred
Gobel (Adolf)
Goebel Brewing Co
par
par
par
May 21
1% Nov 26
2
May 21
77
July 16
10 May 21
45 May 21
12%May 22
..1
.1
Gold A Stock
Telegraph Co 100
No par
5% preferred.......No par
Goodyear Tire A Rubb.No par
Goodrich Co (B F)
69
No par
1% Oct 18
25 May 22
Preferred.......J......100
Graham-Paige Motors
1
%May 14
Granby Consol MSA P
6
4% May 22
Grand Union w dlv ctfS-No par
9%June 7
Without dlv ctfs
No par
6% June 10
Granite City Steel.....No par
10 May 18
Grant (W T) Co...
26 May 21
...10
5% preferred
20
21% May 29
Gt Nor Iron Ore Prop..No par
11% May 22
Great Northern pref
No par
15% May 21
Great Western Sugar..No par
18% May 22
Preferred
100 rl23 June 13
Green Bay A West RR
100,
27% July 30
Green (H L) Co Inc.........II
23 May 22
8%
preferred
100
Gulf Mobile A Ohio RR No par
65 preferred........No par
Hackensack Water
.....25
7% preferred class A.....25
Hall Printing Co
10
Hamilton Watch Co..-No par
0%
preferred......
.100
preferred...
...100
6J4% preferred
Hayes Mfg Corp..
30
"""360
400
1,300
700
500
"3,166
300
6% cum preferred..
100
Hershey Chocolate
No par
64 conv preferred
No par
Hlnde A Dauch Paper Co... 10
Holland Furnace (Del)
10
Hollander A Sons (A)
5
Holly Sugar Corp
No par
7% preferred.......... 100
Homestake Mining..... 12.60
Houdallle-HerBhey cl A.No par
Class B
8,300
500
Household Finance..
300
3,100
750
2,100
6%
Houston OU of Texas v
Howe Sound Co...
100
10..25I
3
16%
4%
16%
43s
2,500
2,100
»«
4.600
£Hupp Motor Car Corp
1 In receivership,
a
Def. delivery,
n
preferred
New stock,
Cash sale,
May
3
4
6% May
145
Mar 20
Jan
8
8
4
4% Sept 23
11% Jan 3
29% Apr 8
89% Nov 14
22
Nov 23
117% Nov 12
41
Jan
2
49% Apr 15
118% Jan 6
% Jan
44
101
131
10
Apr
7% Dec
128
Sept
2% Apr
Jan
Jan
9
Jan
103% Mar
65
Sept
11 /
Mar
149'
July
„5% Sept
18
Jan
Jao
Jan
16
106
31
Deo
Oct
25% Jan
130% Mar
Apr
Jan
44% Jan
47% Aug
107% Sept
118% July
1% Jan
65% July
99
July
128% Dec
36%
% Dec
112
Sept
28
Apr
8% Sept
7
Mar
3
105
Apr
3
Jan
75
Jan 10
05% Nov 14
24% Mar 7
13% Jan 4
23% Apr 27
106 May
1
23% Jan 4
6% Mar 6
51% Mar 14
7%
18%
62
35
Jan
15% Jan 11
104% Deo
Apr
125% Deo
30% Apr
1% Jan 11
19% Jan 4
Sept 30
>*i« Apr 2
18% Apr 5
33% Jan 4
Jan
Sept
3% Sept
5% Sept
18% Oct
15% Sept
Mar
9
Jan
Jan
55
36
17% Apr
72%
Dec
90% Jan
9%8ept
43
39
or
106
9
Jan
40
A
127% Mar 23
58%May 4
7% Apr 8
110
96
Jan
66% Apr
%June
12% 8ept
86% Aug
%June
14
Sept
19% Apr
12% Aug
10
Apr
15
Apr
8% Sept
10% Aug
97% Nov
15% Apr
6% Apr
43% Oct
6% Aug
50%
Oct
126% June
38
6%
Feb
Jan
10% Jan
111% Nov
1% Sept
28
Jan
92%
1%
20%
Apr
Jan
41
Jan
Jan
15% Oct
4334 Sept
20% Nov
15% Jan
18
Nov
99% Feb
27% Mar
8% Jan
54
Mar
4
14
Sept
13% Jan
66% Mar
24% Jan
44% Mar 20
4% Apr 22
3% Apr 11
90
Sept 19
2034 Apr 4
09% Mar 7
24% Apr 4
97% Feb 21
4% Feb 8
71% Jan 9
1% Jan 30
9% Apr 10
14% Jan 4
34
May
47
65
Jan
Nov 14
19% Jan
12
Dec
6
1034 Apr 8
36% Apr 8
25% July 17
18% Jan 0
30
Nov
7
29% Jan
2
142
55
Feb
6
Jan 29
35% Apr
5
43
Sept
2%
1%
Jan
Apr
Jan
0
13% Apr
53
Apr
21% Apr
87
Nov
2% June
07
Dec
% Aug
4% Apr
14% Dec
984 Dec
10
Apr
24% Jan
22% Jan
12 % Apr
16% Apr
23% Aug
129% Sept
42
May
24% Jan
Mar
3% Mar
2% Jan
80
Nov
24% Jan
74% Mar
38% Jan
109% Jan
63s Sept
80
Mar
1%
10%
15%
10%
22%
Nov
Sept
35
25
Deo
Deo
Sept
Aug
Aug
22% Sept
8334 Sept
37% Sept
141% July
53% Deo
35% July
Apr
2I84 Mar
12% June
~~%
0
Sept
36
Sept
June 25
Jan
25% Apr 29
3% Apr
30% Apr
2%Nov
14% Nov
34% Apr
18
18
9
12
22
9
Apr
Apr
29
May
Jan
9
2
37
20% Feb 19
17
Jan
8
106% Jan 12
105% Mar 30
28% Jan 4
138
Apr 12
9% Apr 5
5
9
90
17
123
Jan
Apr
Apr
Apr
May
Apr
Sept
32% May
38
Nov
18*4 Dec
18
Oct
105
Oct
103% Nov
33% Sept
144
Feb,
10%
May
Oct
9
71
Jan
92
Nov
4% Apr 16
113% Jan 29
11% Apr 8
2
Apr
93
Apr
104
Apr
4%
8%
4% Nov
Deo
12%
13% May
8
100
Apr
Sept
Mar 20
148
Oct
12% May 23
21% Apr 22
10
Apr
18% Nov
Nov 22
100% Apr 9
133% Jan 30
67% Apr 10
115% Jan 9
18% Jan 4
35% Apr 4
9% Nov 8
16% Apr 20
63
Apr
101% Sept
135% Mar
66% Aug
80
June 11
110
Jan 12
160
70
126% Aug
50
8
June 11
94%May 21
12% July 16
19 May 21
4% July 15
8
May 21
103 May 13
35 May 21
28 May 22
8%May 21
54%May 22
Aug 24
3%May 22
28
Aug 15
103
% Dec 3
2%May 22
12 May 24
3 May 15
%May 14
.100
r
94
Apr
3% Apr
*9% Sept
46% Aug
155
Hud Bay Mln A 8m LtdNo par
Hudson Motor Car
No par
»1«
6%
66% Aug
1% Apr
27
Sept
18% Apr
1% Apr
2
July
7% Aug
9
July
87% Sept
108% Jan
29% Jan
14% Apr
83%June 27
2
Aug 16
89%June 5
7%June 10
..51
Hudson A Manhattan..... 100
200
3
Aug
10
16%May 23
130 May 27
5% May 21
.No par
No par
preferred
5
14
4
95
No par
500
54
Oct
3
1% Aug 22
May 21
1% Oct 4
8%Nov 1
29%June 5
30
May 20
9%May 21
10% May 22
100% June 18
1
Hercules Powder
72
128
July
25
12
11
25
Helme (G W)
25
Preferred .............100
Aug
31% Jan
17% Jan
May 29
1434June 26
....100
2
Hazel-Atlas Glass Co
Hecker Products Corp
51
38
9
Grumman
Aircraft Corp.
1
Guantanamo Sugar
No par
Deo
9%May 22
Greyhound Corp (The).No pari
5J4% conv preferred
10
No par
128
June 11
No par
Hercules Motors..
*52
9
30
-50
65 conv preferred
Gotham Silk Hose
Feb
10% May 22
3
8ept 9
par
400
*71
July 22
May 21
98
6%
600
10
0% preferred
100
General Tire A Rubber Co.—6
Gillette Safety Rasor..No par
Hat Corp of Amer class A..—1
6,400
1
20
10
15
15
13% July 23
20 May 21
Gen Theatre Eq Corp..No par
Gen Time Instru Corp.No par
"""766
600
June
% Nov
934June
86% Jan
%May
No par
900
4,500
22
10
10
21
100
No par
General Shoe Corp
1
Gen Steel Cast 66 pref. .No par
General Telephone Corp....20
Hanna (M A) Co 65 pf. No par
Harbison-Walk Refrae.No par
10
—
Dec
Nov 29
67% Jan
8% Jan
3
May
32%June
3% June
5%May
No par
10 pref opt dlv ser
General Refractories
60
360
110
0% preferred..........100
Gen Realty A TTtllltiee
1
00
4,000
....
*3
Bid and aaked price,
10
600
6,900
17
■"
17%
4%
%
920
55
31
I
500
2,000
2%
11%
*32%
*71% 73
*127% 129
*52% 56
"3",500
034
62%
1384
1334
13%
62
62%
17%
16%
84
84%,
1%
*1%
20
2984
"it
%
5%
5%
1234
1284
11%
11%
12%
12%
33%
3334
24% *23%
16
10%
26%
2584
20%
2034
*11%
11%
12%
33%
*23%
Gen Railway Signal
31%
*35
1
10%
11%
17
1%
*15
34
21
55
31
13%
11
1,100
3%
36
0%
*00%
89
*1%
*27%
1234
12%
3%
*35%
2:13%
134
2984
*27%
2
2%
105
*84
03% 2:02%
17%
16%
84%;
84
84
44
65 preferred
No par
Gen Outdoor Adv A ...No par
Common
......No par
General Printing Ink..
...1
60 preferred........No par
Gen Public Service
No par
"
—-
18
21%
preferred.......... 100
General Motors Corp...... 10
6 ,900
I684
15%
*20%
10%
69%
2C34
*11%
22%
58
5%
.—,
103% Apr
104
lll%May 22
t4May 17
28
Sept 19
77%May 21
118 May 28
87% May 28
971 -9a~
..
"21" "Apr
4
7% Apr
48% Feb 0
12%May 23
102 May 21
20% May 21
Dee
9
51
l%May 15
4%May 15
ll34May 24
34
Jan
14% Apr 24
6
share
man*
35
105% Mar 27
6% Apr 22
6%May 22
118 May 27
No par
May
Per
21%
25% Sept
105% June
9
88% Apr 16
3% Sept 80
6% Apr 24
20
Apr 30
20
8ept 4
June 19
June
17
mm mmmm as
Nov
6% Apr 18
35% May 25
6
Class A
290
94
16% Sept
17% Apr
99% Jan
38% Apr
15
Sept
25
Apr
32
30
46%June 14
3%May 21
No par
No par
300
800
40
87%
17%
21
10%
11%
*134
2%
14%
63%
17
84%
1%
30
*35
....
*17
2,800
5484
0%
Jan 24
Jan
2
21% Apr 5
88% Mar 26
25% Apr 4
8% Nov 8
112
3% May 28
8 June 14
Gen Amer Investors
2,000
107
6%
10%
60%
97
6
60
No par
60 preferred........No par
Gen Am Transportation
5
1,000
5%
54%
*105
21%
*40
85
14%
63%
10%
*3
I784
4%
1784
4%
10
No par
200
*112
114 , *112
112
112
113% *112
113%
14
14
1
*14%
15
14% *14%
14%
15%
33
33
♦32% 33
32% 33
31
31
31%
31%
3084 3078
I
8%
8%
*8%
8%
*8%
8%'
8%
8%
834
*8%
8*4
*8%
*10%
10%
10% IO84
10%
10% *10%
11
11
*10%
10%
10%
*107
*106%
*106%
*107
*107
*107
49% 49%
49% 49%
49% 40%
50
51
49% 49%
49%
50%
37
37
*3034 37%
*3684 37% *37
37% *37
37%
37% 37%
13%
13%
13%
13%
13%
1334
13% 13%
13%
13%
14%
13%
*61%
*02%
64
62% *61% 62% *01% 62%
61%
01%
61%
60%
*107% 109% 109% 109% *108
109% 109% 109% *109
110
110
110%
4%
4%
4%
4%
4%
4
4
4%
4%
4%
4%
35
36
35%
35% *35%
35%
35%
35%
35
35
3434
3434
%
%
h
%
%
%
%
„%
...
63 preferred
Gamewell Co (The)
5%
111;
1%
1%
I84
1%
1%
*15
17
*15
17
157g
1578
2%
2%
2%
2%
2%
2%
2%
11
11
11%
11%
12%
11%
11%
32% *32%
32%
32% 32% *32% 3278
33
33
33
*32% 33
32%
33
*32% 33%
14
14%
14% *13%
1384
13%
13%
13% *13%
16% *16
16%
16%
16% *15%
16% *15%
16%
104
*104
105
*104
*103% 105
105
104
104
105
10484 *103
105
105
105
105
10484 105
24%
24%
23
23
24%
2334 24%'
23%
2334
150
*133% 150
*133% 150
*133% 150
*133% 150
0%
*6%
0%
*0%
6%
0%
0%
*6%
6%
94
94
95
*92% 95
*92% 95
*92% 95
2%
284
284
284
234l
234
2*4
284
234
90
95% 95% *95
95
95%
36%; *95% 90%
8
7%
7%
7%
7%
734
734
734
734
9784
Z95
95
90% 96%
*90%
97%
164
166
*166
165
*164%
*164%
1584 *15
15
15%
15
15
15%
*15%
15%
*120% 129
*127% 129
*52
57
55% *52
114
113
113% *112
17
15%
15% *15
300
Gannet Co conv 60 pref No par
Gar Wood Industries Ine
3
27%
*11%
10%
1234
33%
23%
17%
26%
10%
11%
70
27%
13
1034
13%
13%
33% *33
33%
24% *23%
24
17%
173s
17%
27
203a
2034
20S4 *20% 21%
140 I
138 , *138
11
590
104
104
*10%
17%
28
10%
58%
21%
11%
5%
11
11%
17%
1%
~
17%
44
*184
30%
*11%
17%
*1%
900
19
*10%
17%
28
13it
55
2%
15%
100
46
6
3
21% Apr 29
2% Aug 12
May 24
24%May 28
l%May 14
2%Junell
l0%May 21
12 May 21
Gabriel Co (The) cl A ..No par
Galr Co Ine (Robert)
1
22% Jan
21% Jan
Highest
f per share 8
107% Apr
5
20
Freeport Sulphur Co.......10
100
*%
6*4'
30%
*35
2,800
7i«
1084
..
71«
"it
55
No par
No par
1,600
1,500
3,800
1,500
"it
31
67 conv preferred
Franctsoo Sugar Co
June
9%May 21
01 May 22
F*k'nSlmon£Co tne 7% pf. 100
37%
2%
*48
684
*35
20
126
126% 12684 *12684 127% 126% 12084 120
54
65
50%
49% 49%
50%
53
4
4
I
4%
4%
4%
4%
4%
53s
7
7
6%
6%
*6%
7
0%
6%
*109% 110
*109% HO >109% 110
*109% 110
*25
40
88% 88%
88%
89
*12134 130%
129% 130
49
49%
49%
49%
534
*30%
70
500
284
40
102
10
66 conv pref series A .No par
General Mills.........No par
*32
"n
10%
112
.........
4,800
"it
5%
12%
"1.000
Foster-Wheeler.
"MOO
2%
15
63%
1734
84%
1%
"""760
5% conv preferred
.100
Food Machinery Corp..... 10
conv preferred
100
88%
12934 12984
49% 49%
*18
38
88%
12984 131
49%
49%
2
85
*81
Follansbee Steel Corp.....10
64.50 preferred
No par
Gen Gas A Electric A ..No par
*30
Sept 7
12%May 21
84
May 21
32%May 22
10% May 22
24%JUM 10
19 May 20
0%8ept 23
22 Sept 25
18%June 10
Florsbelm Shoe class A .No par
500
17
110% 117
32%
33
32%
33%
34
34
34%
34%
114
114
♦111
11334 *111
II384
%
%
%
%
%
%
*88
14
Flintkote Co (The)
No par
Florinoe Stove C0.....N0 par
100
115
22
22
*1934 21
20%
|
22%
*103
*103
107
107
*103
107 1*103
105
*103% 107
1234
13
12%
12%
13%
13% *13%
1334 *13%
13%
3
3
3
3
3%
3%'
3%
3%
3%
3%
*34% 36
*34%
34%
36
35%
35%
36% *353s 36
7
7
7
7
6%
7
0%
7 i
684
0%
*02% 63% *02% 0334 *02% 63
02»4
62% *60
62%
*14%
10
14%
14%
14%
14%
1334
14
13%
13%
44
1
6 per share
First National Stores—No par
400
*5%
*10%
;
5%
02
900
3,400
18%
11%
131
83
19%
19%
11034 110%
32%
33%
34
34%
110% 110%
53«4
0%
7
105
f per share
series A—100
37%
*2%
2%
10%
15%
I884
*5
*101
54
*234
6%
*10%
0%
*45
107
5384
6%
132
0%
11%
5%'
*5
5%
6l»
120% 120%
49% 49%
18%'
18%
5%
12 I
7
132
10%l
*15
*11%
54
132
2%
234
102% 102%
*5%
684
*10%
12
6%
7
2%
234
6% preferred
Year 1939
Lowest
Highest
Firestone Tire A Rubber... 10
300
....
*31
Par
"2,100
31«4
Range for Previous
1
of 100-Share Lots
Lowest
Fllene'c (Wra) Sena Co.No par
29
284
37%
2%
234
104
53%
112
2%
37%
2%
2%
10%
17%
41%
10%
3334
*22%
73g
*20
31«4
17
112
*2*4
37%
*2%
2%
*15%
17%
*10%
11
10%
37%
2%
234
15%
7i e
11
110
2%
16
*97%
On Basis
Shares
20%
10
9984
41%
1034
3384
23%
73«
7, 1940
EXCHANGE
Week
6
*13%
*107
40
%
09%
*2134
*284
32%
....
*31
'it
*%
16%
7%
27%
36
52
*103
..
32%
*107
16%
109%
33%
23%
30
49%
4
4
4%
4%
7
7
*034
7
*109% 110
*10884 110
*103
3134
....
*108
2\
*25
Dec.
t per share
20%
10%
97%
42%
17%
30
18
*45
5ie
120%
234
7%
27%
10%
110
*108
97%
4I84
I684
33%
*22%
*7%
3384
23%
3134
16%
10
43%
1084
*107
...
*13%
Friday
■
j
5
5 per share
20%
10%
97%
*25
Dec.
*30
*34% 40
40
88% 88%
88% 89
12934 12934 *128% 12934
49%
50%
4934 49%
*48
*32
*100%
16%
234
*34%
*126
7%
$ per share
*1234
10%
90%
42%
16%
3384
*2214
7%
Thursday
|
4
36
*30
3%
3%
3%
*0%
034
6%
18
10%
10%
87
83% *83
20% *19% 20
117% 116% 117
33
33%
33%
36
34% 3434
H884 *11034 H884
*3%
Dec.
8TOCK8
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday.
3
Dec.
$ per share f per share
*1312 20% *13% 20%
10%
16%
1634 17
*102% 103
*102% 103
534
684
*684
0
12
12
*10%
12
*40
Tuesday
j
Sales
for
AND
LOW
Dec.
1
x
Ex-dlv.
9
110
Jan
Mar 30
60% Jan
38
Apr
16% Apr
71% Apr
Ul%May
6% Jan
60% Feb
1% Feb
12
13
16
25
13
3
21
20
7% Feb 20
27
Jan
6
6% Feb 17
1
Jan
Ex-rights.
2
128% Apr
64
Jan
100
Sept
14%
29%
6%
8%
Apr
Sept
Nov
Aug
95
May
47% Sept
27
8%
60%
Apr
Apr
Oct
Sept
4% Sept
40
Apr
% Dec
2% Sept
21% Sept
4% July
% Aug
102
117
167
Mar
June
115
July
19
Jan
51
Jan
11% Mar
21% Sept
HO
Oct
66% May
36% Mar
17% Jan
73% July
110% Aug
9% Sept
67
Sept
1% Jan
5% Jan
35% Sept
8% Jan
2% Jan
1 Called for redemption.
Volume
LOW
AND
Saturday
I
Dec.
$ per share
7%
HIGH
Tuesday
2
Record—Continued—Page 6
SHARE,
|
7%
|
Dec.
$ per share
7
7%
Dec.
4
5 per share
7
7%
14
14
*1334
14%
1334
7
1384
3812
37%
37%
*37%
383g
37
37
*314
20%
4
*3%
4
*3%
*3%
4
20%
534
24i2
207g
207g
2034
20%
207g
*5%
534
53g
4
21
584
2334
*5%
6
*4
4i2
IOI4
10%
*134
2ig
32l2
*3%
2034
*5%
£23%
32i2
*169% 1697g *169% 169% j *169
37g
*3%
2334
4
237g
*130
24%
140
4
*37g
23%
4
*130
17%
16%
69
70U
79%
71%
69%
*2
214
2%
*38
39%
2%
*37%
39%
*37%
39
*38
40
*38%
39%
2934
28%
2934
*27
2934
28
*2
37%
167g
70
*105% 109
17g
*28
*105% 109
2
1%
*17g
7%
*85%
714
*17g
7%
907g
*85%
8
*7%
*27%
8
28%
*27%
*127%
*12%
46%
28%
...
13
46%
*127%
12%
*45%
61
*61%
62
125% 125% *125
101% IOI84
*1234
1334
*119%
*4%
*27%
*127%
12%
12%
46%
46%
*4%
47g
*4%
17%
*16%
*1384
*16
177g
*15.
*13%
14%
14
14
*100
105
*100
*7%
*102
*16%
8%
103
3434
105
8%
105
16%
834
103
35
*13%
14%
*37
38
*1%
*23%
2534
234
*26
28%
1%
24
257g
2%
26%
281,1
*7%
104
16%
834
*101% 103
34%
*13%
35%
14
38
38
*1%
1%
24
24
25%
*2 34
*26
25%
3%
26%
28%
7
6
*16
17%
*15%
*12%
13
*6%
7
24%
23%
24%
*6%
8%
104
*16%
*8%
28%,
6%
12%
*6%
*24%
17
12%
7
25
23% 23%
23%
116%
116% *115
*2%
2%
2%
2%
ui#
*%
1
%
*115
3%
21-%
3%
*11%
21%
1134
*24%
43%
*6-34
25
44%
7
*38
95%
9434
*184
*19
3%
21%
*11%
*24%
43%
634
3%
21%
1134
25
44%
634
40
*38
40
95%
*93
95%
95
189
21%
9434
*184
9434
190
*20
*1234
21%
*100
*7%
*102
16%
u'ioo
70
69%
70
14,100
2%
38
*17g
607g
*12%
*119%
434
4%
17%
*16
45%
61%
607g
128
128
120
120
105
*100
34%
34%
34%
14
*13%
1334
13
38
34%
25%
25%
25%
*234
3
26%
26
4%
I77g
28%
28%
*234
3
28%
94
94%
1*184
21%'
26
39%
11%
94%
190
*20
26%
*26
28%
38%
92% 93%
93%
94%
*184
190
190
i*184
21%
26%
387g
11%
113g
*20
*26
£38%
ll3g
*20
21%
26%
38%
11%
17
17
17%
16%
2934
30%
30%
30%
108
*107% 108
20%
40%
3%
20%
40
3%
14%
30%
19%
3934
314
3%
*187g
30
30
59%
2934
132
19%
59%
2934
16%
108
*133%
3934
3%
3%
2734
27
26%
*10%
11
11
30%
30%
3134
32
31%
31%
31
31
30%
30%
*30%
9
*134
17g
6%
15
*1%
17g
7
1334
134
134
*134
6%
*13%
4%
12
*15%
32
484
4%
12
13%
12%
1334
4%
12
16
15%
15%
15%
15%
32%
32
15%
32%
32
32
31%
434
12
12%
26%
2834
*7g
1
12%
2634
*172
*7g
2834
...
49%
50
*2%
234
25%
4%
12
*26%
*28%
*172
49%
234
434
12%
1184
12
1134
27%
2634
27
29
287g
29
2934
...
50
234
*29
*172
49%
234
*172%
50
234
257g
*25
*24% 25%
*102%
*102%
12%
12%
12%
12%
12%
12%
15%
15
15
15%
15% *15
110% 110% 1107g 111%
*110% 111%
25
25
*24
24%
24%
24%
*24%
*102%
*8
8%
*8
8%
3234
3284
3334
7%
7%
7%
3334
784
3%
26%
4
26%
4
4
26
26
»
17
20
40%
3%
15%
3134
12%
29
29%
...
2,500
Lehman
No par
preferred....—60
Corp (The)
1
Fink Prod Corp
6
conv
200
Lehn A
200
Lemer Stores Corp
No par
*6
*13%
1434
*7g
1
4%
9%
434
11
15%
15%
317g
117g
26%
29%
*%
28%
27
11
31
1%
800
100
32%
12%
26%
29%
26%
200
2,400
*28%
May 21
27%May 21
l%May 22
l7%May 20
19%May 23
2
May 21
22% Aug 13
23%May 22
June 10
2,500
No par
2,000
13,100
11,100
200
32,900
3,000
1,100
1,800
50
3,100
100
Liquid Carbonic Corp..No par
1
Lockheed Aircraft Corp
Loews
—..No par
inc....
16.50 preferred
No par
1
Loft inc
Long Bell Lumber A...No par
Loose-Wiles Biscuit
26
2
6%
preferred
Lorlllard (P) Co
7% preferred
6%
—.......
100
10
100
Nashville..—100
Forbes.....10
preferred
100
...
Mack Trucks Inc
No par
2,700
Macy (R H) Co Inc
No par
No par
1,000
700
10%May 21
22% July 3
20%May 21
97
May 22
l5%May 21
29
3,200
600
13%May 21
May 21
9
May 15
27
No par
Lone Star Cement Corp
Madison 8q Garden
4
4
37g
26
26
26%
this day,
8%
*7%
3334
*33%
7%
7%
3%
8%
33%
7%
4
26%
26%
4
4
4
26%
*25%
2634
t In receivership,
a
3
May 15
13% June
105%May
18% Nov
138%May
15%May
10
23
27
31
21
38 May 18
25%May 22
128
Sept 4
17
May 24
20%May 21
8%June 6
No par
25
Exploration.-1
Mandel Bros
7%
June
21%May 22
1% Aug 10
4
May 21
ll%May 23
%May 31
10
Magma Copper
Manatl Sugar Co.—
Maracalbo Oil
*7%
4
35
Dec
123
Sept
21%May
—1
Corp.—...5
pr pref.100
3%May 22
2% May 21
1,700
Marshall Field A Co...No par
2,900
5,400
L) Co..—-.1
Martin-Parry Corp
No par
8%May 21
2 6% June 25
1,300
1,600
Masonlte Corp
7,200
20,850
Marine Midland
Market St Ry 6%
73
Apr
5% Jan
56% Feb
38% Deo
36%
30
29
38
31% May
40*4 Sept
19
Apr
33
Oct
84
Jan
107
Dei
Deo
1,400
4
Jan 15
122
35
77% Jan
16
121
1,200
1,900
2,100
1,000
20%
15%
102%
16%
109
No
preferred—.....No
No
McCall Corp
No
1st cum pre!
par
par
par
66%June 14
lO%May 22
10 May 21
93 May 21
17% May 21
par
McCrory Stores Corp...—-.1
6%
oonv
preferred.-..-100
McGraw Eleo Co
...
1
6
June 26
Ino..6
6%May 16
3% Nov 28
63 series oonv pref—No par
l7%M&jr 28
McKeesport Tin Plate
6,200
{McKesson A Robbins.
Def. delivery
June
w New
stock,
r Cash sale,
x Ex-dlv.
Oct
Sept
Aug
105
JaD
133
Juni
Apr
Apr
117% Jan
5% Apr
83
19%
121*4
11%
Sept
Jan
Jan
Jan
90
85
153gNov 9
46% Apr 18
2*4 Jan 24
31*4 Apr 8
26
Feb 16
4
Feb 26
29% Jan
341s Apr
Sept
12% Apr
Apr
7% Apr
18
Sept
Jul)
100% Dei
14*4 Mai
10% Mai
5
Aug
79
June
Apr
46% Sept
Apr
Apr
16% Sept
8*4
20
1*4 Apr
12% Apr
20
Apr
3*4 Dec
23*4 Sept
20% Apri
Jan 11
7%
35*4
24*4
116%
Nov
4
Jan
A
1*8 Jan
5
434 Nov 14
8
14
Feb 19
29
Jan 11
Sept
5%
Jai
29*4 Jul)
Oct
29%
13%
Jan
JaD
18% Mar
6% July
Jan
37%
Oct
17
Apr
25
Mar
112
Dec
118
Ma<
2% Sept
% May
1% Apr
20
Sept
9% Apr
Apr
36% Apr
4% Apr
45
33
Sept
95
Sept
5
Dei
4
30% Oct
26*8 Aug
23%
Jan
63*8 Jan 3
9% Apr 20
Apr 15
Apr 16
38
Apr
25
Jan
Sept
12
3% Apr
Nov 12
Nov 25
99
12% Sept
7
9% Jan
21% Sept 12
24% Nov
Apr
8% Apr
28
38% Jan
23
95% Sept
6*g Sept
3% Sept
8*4 Sept
27*4 Jan
I3*g Nov
32*4 Mai
66*4 Mar
10
Sept
43%
Aug
108% Aug
>09%
Aug
152
Sept
18O
Ma)
4
15
Apr
19
Nov
3
20*4 Aug
40% Sept
Apr 6
14% Apr 27
31% Apr
47
10
Aug
18% Sept
13%
29*4
30%
101%
June
Sept
Jan
109% Jul)
6
Mar
21*4 Jul)
Nov 18
23% Apr
29% Jan
41
18% Mar 27
41% Apr 15
37% Mar 15
109% Apr 8
39% Apr 8
46% Jan 2
4% Apr 10
18*4 Jan 11
l09%May 3
25% Apr 2
162
May 3
21% Jan 4
65
Nov 14
19
Jan
Dec
32*4
Dec
Sept
64%
38% Sept
2
Aug
16% Sept
105
Jan
19% Apr
138
Mar
Sept
15*4 Jan
36% Apr
62
Jan
6% Sept
22% Mai
110
Junr
24% Feb
159% June
20% Mar
67
Sept
3
28
Apr
35
Aug
136%May 10
29% Nov 14
31
Apr 16
12*4 Jan 4
124
Feb
135
Nov
18
Aug
33*4
Oct
25% Sept
43%
19%
Feb
11% Sept
25%
Apr
40
1
Apr
35
38
Jan
Mar
8
4% Apr 18
7% Mar 11
16% Jan 17
6
Apr
10
9
1
Apr
Apr
l%May
5% Oct 23
13*4 Deo
3
16% Nov 18
June 12
66
18
Jan 8
Apr 18
160
Maytag Co
Mar
Sept
Nov 12
7% preferred
100
May Department Stores—10
2% May 22
20 May 23
Jan
32% Sept
125
16*4 Nov
99% Jan
19% Apr 23
103% Apr 16
109
Jan
June
10*4
24
Jan
18% Nov 14
16%
Apr
87
11
Nov 15
32*4 Apr 16
2,800
800
13
Apr
Marl6
7% Apr
June 10
36%May 22
13
104*4 Oct 29
21
6%May 21
18
119% Sept
59
132
Sept
Jar
Feb
Mar 27
21% June 10
63
10
3
Sept
14*4
7% Nov
Mathleson Alkali Wks.No par
No par
Sept
76
Nov 14
Jan
60ts Junt
7% Aug
127% Nov 15
Jan
14*4
9%
9%
4
Oct
17
Jan
3% Sept
Jan
62
Jab
29
434 Jan
47b Jan
10% Jan
8%
Sept
Ma>
5
Nov 19
92
10
55*4
138
67*8 De«
6% Ma)
Jan
109
166*4 Auv
8%
Jan
17% 8epi
6*s Aug
25% Aug
3% Jan
39% Jan
47*4 Apr 16
14*4 Apr 16
40% Jan 8
Martin (Glenn
De<
Oct
3
29
24
6
4
181
Manhattan Shirt
33%
3
Jan 11
May 22
Lima Locomotive Wks.No par
Apr
2% Aug
6% Apr
Jan
June 19
26
7%
7
Sept
3*4
38% Jan
16
Mines..5
10
8%
34
Jan 23
169
Mclntyre Porcupine
7%
*7%
142
457b Sept
5% Jan 5
14% Apr 20
100
900
*33%
171
109% Apr
5
8
Apr
Sept
87
87
McGraw-Hill Pub Co..No par
7%
23
15
28
21
30
100
33%
May 21
22
10
23
5
2
May 17
15% May 21
9%May 18
18%May 21
"MOO
7%
16
145
May 28
May 22
May 22
Preferred
*172%
*172%
10
8%May
May
3%May
16% May
15%May
lOOUJune
l%May
% Dec
Sept
6%
46%
5% Sept
16% Sept
3% Oct
41
Oct
195*4 Mar
71% Sept
May 15
200
434
—
87%June 20
24%May 21
4
21
1% Apr
5
200
10%
15%
32%
12%
27
29%
9
8%May 21
4%May 22
12
90
98% Sept
2% Apr
7% Aug
33
300
9%
Jan
17% Apr
Jan
109% Dec
Llbbey Owens Ford Gl.No par
Llhby McNeil A Llbby
7
Life Savers Corp
6
Liggett A Myers Tobacco—25
Series B
-—26
1
4%
15%
32%
11%
May•23
May 23
92 May 21
7%May 21
9
95
Apr
9% Apr
4% Apr
29%
Apr
Lily Tulip Cup Cor p.. No par
2,900
15
6%
11
50%
50%
50%
50%
50%
3%
3%
234
3
27g
27g
*24% 25%
*247g 25% *24% 25%
*103
*103
103
103
12%
12%
12%
12%
*12%
13
15<%
15%
15%
15%
*15
15%
lll%lll*i« llin„ 111% 111% 111%
25
25
25% 25%
24%
24%
8
484
127g
6%
20
50%
33%
Bid and asked prices: no sales on
*133%
1
J Lehigh Valley RR
Lehigh Valley Coal
1,600
MacAndrews A
2734
%
42,800
Louisville A
11
*6%
1334
~2~,900
200
27%
26
6%
100
60
4% conv preferred
600
11
*1384
-.5
Lee Rubber A Tire
Lehigh Portland Cement.—26
800
2634
734
1,700
30
273.1
14%
""366
60%
26%
14%
Lane Bryant
*29
27%
*6%
No par
...No par
*58
*10%
1
100
preferred
(The)
19
10%
6%
5%
Lambert Co
30
27%
14
Laclede Gas Lt Co St Louis 100
A Co
60
26%
1
70
120
1,300
Kress (S H)
19
10%
*6%
2,100
No par
Kroger Grocery A Bak.No par
100
*29
26%
*13%
500
*58
2734
9
3,200
No par
Louisville Gas A El A..No par
26%
11%
2%
60
161% 162
1834
1834
2734
*2
No par
11%
108
19%
2034
40%
26%
*132
A.-No par
Kennecott Copper
Link Belt Co
30%
2734
141
1
Class B
Kendall Co $6 pt pf
Lion Oil Refining Co.—No par
30%
*133%
27%
28
26%
26%
11
*10%
*133
preferred....—100
6
Keith-Albee-Orpheum pf_.100
Kelsey Hayes Wh'l oonv el A. 1
700
30
160% 160% £161% 161%
132
*30
30
conv
1
600
30%
30%
3034
*107% 108
21%
40
21%
26%
14%
14%
14%
14%
14%
*109% 111
*109% 111
109% 109% *109% 111
18%
1834
19
19
19
19%
£18%
1834
14
19%
19%
*160% 164% *160% 164%
18%
18%
*18%
19%
19%
60
60% 6034
59%
30%
31%
100
39
11%
30%
31%
26%
*38
17
30%
3%
9%June110
'28
117%May
3%May 21
6%
1,300
1,000
•
122%May 22
48%May 15
10
City Southern.No par
Kansas
4% preferred
10
June>10
Kan City P A L pf ser B No par
Kalamazoo Stove A Furn
234
26%
2834
17
14
100
Preferred
Jones & Laughlln St'l pref.100
*25g
25%
234
26%
28%
*26
15%
40%
44
Kinney (G R) Co
1
$5 prior preferred—.No par
Kresge (SB) Co
10
Kreege Dept Stores.........1
12%
7
20%
No par
Kimberly-Clark
31%
59%
100
June 21
Johns-Manvllle
500
30%
*30
2,300
122
9
May 21
34%May 22
1
500
17
*18%
30
June 10
26%May 28
May 23
13%May 21
97% Jan 15
l%May 15
l%Ma.' 15
4%May 21
74% June 11
5%May 21
20%May 23
26
No par
B) Co
38%
1%
25
25%
30%
*159
2,400
Jar vis (W
37
Aug
67
Mar 28
133
Jewel Tea Co. Inc
38%
1%
*23%
25%
17
19%
600
38%
1%
25
30%
*18%
"""466
1
Keystone Steel & W Co.No par
17
*108% 109%
$6 preferred
300
30%
31%
30%
108%
*10734 109% *108
20-%
20%
20%
20%
4
200
100
....
13
30%
14
..No par
Island Creek Coal..........1
Preferred
Intertype Corp..
34%
17
14
"""266
13
30%
*3%
Foreign share ctfs...No par
Interstate Dept Stores.No par
*5%
17%
1234
*6%
108
100
300
105
6%
6%
6
*5%
6%
*15%
17%
15%
15%
15%
1234
127g
125g
1234
127g
1278
*6%
7
*6%
7
*6%
7
*24
25
*24-% 25
*24% 247g
*24% 25
23%
23%
23% 23%
23%
23%
23% 23%
*115% 116% *115% 1167g *115% 116% *115% 1167g
2
2
2
2
2
2
2%
2%
"16
"16
%
*"u
%
ai«
34
3%
3
3%
3%
3%
3%
3%
3%
«v
*21
2134 22
21%
21%
21% 2134
2134
*1134
12
*11%
12
1134
1134
11%
117S
24%
24%
*24%
24%
*24% 25
*24%
25
43
43%
43%
43%
43% 44
43% 4334
634
634
634
*6%
634
684
634
39
*38
*38
39
39
*38
40
39%
*91
94
94
*94
95
*93
937g
94%
6%
*15%
25%
7% preferred
Inter Telep A Teleg...No par
34%
234
28%
26
100
No par
International Shoe....No par
International Sliver........60
34%
13%
25%
26
190
preferred
5%
International Salt
300
1097g *102
1%
*23%
94%
Internet Rys of CentAmNo par
18,200
14%
*38
*20
.100
5% oonv preferred..
6
3
June
10'gMay 21
40%May 21
l%May 18
Kayser (J) A Co
14
*100
105
4%
*7%
8%
19%June
109
16
"""loo
*15
1%
23%
25%
39% *38%
11%' *11%
40%
3%
3%
*14
14%
109% 109%
100
19,100
10
14
38%
38%
11%
40%
500
*120
14
*16
177g
14%
*1%
2534
40%
70
Inter Paper A Power Co
Kaufmann Dept Stores
*100
105
May 25
l%May 22
5%May 22
8%May 23
100
Sept
157
38% Dec
191% Mar 12
62*4 Jan
145
"""600
*14
23%
*184
100
Preferred
9
6% Nov 14
May 22
Int Mercantile Marine.No par
Jan
9% Sept
2% Apr
June 11
38
11%
12% Jan
18%May 21
136
.
Nov
113
2%May 15
6%May 21
1
May 21
Business Machines. No par
Int
Mar
131
86
15% Apr 11
7% Nov 18
47% Mar 20
June 10
internat'l Harvester...No par
8
8
8%
*7%
8
I097g
1097g *102
1097g *102
16
16%
1534
16%
157g
157g
8%
8i
8%
8%
8%
8
102
102
101% 101%
*101% 103
14%
*38%
38%
3934
6134
128
4%
177g
4%
1%
*5%
No par
...No par
600
4%
23%
25%
29%
46
100% 1007g £100% 100%
*127g
13
13%
13%
13%
*1%
28%
700
100
23%
*26
2%
1,000
*126
Rubber
Agricultural..No par
Prior preferred..
100
Preferred
16%
46
21% Aug 16
Internat'l Mining Corp
1
Int Nickel of Canada.-No par
16%
*46
No par
800
19,400
138
37%
46%
94
61
Jan
49
Apr
Apr
Apr
16*4
66%May 22
7%May 22
4% June 11
100
Jan
20%
85
147% May
Jan
...1
Int. Hydro-Elec Sys class A.25
2934
100% 101
13%
8%
25%
11%
100%
*8%
38
400
29
4*8
Jan
6% preferred
Aug
Nov
9«4 Apr
Apr 16
3,400
40,600
38%
"4534
*101% 103
*38%
11%
12%
16%
34%
37g
23%
*130
107g
37g
23%
4,000
.
16%
*13%
169% 170
1%
2
10%
800
900
5434
69%
*17g
61
*119%
38%
23
:
168
internat
162
May 18
Highest
share f per share
16% Apr
88% Sept
4*4 Sept
118
No par
Intercbemlcal Corp
Intercont'l
!
1
June 26
Inspiration Cons Copper...20
Interlake Iron..
Jan
43is Apr
6% Jan
145
100
Insuranshares Ctfs Ino
100
*37
39%
*37%
*38%
39
*38%
38%
*29%
30%
*29% 297g
*277g
28
*27% 28
*2734 28
109
109
*107% 10834 *107% 10834
134
17g
134
17g
134
1%
2
2
2%
2%
*17g
*134
734
77g
*7%
*7%
*7%
*86
*86
907g
907g
*85%
90%
*7
7%
*6%
7%
8%
*634
*27% 28%
*27% 28%
28% 28%
*128
*128
*127%
*12
12%
12%
12%
12%
12%
46%
No par
preferred
3,700
24%
per
9
:
May 21
June 12
20% Nov 27
6
May 23
l6%May 21
72 May 26
No par
Ingersoll-Rand
6,000
I
3
10
Inland Steel Co....
200
13% Jan
6% May 21
Industrial Rayon
6%
6 per share
Lowest
12
Indianapolis P A L Co. JVo par
Indian Kenning
Year 1939
Highest
31
1000
3,200
2984
9078
7%
28%
RR Sec ctfs series A
2%
54%
100
6% preferred series A... 100
Leased lines 4%
100
2,600
3,000
16%
128
137g
162
3%
23%
138
50
130
4
*36%
11%
700
Illinois Central RR Co
10%
2%
55%
1,400
38%
61
*119%
5
37g
23
*130
2
*126
101%
*1234
10%
167g
70%
62
61
100
38
54%
4
24%
*125% 128
61%
126
101
111
70
37%
1%
7%
7%
38
140
2
17g
17g
7%
*85%
907g
8
134
2%
7%
2%
111
2%
161% 161%
69%
2%
37%
*107% 108%
2
12%
7%
25
2%
11%
16%
•
28
23%
£12%
7%
*23%
110% 110%
55%
*37g
23%
24%
1634
2934
23%
38%
10%
140
*130
17
2934
281.1
87%
7%
169% 169% *169% 17034
2
2
1%
2
10%
1634
29%
8634
127g
7%
2%
54%
2
10%
24%
8684
127g
161% 162
1697g
2
140
*130
86%
4
37
2
*104% 105
£152% 152%
10
2%
38%
5434
54%
1034
157
4%
161
2
106
157
10%
34
10%
400
10
160
2
2,100
5%
2234
*4
33%
10%
207g
4%
33%
2
100
10%
15734 159%
10%
300
*4
2
55
4,000
10
103g
2
5484
7
14
38%
3%
207g
5%
22%
Range for Presume
of 100-Share Lois
f per share
Par
Shares
*35
3%
Range Since Jan. 1
On Basis
Lowest
*13%
106
*67g
3357
EXCHANGE
13%
4%
10%
2
15812 15812
54V 55 '
7
NEW YORK STOCK
Week
6
$ per share
10%
2%
*4
4%
10%
Dec.
8TOCK8
for
38%
4
2034
57g
24
13%
*36
2384
2334
2334
2334
24U
10534 10534
10534 106
*105% 107
105% 10534
157
157
♦155% 157
*155% 157
*155% 157
88
8712
87i2
87%
87%
88%
89%
887g
*13
13ig
133g
13%
12%
13
12%
1234
*7U
7%
7%
7%
*7%
73g
7%
7%
*23
25
*23lg
25
23%
23%
*23% 25
111
111
llll2 *110
110%
110% 110% *110
*4
5
Sales
the
CENT
Friday
$ per share
7%
15
3812
*5i2
*24i4
NOT PER
Thursday
Wednesday
,
3
Dec.
$ per share
7%
PRICES—PER
SALE
Monday
Nov. 30
*14
New York Stock
151
173
Nov 27
53% Jan 4
4% Feb 23
80% Apr 3
105
Mar 29
16% Jan
17% Apr
8
8
111%Nov14
29
Apr
3
9% Apr 25
Jan
3
12% Jan
8
8*4 Apr
82% Apr
4%
8%
9*4
26%
Apr
Aug
Apr
2
Aug
May
30
Sept
20*4 Aug
155
40%
Nov
Apr
3% Sept
24*4 Dec
93
Jan
10% Apr
9*4
Jan
16
» Ex-rtghta.
Oct
2% Sept
5*4 8ept
8%
Mnr
17*4 Nov
45% Nov
8%
Det
57% Jan
37% Sept
176
53*4
Jul)
Oct
6% Mar
36% Mar
105
June
15% Aug
17% Nov
Jan
108 %
15% Apr
5% Sept
25%
10*4
39
59% June
18% Sept
88
Sept
1
1
47%
Jan
Sept
6% Sept
7*4 Oct
8*4 Apr
f Called for redemption
Dec
Dec
Jan
*fl' t 11
:
,
New York Stock Record—Continued—Page 7
3358'
LOW
AND
,
I
Nov. 30
HIGH SALE PRICES—PER
Monday
,
Tuesday
2
j
Dec.
Dec.
|
3
$ per share 8 ver share
:
7%
7%
7%
7%
7-%
7%
105
105
105
105
*10412 105
V
9%
9%
01,
91,
914
0%
$ ver share
Dec.
*7
105
80
*73
80
*73
76
68
*65
68
*65
66%
05%
29
29
29
2834
4
4
f 29
5
*3%
*23
25
*19
20
3712
9t4
37l2
9'4
39%
3934
*121'2 122l2
*43's 4412
108
108
4
i
4
*59
.
60
*7i.«
i
*3l»
*4
.j
%
*%
i
h
14
:
81%
81%
;
37%
38%
27%
*12%
28%
13
17'%
17%
22
*21%
":i
4%
53%
*4%
53%
*U
*14
8034
38
28%
*12%
17%
21%
4%
24%
24%
24%
19
19
20
37%
37%
9%
37%
14%
14
9%
13%
109% *108
109
*334
3%
11%
57%
11%
7i#
134
1%
*18
"it
3|6
%
%
15%
81%
*13%
14%
10%
1%
*%e
%
*13%
21%
*4%
21%
4%
53
*51
20%
*4%
60%
11%
ver
7
7%
106% 107
8%
884
11%
*11%
11%
1138
70
*68
70
5%
16%
21%
*14%
21%
'■
5
5
5%
*15
5%
16
21%
21%
15%
2134
*7%
8
9
9
*834
9
!*8%
10%
10%
10%
1034
*10%
17%
1734
17%
17%
17%
*10634 170
169% 16912 *16634 170
*16
17% *1534
17
1634
1634
*86%
8812 *86% 88% *86% 88%
*17
18
*17
*1734
18%
18%
8
9%
10%
1734
*7%
12%
12%
12
12
13%
13%
104% 105
63s
♦6%
i *7%
7%
23
23%
*12%
14
i
8%
83s
*84
85%
1734
17%
13%
12%
11%
13%
180
*146
146%
23%
12%
11%
13%
105
105
105
6%
7%
68%
""266
2934
1,700
4
4
2.000
Me us el
25
1,140
*4
2434
25%
25
20
20%
*20%
37%
834
*37
14%
37%
87s
14%
41%
42
122% 124
*41% 4234
*108
3%
59%
1%
2234
*13
8%
*1042%2105%
534
6
*7%
7%
23%
2234 23%
13%
13%
13%
884
8%
8%
17%
1,900
1%
11%
13%
18
12%
11%
13%
100
100
13%
13%
6
*7%
2234
7%
23%
7%
100
23
23%
15
15%
1434
15%;
7,900
2,200
7,000
8%
175
*173
....
2334
*147
150
146% 146% *146% 150
23%
23% 23%
23% 22234
2234
*33
3534
7%
66
*33
*33
3534
3534
105
230
520
6
900
8%
8%
*82
85
17%
1734
*174
300
147% 147%
*22%
23
1,000
*33
7
7
7
7
65%
6%
6534
6.584
65%
2,400
National Supply (The) Pa..10
$2 conv preferred
40
300
10
10
934
6%
934
9%
*40%
42
41%
41%
*40%
40%
*434
45
6
10
10
4%
10%
10
884
834
*16%
42%
834
42%
*434
10%
8%
*16%
*78%
*4334
*108%
27%
8%
23%
42%
4%
10%
8%
17%
79%
44%
42%
*434
*10
*8%
6%
10%
9
17%
78%
44%
42%
42%
170
4%
4%
400
National Tea Co
10%
10
10%
900
Natomas Co
*9
9%
17
78%
1,200
9
9
5%
5%
5%
*4%
5%
*4%
5%
*484
5%
*4%
5%
*9
10%
*9%
10%
9%
9%
*9%
10%
9%
9%
*9%
10%
*110
112
112
112
*109% 112
*110% 112
*109% 112
*109% 115
*110
117% *110
117% *110
117% *110
117% *110
117% *110
117%
*50
55
*50
57
*50
*50
53%
53%
54
53%
*50% 55
*%•
%
%
*%#
%
'
*%
23%
33%
%
%
38
7i«
3«
%
%
*%
24%
33%
23%
*33%
24%
34%
2334
212
212
213
213
114
114
114
114
16%
*56%
*5538
17%
*96%
634
16%
57
5534
18
*3334
%
%«
%e
%
%
%
%
%
25%
2484
34%
34%
%
2584
34%
6%
1784
10%
10%
*103
10334
114
16%
1634
16%
16%
57
57
57%
57%
5534
56
212
114
7ie
212
212
115
114
50%
17%
4
4
16%
*145
16%
984
41%
41%
25
25
*50
54%
*115%
4684
*8%
*3634
*12
1334
13
*6»4
*10%
27%
*119% 120
*153%
1734
10%
1734
104
*4
16%
9%
—
6%
17%
10
101
104
4%
16%
...
253s
16%
57%
4734
*10%
26%
3634
*12%
120
*153%
10
216%
1634
*57
58
6%
17%
6%
4
4
3%
14%
2584
52
13%
6%
3%
13%
8%
3%
*2%
13%
*13
678
11
1134
27%
*10%
27%
27%
27%
5%
*10%
27%
3634
37
37
37
37
*37
13
11%
12
12
12%
120%
120
120%
*153%
Hid and asked prices: no
..
*6%
*10%
27%
120
*153%
..
sales on this day.
6%
1734
10%
8,860
100
Adjust 4% preferred
10
North American Co....
0% preferred series
50
5H % pref series—...—50
1
North Amer Aviation
~~0~066
Northern Central Ry Co.. .50
Northern Paclflo Ry
100
100
North States Pow $5 pf No par
30
600
100
10
46
4%
200
2,400
50
Telegraph
Northwestern
Norwalk Tire A Rubber No par
....50
Preferred
97g
978
"l'ioo
42%
600
26
26%
800
52%
52%
20
*115%
45%
Omnibus Corp
Co..2.50
(The)
0
100
8% preferred A
Oppenhelm Collins....No par
...No par
Otis Elevator
100
No par
Otis Steel Co
$5.50
conv
1st pref..No par
Outboard Marine A Mfg
5
Outlet Co
No par
100
Preferred
*2%
14%
6
*13
11
*10%
46
"3", 800
Owens-Illlnols Glass Co.12.50
Q
t)
4,800
Pacific Amer Fisheries Inc—5
3%
143s
6
6
27%
28
3784
12%
37
37
*154
50
170
100
11
27%
J In receivership,
Norwich Pharmacol
6% preferred
*41%
834
3%
80
....
12%
1234
1234
120% 120% *119% 122
*154
1,460
16%
*3%
*16
*145
52
6%
11
___
16%
25%
46
600
3,600
*115%
87g
260
25,100
10%
104% 104%
25%
46%
1,000
No par
25%
87S
*2%
13%
212%
1,500
INYNH4 Hartford
100
Conv preferred
100
IN Y Ontario A Western..100
N Y Shlpbldg Corp part stk_.l
Noblltt-Sparks Indus Inc
5
Norfolk A Western Ry
100
Oliver Farm Equip
25%
46
10% non-cum pref
50
N Y Lack A West Ry Co.. 100
1,500
42%
8%
10
2,700
60
17%
934
47%
N Y A Harlem RR Co
No par
*40%
8%
*2%
No par
5% preferred
30
Ohio Oil Co
10
54%
200
"3",356
Del
1st preferred
No par
..No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
2d preferred.
800
Pacific Ltg Corp
Paclflo Mills
160
Pacific Telep A Teleg
600
6%
...
a
10
Paclflo Coast Co
delivery,
preferred
n New stock,
r
...No par
No par
100
100
Cash sale,
x
3
%
4
10%
85%
Ex-div.
3
2
1% Sept
2% Sept
Dec
Apr
21
Oct
Apr
Sept
114% Sept
121
May
Sept
40% Apr
31% Aug
22% Sept
9% Apr
10
Apr
16% Apr
3% Aug
122% May
110
112
30
Apr
9
Sept
50
Apr
Mar 29
Mar 14
105
Sept
4
Aug
Dec
6
Apr
1
8
13% Mar 12
43% Sept
6% Sept
67%
Oct
47
Sept
37% Mar
19
Jan
17%
Oct
30
Jan
7% Jan
44% Mar
14% Sept
70%
Dec
111% Nov
9%
52
Jan
Deo
Aug
9% Jan
20% Nov
7% Aug
18% Sept
14
7% Sept
21% Sept
14778 Oct
10% Apr
87
Sept
15
17%
Apr
14%
Dec
26%
x8% July
12% Jan
16
18%
110
Sept
117%
107
Sept
114
7%
7%
26%
15%
12%
96
Jan
Nov 8
Oct 20
Apr 4
Jan 0
Jan 3
Jan 31
22% Apr
9
4%
152
148% Jan 29
132
27
Jan
4
Apr
4% Jan
20% Sept
10% Sept
8% Sept
83
Sept
177s June
Nov 22
176
Jan
17% Nov
96% May
23% Sept
3
114
Nov
28% Mar
175
18% Apr 17
116% Jan 3
Sept
Apr
Aug
Jan
Mar
8%
Oct
6%
Feb
28%
Jan
18%
Jan
16%
Jan
100
Mar
27% Jan
173% Aug
Feb
Oct 145
14%
Jan
Sept
35% Sept
38% Sept 18
8% Jan
3
73% Jan
9% Jan
3
14%May
3
48
4
Nov 14
49% Nov 14
8% Apr 2
10% Apr 11
10%June 24
25% Mar 13
91
Apr 29
53% Apr
110
Jan
0
4
Apr
10
July
0%
52
82
5% Aug
15%
Aug
Sept
Jan
20
Jan
Deo
59%
60%
Apr
Apr
5%
Oct
8% Sept
11%
Feb
10
Apr
33% July
41
2%
18%
Apr
73% Mar
32
Apr
105% Sept
Jan
29% June
87% Aug
42
July
112% June
29% Nov 14
14% Feb 20
Apr
17% Sept
Apr
8%
62
20% Nov 9
109% Nov 19
Jan
3
27
18% Jan
3
11% Sept
23% Sept
21% Jan
4
10%
Apr
25% Sept
39
Jan
3
18%
33% Mar
9
30
Apr
Apr
46*4 Sept
43% Feb
50
8% Apr 22
12% Apr 22
115% Mar 11
117% Aug 16
58% Nov 4
% Jan 3
2
Jan
4
% Jan 11
20% Apr 22
35% Apr 6
1% May
4% July
Sept
10% Sept
15% Sept
Nov
118% Mar
119
May
120
Mar
47
July
62
Mar
106
% Dec
1% Sept
1% Dec
% May
8% June
31% Dec
6% Sept
1% Sept
Sept
17
33%
Deo
226%May
4
168
Jan
217
Nov
115
Dec
5
103% Sept
18% Apr
52% Sept
50% Sept
12% Apr
113
June
23% Jan
3
59
Jan
8
68
Jan 10
26% Jan 3
96
Nov 29
14
5
89
Nov
100
Sept
113
Deo
Sept
2% Apr
40
Oct
29
3
29% Nov
Jan
Nov 23
5% Jan
Aug
June
39
42% Jan 12
Aug
59
7
114
15
13
3
Feb
26%
59%
82
3
Sept 20
9% Jan
24
22
y
Jan
Feb
16% Jan
15
32%
14%
Jan
0% Nov
Apr
44% Aug
Aug
101% Sept
10%May 29
8%May
10
115% May 24
42 June 10
4%June 10
2 May 22
8 May 22
3%May 22
9%May 21
25%May 22
33 May 22
8 May 21
115 May 25
144 June 18
May 2
July 31
Oct 24
19
4%May 22
May 21
110
Apr 27
45 June 6
ht Dec 4
% Oct 24
% Oct 30
13% Jan 15
20 May 23
175 May 22
105 May 25
14%May 21
47%May 22
47%May 22
21
21
23
22
11
124%Junell
7 May 21
21 May 21
19 June 10
47 May 24
Jan
Jan
99% Apr 17
20% Jan 3
104
6%June
10%May
7%May
95 May
2%May
ll%June
Jan
Mar
8
10% Apr 15
24% Jan 24
May 21
15 May
84%June
4%May
101 May
27 May
2%May
25% Aug
1234 Dec
14%
July
Jan
172
3%May 21
400
56%
17%
97%
15
8% Aug
6%
64
8% Sept 23
10
Sept 25
20%May 21
No par
34%
16%
100
New York Dock
34%
58
0% preferred series A
NYC Omnibus Corp. .No par
100
Sept
8% Nov 14
53
Apr 8
7% Feb 15
22% Jan 3
23% Oct 29
22
29
19
21
4%May 24
8 May 23
20%May 24
34
Aug 5
3% Jan 4
7%May 21
8% Oct 14
14 May 21
72 July 31
36 May 22
100 June 12
20% July 20
6%May 24
23% Nov 20
105% Nov 9
30%May 21
9%May 21
8%May 21
114
2% Sept
30
111
28
23
10
500
3,000
114
No par
200
41
*52
400
2,600
New York Central
N Y Chic A St Louis Co... 100
8,700
*145
*115%
100
26,700
7
*978
54%
$5 conv preferred...-No par
N Y Air Brake
No par
13
10
15%
Newport Industries
N'port News Ship A DryDock 1
900
26,600
16%
1
1,600
%
*57%
*56%
Corp....10
9,700
%
25%
114
100
Newmont Mining
30
41
46
6% pref series A
"4,600
*12
25%
48%
4% % conv serial pref...100
Newberry Co (J J)_...No par
100
*27%
678
17%
10
*52
Nelsner Bros Inc
130
25
210
No par
1
1278
104% 10434
*3%
4%
16
%
%
..No par
Nehl Corp
30
10
10%
%6
18% zl7
97% *95%
6% i
6%
6%
114%' 114
114
38
*37% 38
3
*2%
2%
41
*115%
120
56%
17%
104% 104%
1584
115
17
57%
*145
9%
834
3%
*1234
634
6%
17%
212
41
25%
54%
17%
10%
*145
42%
*52
6%
104% 104%
*4
4%
1534
16%
10
41
*115%
47%
9
3%
13%
7%
11%
27%
38
i *234
6%
*145
..
934
:
6%
%S
%
%
24%
34%
56%
56%
56% 57
1734
18%
17%
1734
18
17%
*96
9884
96% *95%
97% *95%
97% *9584
6%
6%
6%
6%
6%
638
6%
6%
*113
115
*113
*112% 115
115
*114
*112% 115
38
38
*36%
38
*36%
38
37%
37% *37%
3
*2%
2%
2%
2%
234
2%
*2%
2%
*30
32
*30
30
30
30
30
32%
*27%
*13%
14
*1234
1334
1234
1234. *1234
13%
1278
6%
1734
%e
%
24
34%
*212% 214
114
%«
No par
500
...
*4%
100
100
0% prior preferred
42%
484
10%
4%
25
5H % Prior preferred
42%
434
42%
*17
18
I684
16%
*16%
17%
16%
78
78
79i4
79%
78%
78%
78%
78%
*44
*4384 44%
44% 44%
*4334 44%
*4334 44%
*107%
*108%
....
*108%
*108%
*108%
27
27% 2734
2734 2734
27%
27%
26%
27
27%
27%
834
8%
8%
8%
8%
884
8%
8%
8%
8%
8%
24
24% 24%
24
24% 24%
2434
24% 2434
24% 25
108% 10834
108% 108% *108% 108%
108% 108% 108
108%
107% 107%
44
44
*43
44
*43
45
*42%
44
*42% 44
*42%
45
13%
14
13%
14%
1334
14
13%
13%
13%
1384
13%
13%
15
14%
14% *14
14% *13%
14
*1334
14% *13%
14%
14%
29
29
29
27%
29%
28% 29
28%
27% 27%
27%
28
26
26
26
26
*2534 26
25%
26
*2584 26%
*2.584
26%
— .
1,300
Ns par
National Pow A Lt
120% Nov
851: Jan
2%
15% Mar 20
35% Nov 19
6%May 22
48 May 21
4
National Steel Corp
42
6%
National Oil Products Go
Dec
Apr
83
21
19
1
Sept
40
9%
5% Nov 14
56% Nov 14
0
5%May
$4.60 conv preferred-No par
60 June
National Lead Co
.10
l4%May
7% preferred A....
100 *160 May
0% preferred B
100 132 June
Nat Mall A St'l Cast Co No par
13%May
Nat Gypsum Co
18
Apr
Aug
1
16
Apr 18
18% Apr 4
26% Jan 9
15
15
7%June
10
preferred
Nat Distillers Prod
16% Sept
Apr
1
30% Feb
15% Oct 25
9%May 22
6 May 21
ll%June 6
Nat Enam A Stamping No par
6%
No par
Apr
2% Aug
% July
66
Nov 8
No par
Nat Dept Stores
2,300
10
86
104% Nov
104% Nov
3 May
5%May
17 June
..100
100
7% pref class A
7% pref class B
"3" 700
*41%
6%
No par
Register
7%
7
65%
6%
10%
6%
80
3534
42%
6%
200
4,600
....
65%
6%
9%
*10
9,100
Nat Dairy Products..-No par
6
8%
Nat Bond A Share Corp No par
National Cylinder Gas Co—1
105
*7%
100
6% pref series A
Nat Cash
105
5%
Nat Bond A Invest Co.No par
1,000
105
42%
42%
6%
10%
42
300
100
7% preferred
2,700
6
175
170
*7
17
88%
17
1734
66
500
12%
11%
85
7%
172
172
Apr
6%
11%
18%
44% Sept
103% Sept
45
9 June 10
l6%June 6
156 June 11
12% Sept 20
National Biscuit
25
2
122
7%June 20
6
12%
xllh
*82
100
preferred
10
217
217%
..No par
...10
6
884
....No par
preferred
Co
*105
8%
$7
Munslngwear Inc
Murphy Co (G C)—...No par
0% conv preferred
Nat Aviation Corp
*105
15
1
Jan
7a Jan
19% Jan
878May 22
12 May 21
16 May 21
2%May 14
20 May 21
8%May 22
60 May 28
97%May 22
4 May 21
41 June 15
384May21
11 June 10
13% Jan 13
200
9
12%
18%
66%
6%
*884
1734
85
7
7%
105
7%
Mull Ins Mfg Co class B
11% Sept
% Jan
21%June 20
Nat Automotive Fibres Ino.-l
105
23
15%
1
Deo
28% Jan
21% Sept
39% Jan
3
23
27
3l%May 21
33%May 21
700
105
*7%
2234
5
Aug
6%
1% Jan
119
120
*15%
*86%
106%
Wheel Corp
14
30%
July
8
Jan 20
119
2,200
90
1134
13%
1053s
Motor
3
10% Oct
101% Nov
14% dept
4% Jan
6% July 15
Motor Products Corp ..No par
Mueller Brass Co
Jan
101
11% Nov 15
21
'
21
700
1234
Montg Ward A Co. Ino.No par
Morrell (J) A Co
No par
Morris A Essex
60
0% Aug
88
3
4% Apr 24
25
7%|
21
10,100
*1134
13%
$4.50 preferred.....No par
Preferred series B—No par
9%May
z79 Nov
110 May
113%May
Apr
6
61% Nov 26
l%May 22
%June 27
%June 21
Myers (F A E) Bro
No par
Corp
6
Nashv Cbatt A St Louis... 100
National Acme Co
1
17%
*1734
12%
20
10
Monsanto Chemical Co
Nasb-Kelvlnator
10%
17
6% conv preferred
Mohawk Carpet Mills
~7~806
5
17%
*15%
*86%
1734
May 24
15%'
484
*1434
10%
170
100
100
100
7% preferred series A
Murray Corp of America..10
17%
170
No par
T,906
10%
9
Corp
J Missouri Pacific RR
6%
17%
3534
2334
200
*103«
18%
14012 146%
Mo-Kan-Texas RR
9
85
176
3,100
17%
18%
182
,
10%
*834
No par
....—..10
1,000
7 It
1%
$6.60 preferred
Mission
9
85
66
*42%
*434
*9%
*8%
7%
18
7%
66%
6%
15%
21%
103
110
1,300
4%
100
8% cum let pref.
42% Dec
124»2 Dec
95 June 20
2%May 15
20 May 21
7%May 21
%May 18
1,100
1*4
No par
7
38% Nov 13
12% Apr 10
17%May 9
4% conv pref series B... 100
Minn Mollne Power Impt—1
3%
*7%
17
88%
28%May
Apr 15
Feb 21
54
17%
*15%
88%
Aug 13
24 May 22
0%May 21
ll%May 21
23%May 21
10
33%May 21
60%
10%
15%
*20%
170
26
Minn-Honeywell Regu.No par
10%
170
ll%May 22
6% conv 1st pref
700
3%
4%
7%
Nov
1
60
Co (The)
Midland Steel Prod
60%
10%
%
85
7
42
7%
Nov
5
5
4,100
*108
18%
*33
*10
15%
21%
73
63
34% Mar
6% Jan
1
Mld-Contlnent Petroleum.. 10
334
86
*84
3534
66
15%
2134
July
397S Aug
28% Dec
5
60%
10%
%
1%
5
Aug
50
2
5
400
*%•
%
%
*l«.s
3l«
%
%
%
%
%; 1,100
*13
100
14% *13%
14%
14%!
80
81
82%
80%
80%
3,500
60
*114% 116
116
*114% 116
20
123
*119% 123
*119% 123
37
10,500
37%
37%
37%
373s
41
*39
41
41% *39
29
28%
28%
29%
29% """690
700
11%
11%
12%
11%
11%
900
17% *17%
1/3#
17%
17%
19
20
20%
3,100
1.984
20
400
4%
4%
4%
4%
4%
49
200
2:47% 47% *46
52
400
11% *11%
H84
1184
1134
5
6
0
May
Miami Copper
334
%•
3
May
Mesta Machine Co...
59%
10%
%
11
14%May
85
3,400
42
share
82
May
7%May
64
Feb
63% Feb
24%May
2%May
90
42
per
0
24
22
$0 preferred aeries A. No par
$5.50 pref ser B w yr.No par
900
122% 122%
41%
4
107
1.900
350
14
9% Jan
Highest
share $
31
28
5
Merch & M'n Trans Co.No par
9%
14%
42%
$ per
share
May 21
800
20%
37%
8%
per
5
Melville Shoe Corp
2934
4%
Lowest
Highest
$
share
90
No par
Mead Corp
78
ver
1
preferred
*65%
2934
105
105
6%
7%
*33
•
1234
11%
13%
105
*173
*173
23%
12%
11%
7%
105
105
105
7%
15%
22
1,000
0 % conv
$
100
MoLellan Stores Co
*73
6034
5%
190
78
11%
*68
70
69
'■ 69
6934
*68%
6934
*110% 115
*110% 115
*110% 115
*110% 115
*110% 115 i
*110% 115
7%
734
7%
7%
7%
734
7%
734
734
7%'
7%
7%
*47
49
*47
*47
49
49
*47
50
*47
49
i
*47
60
*11%
*68
1,400
10O-Share Lois
Lowest
Par
Shares
65
*29%
2534
20%
37%
9%
14%
On Basis of
Week
6
share
65
4%
*%
q
Dec.
$
STOCKS
EXCHANGE
*73
65%
29
....
3%
*56%
81%
81%
82%
116
115% 116% *114%
*119%
119% *119% 123
37%
3734
37%
38%
*39
42
*39%
41%
28%
28%
28% 2834
12%
*12%
13
13
17%
17%
17% *17%
52
52
9
q
834
78
rriday
5
*7%
7%
106% 106%
_7t4
41%
42
3934
41%
122% 124% *122% 124
42%
43%
43% 43%
%
21%
4%
.
4
2
*39
42
*30
11%
*3j
119%
*119% 123
4
*%
11%
*73
4
57%
60
116
117
*116
*4334
44%
108% 108%
3%
3%
2
2
'! *178
20
37%
9%
14
3934
39%
12134 122
59
nu
'2
11%
i
j
*18%
37%
9%
13%
14
14
,
23%
Dec.
$ per share
106
834
*73
28%
4
$ per share
*65
29%
4%
24
Thursday
NEW YORK STOCK
the
SHARE. NOT PER CENT-
weanesaay
7,
Ranoe for Previous
Year 1039
Range Since Jan. 1
Sales
for
I
Dec.
I
7
6
23% Apr
14% Mar
4
4
12
112
Mar 28
5% Apr
18% Jan
145
12% Jan
47
4
4
Nov 26
3
Nov 15
32% Apr
4
55
Jan 22
120
Jan 17
i4% Sept
113% May
8i: Jan
27% Jan
148% July
10
Sept
55% Sept
128
7%
33
16%
40%
114%
Oct
Apr
July
Apr
64
Dec
120
Deo
70
Jan
50
10% Apr 26
6% Jan 6
23% Feb 13
12% Jan 4
14
Apr 15
3
Aug
34% Apr 15
Jan
3
16% Jan
4
2% Apr
11% June
3% June
9% Apr
27% Apr
41
114
154% Nov 29
128
Ex-rlgnts.
Apr
9% Apr
Mar 12
139
2012 Deo
Jan
6
60
Jan
20% Mar
100% Sept
4% Aug
15% Sept
Jan
Apr
64% Jan
30
Sept
Apr
Sept
7% Sept
7% Nov
25
Nov
15% Sept
12% Mar
34% Mar
62
Oct
21% Sept
132
June
15012 July
5 Called for redemption.
Volume
LOW
New York stock Record—Continued—Page 8
151
AND
SALE PRICES—PER
Nod. 30
|
$ per share
4
HIQH
Monday
*7%
33s
153s
4%
9%
7s
*%
I
Dec.
7%
3%'
'
1578
9%
*8%
2
315s
*19%
*7s
31%
10%
8%
'•"'"•'2
*19%
*7S
8778
88
88
*2%
*3%
*39
234
*2%
3%
3%
*39
4H,
14%
22
1434
22%
3%
16%
9%
16%
*8%
*19%
234
*127g
21%
15
*13
22
21%
21%
22
22
22
37%
*2
38
2%
*8%
40%
10
40%
*7%
34%
40%
40%
25%
778
34%
10
40%
24
24
21
*20
6
6%
24
*20
21
6
6
77g
77g
34%
34%
33%
43
43
*83%
*%
86%
*83
13%
13%
%
*13%
1334
13%
13%
*13%
76%
13%
76%
5%
*47g
76%
76%
76%
*5 .5%
5%
*42
49
*5
*42
49
39%
39%
4%
*3%
*43%
23%
72%
397g
39%
*3
4%
48
23%
45
45
*43%
48
23
23
23
23
*23
70
*
*3%
70
33
*8%
*81%
15%
*160
*177
6%
*9
47%
35%
63%
*11
*3%
*70%
5%
33
31%
9%
*81%
9
85%
*
135
6
15%
15%
31%
9%
85%
15%
*177
178
—_
178
67g
9%
6%
*9
*31
*
6%
32
*8
*81%
85%
15%
15%
*160
6%
*9
*82
6%
9%
53
3934
*%
18
*65
67
67
67
68
69
12%
*11
12
10%
10%
11%
11%
....
*158%
*158%
%
17%
17%
17%
*16%
7%
7%
—
%
1
-
17%
316
*34
57g
12%
%
%
%
%
*5%
6%
12%
*38%
13%
41%
*38%
54
55%
54%
6
12%
13
40
55%
*57g
12%
*12%
39%
54%
6%
12%
12%
39%
55
*12%
118
28%
28%
28%
110%
*10834 110%
*122
1227g
122%
*137% 140
*137%
158% 158% *156%
116
117% *116
26% 26%
26%
77g
77g
8%
47g
6078
94
85%
97g
*97g
5
47g
*75
95
60%
607S
2%
2%
2%
35%
*34%
*19
19'%
19%
17%
*28
17%
17%
29
{
*28
85%
10
10%
5
*30
32%
21
3
32%
9%
*8%
9%
*8%
*834
*9%
*59
*59
9%
*8%
9
9%
62
9%
9%
*11%
12
*23
25%
*23%
22%
1%
22%
100% 100%
95
*109
*69
95
69%'
69%
13
13
95
*10
32%
*25
21
*20%
2%
*30
2%
*8%
9%
9%
11%
69%
94
*8
8%
*8%
9
*9
*834
9%
62
*59%
11%
70
*59%
1%
22%
22%
100% 100%
1%
95
24%
1%
22
62
14%
26%
21%
3
30
9%
87g
9%
66
1%
22%
11%
*24
13
94%
*12%
127g
*90
92
10%
10
10%
9%
9%
9%
32
32%
53%
53%
32%
*53%
32%
60
9%
9%
32%
*53%
32
12%
90%
*9%
32%
*54%
60
9
a;8%
10
32%l
60 '
8%
9%
9
5%
5%
*5%
6%
*5%
6%
534
5-%
5
5%
*5
5%
5%
5%
*5%
5%
*47%
48
*48
*%
78
3734
3734
■1 %
%
.**18
*2%
%
3%
*4
5%
I
.
^3%
44
43
109% 109%
39%
3934
*
*%
37
*%«
*2%
25%
3
30
9%
Q
1,500
64
96
*105
110%
32%
*54%
8%
*534
5%
60
8%
6%
5%
*90
9%
16%
*16
16%
16
16
13
13%
*12%
13
12%
48%
7g
48
48
7g
37%
*%
37%
%
*46%
*%
48
*%
37%
37%
736%
%
*%s
%
*%6
36%
%
%
3%
13
4734
%
37
%
3%
—
44
44
109% HO
41%
%6
%«
*2%
3%
4
*4
*ii
*2%
*4
43%
110
40%
•is
3%
243%
43%
44
110% 2109% 110%
41
4034
4i%
Bid and asked prices; no sales on this day.
*%
*2%
4734
*%
36%
•j«
4234
739%
*ie
*2%
4234
40%
15,000
Preferred with
42%
{ In receivership,
42%
a
100
100
preferred....
5k % preferred
Reynolds Metals Co—Wo par
22
18
June
8
0
Sept
161% July 3
1% Mar 12
2234 Feb 9
142
Aug
Nov 18
16% Apr
Nov 23
18
12% Jan
4
July
14%
45%
71%
118%
43%
116%
Jan
Jan
0% Sept
18
Apr
49
Sept
00
Deo
129
Apr
143
Aug
147
Sept
100
June
Sept
117% Dec
4178 Sept
1134 Sept
Apr
Jan
50%
Apr
Mar
31% Apr
101% Sept
Sept
111
£22% Aug
0% Aug
11984 Feb
41«4 Aug
114% Aug
128% Aug
32% Jan
ll%May
97%May
70
Sept
90% Mar
89
0334
1034
Aug
81% Jan
18% July
11
Aug
6
Aug
73%May 28
June
6
2% Nov 22
34
June 19
16%May 22
13%May 21
24
May 28
9% May 28
1934June 8
17 May 22
ls4May 21
24%May 23
6
June
6
6%May 21
8
Aug 5
6
May
15% Feb
15% Feb
7% Apr
90
Apr 15
09
Apr 8
3
63%
Apr
Apr
10%
19
Dec
12% June
10% Apr
2854
Deo
2078 Sept
10
July
28«4
27
Oct 31
23
0% June
8
Mar
4
40
Dec
Jan 12
7
Apr
10%
0%
Apr
10
9
Apr
14% Sept
17% Jan
55
13
834NOV 16
13% Feb
10% Jan
9
3
2%
9%
4
60
00
1
May 15
2
Apr
4
39
May 27
8%May 21
75% Mar 28
6%May 21
6%May 22
4»4May 22
3% Aug 8
26
June 10
Jan 30
Jan
64
Mar
Oct
Nov
Dec
"
75% Mar
Apr
75
7g July
Nov
2»4 Nov
43
96
Dec
6
42
Apr
14%
Jan
3
9
21% July
03
30% Apr
127»
9%
Apr
84
Sept
72% Nov 161
37% July 1
60
Sept
15% Feb 20
1484
Jan
87
Deo
11% Nov 14
7% June
78»4 Jan
6% Apr
11%
Jan
35
Sept
45
Jan
52
July
68
Jan
10%
Jan
984
Oct
117
Nov 19
96% Apr
8
8
3
9% Nov 27
7% Jan 3
12
Feb 27
4
0%
Aug
Apr
0% May
10
Sopt
17% Sept
15% Sept
34
«4
27%
2% .*ov
49% Sept
7* Sept
Jan
15% Nov 12
5
Jan
3
% Jan
42
2
7g Jan 3
May 10
Apr
Apr
% June
% Aug
1«4 May
3% May
2784 Apr
2
Jan
6
Sept
6% Sept
61% Nov
9
4%May 18
111% Mar 28
82%
Jan
109
Aug
4
IO84
Apr
23
8ei>t
May 21
May 21
17
May 21
xE<-dlv.
Dec
5% Sept
28% Sept
95«4 Dec
89»4 Oct
20% Jan
40% Jan
% Oct 15
2
Dec
Apr
Apr
24% Nov 9
10534 Sept 19
% Apr 19
4
Oct
Sept
3
5
June 26
27
Jan
Jan
70
2284 Sept
4% Feb
Dec
17% July 26
23% Sept
4
3
4
8
37%May
17% Apr
62
May 21
7%May 21
Jan
9
69
60
Nov
Apr
May 28
May 21
70%May 21
8%
2978May
May 22
7
14
10
85% June
077g Jan
June 20
36% July
23
Jan
85% June
50
x3784June
96
r Cash sale.
2%
16% Sept
1084 Sept
June 12
34
New stock,
Aug
034 Oct 21
5%
n
0
2
114% Oct 14
16% May 21
Safeway
Stores
No par
preferred
100
Corp....Wo par
Sept
I07g 8ept
Mar 29
118
{St Louis-San Francisco...
6% preferred
Savage Arms
% Aug
17
112
48i2 Nov 26
1% Feb 9
760
Apr
7% Aug
Deo
Sept
Apr 20
ll%May 28
100
0%
9
2% Sept
24
128
1234 Oct 16
45% Oct 22
%May 15
100
100
{St Louis Southwestern... 100
5% preferred
100
17% 8ept
20% Sept
112
Corp._l
.....10
Apr
Nov 8
Apr 16
Jan 2
Apr 8
Jan 11
Ruberold Co (The)..-.Wo par
St Joseph Lead
%
40% Sep l
1
5
3
3
8
22% Apr
12 60 conv preferred-No par
Apr
12% Aug
2% Feb 27
1478 Jan
Oct
Rustless Iron A Steel
11% Sept
10% 8ept
48% Oct
25% Oct
47s Aug
0% Apr
70
May
J Rutland RR 7% pref
Del. delivery,
4
2%
65% Nov 20
4134 NOV 18
44
120
5,900
Aug
56
Mlnes.
2,100
175
May 22
Roan Antelope Copper
39%
Sept
Jan
June 10
Rltter Dental Mfg
400
158
11
52
300
"2,700
Sept
32
...
400
400
95
10
Common
9,300
1,800
Apr
100
—1
Reynolds (R J) Tob class B. 10
654 % conv preferred
Spring..
Reynolds
Wo par
No par
110%
3834
1
warrants..25
Richfield OU Corp
""166
110
.....19
7%
10
3%
*4
110% 110%
100
1,000
400
*4
..
Remington-Rand
10
12%
94%
9%
32%
*16%
*%$
,
120
13%
%
Reliable Stores Corp...Wo par
! Rensselaer A Sara RR Co. .100
Reo Motors vtc
1
2,300
Republic Steel Corp...Wo par
27,100
6% conv preferred...... 100
2,220
6 % conv prior pref ser A. 100
1,600
Revere Copper A Brass..—5
800
Class A
10
300
600
12%
Co 1st pref. .100
10
70%
70%
....
Reliance Mfg Co
100
96
—5
100
Hosiery
Rels (Robt) A
Q
*59%
66
1%
1%
22%
22%
100% 100%
Silk
Preferred
10
*62
17%
49
Real
100
100
17%
*47%
"""366
9
13
37%
Company........50
4% 1st preferred
50
4 % 2d preferred ....
50
""266
8
13%
*4
40%
*25
18
*%
.
14%
Reading
11%
9
*17%
*1334
600
24
6
18
800
11%
9%
13%
17%
2834
60
165
48%May 21
1
32% Sept
14% Sept
8334 Nov 19
16% Nov 15
145
13.50 conv 1st pref..Wo par
conv
Mar
97gNov
6
No par
6%
"l2""pept
Apr
4
35% Nov 15
May 22
9% Sept 19
4%May 23
90
Apr 15
Radio-Kelth-Orpheu m
Apr
12
7
7% Nov 14
June
9
800
9
4
Jan 17
110
143
Wo par
400
*8
2
126
84
20
*2%
6
112%May 22
28% Nov 29
100 May 21
110% May 22
100
100
......
15 preferred B
7,400
23%
12%
90%
...No par
(The)........Wo par
*1934
*27%
%May 29
434 Oct 2
6%May 21
63gMay 21
May 21
Quaker State OU Ref Corp.. 10
Radio Corp of Amer...Wo par
"2",200
21%
May
12% Jan
5%May
June
preferred
100
Raybestos Manhattan.Wo par
Rayonler Inc..
1
12 preferred
25
21%
15
53
100
17%
28%
% Feb
3
14
28
13
21
21
Wo par
6% preferred
5% conv preferred
Purity Bakeries
13166
2%
May 21
7
151% July
—5
60
preferred..........100
preferred.......—109
preferred
100
Pullman Ino
June 10
4%May 15
5 May 15
l6%May 22
10 May 21
19 May 21
No par
preferred
Pure Oil
500
62%
11%
5%
87g
5
24%
110% 110% *107% 111
71
*70%
71
32%
*17%
13%
10,000
15,000
8%
96%
1
Pub Ser El A Gas pf 15-Wo par
100
26%
..No par
36
*70
60
8
2%
94%
*5%
*9%
"""120
116%
5
*35
9%
65
*5
j
6%
7%
8%
95
6134
2%
36%
20%
17%
28%
100% 100%
94%
11%
24%
*11%
9%
*62
62
95
114
*90
*2%
*27%
9
25
*12%
3
62
70
*13.%
9%
9
*24
*28%
*7%
62
*59%
62
1%
1%
22%
22%
100% 100%
94
*17
8%
9
9
*1934
30
*2%
30
32
*7%
*8%
94%
*90
*53%
27
21
13
13
*90
*25
21
"109
25%
114
*108
114
27
21
*59%
60
60
62
9%
1%
1%
22%
23
100% 100%
94
94%
*11%
11%
1%
2%
*35%
14%
62
*59
62
2%
*25
14
27
15
100
10%
36%
20%
17%
28%
137g
4
Feb
2
5% pf (ser of Feb 1 '29).100
Pub Serv Corp of N J—Wo par
10%
51%
6% Feb
2%May
8
200
*9%
2%
40% Sept
Oct
5% conv 1st pref
5% conv 2d pref
1,200
61%
July
Apr
5
8«g Jan
No par
Procter A Gamble
3,200
*35
2034i
20%
17%!
17%
28%!
28%
13%
14%
35
31%
2% July
Jan
41%
27% May
178
""loo
10
2%
Jan
Apr
167
1234
86%
61
7
25
6
1
Pressed Steel Car Co Ino
15834
103% Mar
74
May
No par
{Porto Rio-Am Tob cl KNo par
4%
45
Jan
154
100
Postal Teleg'h Inc pref.Wo par
9,800
Sept
9
4
Nov 14
97%May
734 Apr
May
35% Mar
900
123
139
1% 8ept
72% Dec
1,000
60
8% Mar
47% Sept
May 21
preferred
Poor A Co class B
3,300
Apr
% July
1
3%May 22
16 May 24
6%May 24
04«4May 22
13% Nov "
154 May
2,700
40%
55%
118
29%
11034
Sept
Sept
10% Sept
14% Nov 25
3%May
30
6'4 Sept
35
s4
*75
68
%Mar
107% Feb 10
6
5
June
100
12%
95
Dec
Sept
3% Sept
a4
10
*75
6
45
Jan
45% Mar
31% Sept
61
Sept
6
86
47g
40
25
Apr
Jan
12%
10
10%
13% Sept
17
Apr
12%
86
95
21
24
5»4 Sept
19% Sept
Aug
Pond Creek Pocahontas No par
100
97g
*97g
47g
434
7
9
45% Oct
29% Apr
May
Oct
Apr
23
Plymouth OH Co
1,000
45
Apr 25
l7%May
ll%May
Apr
May
2
30
17%
-
86
*9%
Nov 27
43
Deo
27% Sept
Aug
8
1,100
10
*75
23
Mar
15
287g Apr 26
17%
1734
7%
85%
47g
25% Nov 15
5% Sept
17
66
17%
1734
7%
10
95
5
May
17%
85%
35%
14
*8
47g
Jan
33
May
"loo
10%
10%
2%
*29%
*2%
*9%
16%
4'4 Sept
2% Aug
17% Aug
lis4 Sept
22
7o
%
57g
12%
Feb 17
Apr
36
—-
85%
35%
20%
17%
28%
*25
*30
85%
*9%
61
27
9
40
54%
35%
20%
17%
21
3
*39
61
2%
28%
*7
*12%
*75
*25
13%
*16%
7%
59% Deo
94% Aug
Apr
25
.....
7o
.
*20%
*2%
1334
8
Apr
%
5
.....100
Hosiery
*158%
*12%
*12%
12%
13
*38
40
*38%
54%
5378
55
55%
*117
118
118
118
118
117%
118% *117
29
29%
2834
28%
29
28%
29%
29
110% 110% *110
110% *1097g 110% *109% 110%
*122%
*122% 122% *120% 123
122% *122% 123
*13634
*137% 1397g *137% 139% *137% 139
140
158
158
'156%
156% 158
155% 157%
158
116%
117% *116% 116%
116% *116
1174 *116
26
26
23
26
26%
26%
26%
26%
7%
7%
8%
7%
77g
7%
7%
8
96
96
94
96%
96%
96%
*94%
99%
95
*34%
12%
18
17%
48
Feb
Aug
%
....
3,
6%
12%
18
60
lis4 Mar
Aug
7% guar preferred..
100
Pitts Screw A Bolt
No par
220
66
Deo
48%
Pittsburgh Forglngs Co
710
*158%
4
4234Novl4
100
6%
280
37
a:5%
91
7% pref class B
100
5% pref class A
100
5k % 1st ser conv pr pf. 100
Pittsburgh A West Va._..100
Pit Youngs Asht Ry 7% pflOO
Pittston Co (The).....Wo par
52
13% July
Jan
9%
52
36%
7%
*97g
*8%
9%
52
36
%
Sept
2%
Apr
75
Pittsburgh Steel Co
51
....
21
Aug
87% Oct 19
200
36
*158%
%
Apr
1%
5%
70
2,700
35
*11%
11%
Jan
Apr
6%
51
12%
Sept
Apr
Pitts Coke A Iron Corp No par
10
6%
6%
51
*10%
47
Pittsburgh Coal of Pa
Y.BOO
37
12
Apr
5%
28%
No par
S5 conv preferred
51
66
30
4% Sept
30
Pitts Ft Wayne A C Ry Co. 100
*177
*8%
26
Pitt C C A St L RR Co
*160
6%
14% Sept
1% Apr
Jan 11
Pirelli Co of Italy "Am shares"
50
""§66
6
15%
15%
*177
178
*17%
*16%
*75
73%
Jan
73g Sept
6
Feb
47
PUlsbury Flour Mills
135
*5%
Jan
13%
7
18
6%May
100
Preferred
10
36%
66
10%
10%
Phoenix
100
107%
10% Nov
37%May
No par
7% preferred....
Plllhlps Petroleum
800
85%
15%
7%
*10
3%
48
22%
36%
*64
93%
85%
Phillips Jones Corp
9,700
*82
17%
93%
85%
*72
40%
Sept
Jan
25%June
Philip Morris A Co Ltd
2,200
......
72
Jan
Feb
14%
.25
Philco Corp
49
Nov 25
0% Sept
Sept
No par
5
Phelps-Dodge Corp
300
9
3
2
00%
104
8% Nov 14
10% Feb 2
40% Jan 2
Corp of Amer
Pfelffer Brewing Co
800
6%
10% Dec
15
78%
5%
50
64
118
Petroleum
No par
78%
*47g
8%
15%
Sept
99
%
74
7l278 Dec
36
1
.....
3
10
*
*160
Apr
Sept
92
7%
600
30%
15%
35
30%
12%
*8
...
5
% Mar
6%
2
4
9
8
Phlla A Reading C A I .No par
22%
Jan
Dec
45% Apr
103
Jan
8% Sept
June
8
20
30%
15%
1
5
Nov
2,600
*40
June 12
4% Jan
13% Apr
%6
50
47%
36
5% prior preferred..... 100
5% preferred
100
800
8%
85%
*82
10
l%June
5%May
23
*%
a;12%
83%
72
135
*5%
15
Pet Milk Co
500
31
"
7%
*117
3%
*4312
72
5
Peoples G L A C C(Chic)..100
4,900
*8
*16%
*%
5%
12%
*12%
4
48
23%
8
33%
43%
83%
31
8%
*8
3934
Deo
8
May
May
May
Philadelphia Co 6% pref...50
$6 preferred
No par
*42
8%
85%
18%
1734
18%
*16%
40%
*
6%
15
280
33
8%
*177
6%
9%
42
*3%
*43%
22%
4
48
23%
72%
135
*160
177
*734
33
39%
40
*5%
*31
8%
177
67g
9%
....
135
*5%
6
*160
....
*158%
*34
4%'
*70%
*
135
*5%
40
39%
5%
...
50
RR
Peoples Drug Stores I no
1,900
42
77%
*4%
'
*42
6
8
19%
4
8
934June 25
10
{Peoria A Eastern Ry Co.. 100
Pere Marquette Ry Co
100
6
33%
43%
83%
V
13%
78
5%
Jan
97g Sept
25% Apr
4% Jan
ll34May 21
Pennsylvania
100
h
13%
77%
*47g
5i«
77
49
39%
*43%
*7%
33%
*42%
8
4%
96%May
No par
$7 conv pref ser A
440
6%
Apr
6
No par
Penn-Dlxle Cement
400
21
2334
3
4
l%May 22
l%May 22
500
2%
41
21
4% Mar 11
12% Mar 4
10%May 13
62% Jan
5
Penn G1 Sand Corp v 10 No par
"l'Boo
407g
14%
*20
24%
33%
June
9
41%
24
42
*6
6%
Dec
71
1,200
24
*20
43
No par
Penn Coal A Coke Corp
"
Deo
7%
11%
44% Apr 9
23% Nov 7
2% Mar 12
Penney (J C) Co
800
4,300
88%
share
Deo
Dec
No par
5%June 26
per
0%
2% Nov 12
Patlno Mines A Enterprises .10
Penlck A Ford....
No par
2,000
38
41
24%
21
10%
8%
I
7
l%May 21
s4May 28
5%May 21
38
*8%
4
1
Parmelee Transporta'n.Wo par
Pathe Film Corp.
1
700
*2
Jan
share
per
8% Nov 18
1
Parker Rust Proof Co....2.50
22
9
26% June 11
99
Sept 13
7%
4%May 21
64 May 23
6%May 21
15 May 21
Parke Davis A Co
13,400
2%
21
634 Jan 16
%May 22
100
22
*8%
10
18
15
I
Park Utah Consol Mines
8,500
2134
22%
37%
27gJune
5% Oct
2%May
12
May
share
per
Highest
Lowest
Highest
%
share
300
;
22
*2
per
30% Dec 6
13%May 22
3%
3
1
6% 1st preferred.......100
6% 2d preferred....
10
3,800
1
2-%
22
43%
%
76
21%
22%
37%
*7%
%
*42
*11%
43
84%
*83
14%
33%
*4
8 534
*40%
8
h
*83
2%
3%
40
1
No par
conv preferred...... 100
Paramount Pictures Inc
1,400
43
*2
34
U
43
:: 43
88%
44%
87%
43%
*83%
*42%
10%
8%
10%
88%
3
15
4%
8,400
19%
*11%
1434
22%
*8%
19%
*%
%
39%
I
3
2%
6%
*7%
88
39%
38%
6%
2%
3
ar39l4
*2
6%
43%
*2
3
38
Panhandle Prod A Ref
Parafflne Co Inc
37,800
30%
19%
*42%
39
2%
10
""loo
"""§66
30%
43%
88% i
*2
3
39%
31
8
1
39
3%
38
21
30%
5
t
Park A Tllford Inc
2
8
87%
*23%
2
8
43
2234
39
2
No par
Pan-Amer Petrol & Transp_.5
9
*17g
1
10
Pan Amer Airways Corp
17
10%
88%
234
16%
*16
10%
43%
Packard Motor Car
13,300
7,700
3%
17
*15
*19%
%
10%
87%
*2
22
10%
20%
43%
2234
23%
98
10%
8
*2
100
%
%
*36
37
37%
105
104% *102
9%
i97g
10
10%
97%
98
97%
98
10%
10%
10%
10%
%
10%
10%
8%
45
38
38%
*814
*%
7
20
*%
38%
2%
10
23%
9
Pacific Tin Consol'd Corp
Pacific Western Oil Corp
1,600
4%
100
98
10%
*6%
3%
16%
Par
Year 1939
100-Share Lois
Lowest
Shares
237
10
1
4%
4%
7%
3%
16%
Range Since Jan. 1
On Basis of
Week
6
*102
31%
19%
22io
*20%
*8%
Dec.
$ ver share
1
Range/or Precious
EXCHANGE
39
31%
22%
*8%
16
2
19%
*7g
|
5
STOCKS
NEW YORK STOCK
the
CENT
Friday
■
103
103
2
*37%
*8%
3%
%
*%
*36%
2%
31%
19%
22
*2
4%
7%
7%
20%
10
42
1434
217g
Dec.
3%
16%
9%
88
44
10%
8%
*43%
8%
3%
PER
§ per share
4%
*16
31%
1
44
■
.
4%
*7%
*2
20
1
10%
4%
734
*16
31%
20
f
4
Dec.
NOT
Thursday
$ per share
*36%
2
31%
3
*%
34
39
102% 102%
934
10%
*98
9834
10%
10%
*36% 39
*36%
39
*100
103
*9934 103
934
978
934
978
9734 98
98%
98*4
10%
10%
10%
10%
*16% 20% *16% 20%
2
4%
*714
3'4
1534
SHARE,
Wednesday
$ per share
4%
*7%
3%
1578
*8%
1534
*8%
'
2
% per share
4%
73.4
3%
Dec.
Tuesday
Sales
/or
Saturday
3359
63
Mar 14
41% Dec
yEx-rlghta.
f Called for redemption.
New York Stock Record—Continued—Page 9
3360
LOW
AND
HIGH SALE PRICES—PER
SHARE,
NOT PER CENT
Dec.
Monday
Nov. 30
Dec.
$ per share
Tuesday
2
Dec.
Wednesday
3
Dec.
$ per share
f per share
Thursday
4
Dec.
$ per share
1012
10%
10%
10%
10%
10%
103g
8512
85
85
85
86
86%
86%
%
*234
%
3
,37
2%
37
*110
—
*%
*i«
*2'4
7434
10%
13%
*65
*334
*52
3
3
*37
38
3i#
*ic
147g
234
75%
107g
13%
70
4
53%
%
75%
10%
*13%
13%
*65
70
*65
14%
2%
*2%
3%
*52%
5%
10%
*107
3%
53%
5%
38
10%
109
5%'
5%
20%,
20%
20%
2
*1*4
2
*2534
27
*25%
*20
20%'
*112%
*17*4
*9%
*15
....
18%
9%
16
20
108
*112%
18
9%
15%
8%
8*4
8%
1%
1%
134
13%
*13
19
13%
19%
*137% 140
19
*137%
26%
26%
8%
12%
8%
12*4
8%
12%
21%
21%
21%
26
26
~
*2%
2%
*4%
5%
*55
....
26
*24
2%
*4%
20*4
*19*4
41%
41%
4d2
33*4
*57%
33*4
58
7
7
678
*52%
53%
32%
33%
""6% ~6%
3%
*12%
14%
1%
3%
14
14%
38
5
20%
*184
2534
*19%
%
»,«
*14%
*2%
7534
76
103g
13%
10%
*65
3%
5%
20%
2
13%
69
3%
4%
2034
*134
2534
20
21%
25
2%
5
21
; 21%
24%
24%
2%
2%
*4%
5
*55
57%
57%
7
54
*33
33%
112% 112%
6%
634
112
1%
....
20%
*55
*55
2034
3334
34%
57%
57%
*57l2
634
6%
6%
6%
634
53
33%
112
6%
53
33%
33%
112%
112%
6%
6%
*110% 114
1%
3%
53
*110%
1%
1%
3%
3%
*11%
12%
14
13%
1734
17%
26
*34%
36%
36%
*35%
3634
*36
61
33%
59%
734
7«4
7i2
7%
7%
7%
*4%
7%
4%
4%
4%
4%
7%
734
*414
7%
4%
734
4%
7%
1%
734
7%
8
*51
51%
125% *124
124%
8%
8%
*17%
1734
61
7%
*51
36%
*35%
61
*61%
7>4
4%
7%
7%
7%
51%
124% 124%
8%
8%
1734
1784
21%
21%
17%
17%
17%
17%
17%
17%
7%
21%
17%
6%
6%
534
*5
♦34
*3%
42
3%
*7
6%
*5
*34
*3%
*734
7%
3734
38%
38
3%
36%
*6%
3%
36%
6%
36
434
*7
*8%
*37%
*234
*37%
*4%
*31%
*4%
'*1%
18
9%
*95%
3%
8%
*38
40%
*40
3%
36
6%
4%
6
6
4%
4%
*6%
7%
*6%
8%
41
*734
8
4%
4 <%
8%
*6%
8%
8
41
40%
4%
3
*234
3
*37%
40%
434
34
4%
4%
434
*4%
4%
4%
4%
37%
434
37%
4
32%
33%
3234
33
*4%
4%
*4%
33
4%
5%
33
1%
18
984
5%
*5%
6
4%
*5^4
4%
584
32%
32h
3234
32%
32%
1%
1%
1%
32%
1%
1%
1%
18%
18%
18%
I85g
*18%
18%
9%
9%
9%
9%
9%
47
5
5
18
7%
1734
1%
83
434
*884
*7%
134
*72%
434
*8%
6
i
96%
29%
47%
5
18
8
134
*72%
484
10
*41o
6
6
16%
16%
16%
*1%
134
1%
1%
20%
9%
3234
9%
19%
9%
*7%
134
76
16%
20
*95%
29%
47%
4%
17%
9%
96%
96
29%
29%
48%
48
4%
17%
8
*7
1%
76
*72%
4
9%
584
16%
1%
20
4%
*17%
I84
434
*9
96%
29%
4834
4%
17%
7%
134
83
484
10
31
13%
13%
*31%
1%
*1734
9%
96%
29
4%
534
32%
1%
18%
96%
29%
4834
7%
1%
*72%
*9
9%
534
*16%
1%
31%
15%
28
13%
13%
13%
13%
13%
13%
1%
1%
1%
27%
28%
28%
♦
1%
29
1%
2834
1%
29
1%
28%
Bid and asked "rtoeanoqale* oa 'hM 4av,
110
48%
19
1%
29
115
115
13%
*15
*27%
42%
157g
13%
16
13%
110% 110%
800
100
600
6,500
15,500
110
48
48
*47
50
187g
1%
2834
*18
187g
600
1%
28%
39,700
7,400
1%
28%
: Id -eoaiverthip.
13g
28%
1
Qqf
1
preferred
100
No
par
1
...100
Dec
May 18
2%May 22
9%May
12%May
16% Oct
2034May
39
29%
Oct
Jan
May
7
Jan
72
9
Dec
12% Apr
10% Aug
1% Sept
13
Sept
14
Apr
127
Apr
23%
Sept
15% Sept
3% Sept
18% July
35% Sept
143
Dec
Jan
29%
Dec
21%
23%
Jan
4384 Sept
Mar
Jao
36% Nov
May 14
1% Aug
3%
4'4
8
9% Sept
60
Apr
70% Nov
22% Dec
6178 Sept
34% Dec
14%
47
36
Apr
Apr
Feb
9
3834 Apr
3
11
Apr
Nov 28
42
Apr
11% Jan
8% Aug
66% Apr 9
40% A pr 10
Jao
Sept
2334 Apr 11
58
17% Mar
24
34
Jan
3
3
Paper Co
Swift International Ltd
Symington-Gould Corp w w.l
Without
Talcott
1
warrants
Inc (James)..
9
—.60
...5
5
26
May
May
xl7%May
16% Aug
434May
334May
4%May
28%May
3
May
4% May
10
26% Jan
29
Apr
46% Jan
21
6
29
15
21
4
22
21
22
29
20
21
22
21
20
22
14
26
21
57% Dec
18% Apr
63
Dec
16% Mar
75% Mar
34% Dec
1
$3.60
100
conv
No par
pref.....No par
$3 dlv
Apr
25% Oct
33% Sept
24% Sept
22*4 Aug
5
63% Sept
Apr
36
Sept
Apr
80
Dec
12%
Jan
6% Aug
3%
8%
118% Sept
Jan 20
Jan
.
Nov 8
Feb 28
Mar 25
24% Apr 22
32% Jan 25
9% Jan 3
7%May 3
6
Apr 11
Mar
6
6% Mar
5
7%
10
57g Sept
17
33% Oct
3% Aug
4
Dec
684 Nov
9
Jan
22%
Jan
24
Oct
61
Oct
May 15
20
June
5
35
9
14
234 Feb
5
4
2
7% Apr 8
684 Apr 22
38% Apr 16
17
Transcont'l A West Air Inc._5
TransUe A Williams 8t'l No par
Trl-Contlnental Corp ..No par
$6 preferred
...No par
Truax-Traer Corp
No par
Truscon Steel Co
20tb Cen Fox Film
10
CorpNo
$1 50 preferred
par
No par
Twin
Twin Coach Co
City Rapid Tran.No par
7% preferred
100
1
Under Elliott Fisher Co No par
Union Bag A Paper
No par
Union Carbide A Carb.No par
81
28
21
21
21
10%May 21
4% May 22
l%May 22
May
18
May
35% May
4% May
64
Aug
5
3%May 21
6%May 22
6 May 21
14
May 22
l%May 22
13% May 22
6%May 23
21%June 10
9% May 21
59% June 10
Union El Co of Mo$5 pf No par
25
105
12
May 21
100
71
May 25
4% preferred..
100
Union Prem. Food Stores,Inc. 1
Union Tank Car
No par
70
June 10
Union Oil of California
Union Pacific R71 Co
United Aircraft Corp..
Un Air Lines Transport
United Biscuit Co
5% preferred
United Carbon Co
No
...
31% July
5
7
12
par
100
..No par
gate
Nov
2284 Jan 21
5
United-Carr Fast Corp.No par
United Corporation
No par
$3 preferred
...No par
*
14
__
May 27
s
3
May 21
l2%May 28
108% Nov 22
42%May 23
12
May 24
13gMay 29
26%June 11
"x-dtv
*
4
584 jan
38% Sept
11% Sept
8% Sept
3
JaD 27
6% Mar
9% Sept
6O84 Sept
30
May 6
May 10
9% Sept
7% Mar
43% July
Apr
Feb 16
2% Jan
30% Mar
10% Jan
32% Aug
3% Aug
Mar 21
12
128% June
II84 July
38% Jan
3% Sept
22% Jan
12% Sept
15% Dec
23
Jan
37% Sept
18% Jan
8'4May 28
Oct
25% Sept
334 July 11
5
May 22
2534May 28
1
May 18
8
May 21
Jan
10
66
4% Aug
3% Aug
4% Aug
8
Jan
17%
24«4 June
Aug
8
784 Sept
Apr
4
Tlmken Roller Bearing.No par
Transamerlca Corp...
..2
Apr
22«4 8ept
42% Feb 16
684 Mar 8
$4 60 conv pref
No par
Tlmken Detroit Axle..
10
Apr
19% Sept
H4 Aug
53
$3.60 cum preferred.No par
Tide Water Associated Oil.. 10
Apr
124% Sept 17
June 19
..100
Apr
5% Apr
45«4 Sept
Nov
Sept
Aug
Sept
May 21
30
38
20%
30
25
Thompson Prods Inc..No par
Thompson Starrett Co.No par
New nook
13%
4
40
Jan
Oct
10%
20%
36%June 27
2tgJune 11
Thompson (J R)
n
2
12% Feb 21
Jan
Jan
Apr
10
preferred
Third Avenue Ry
220
8% Feb 15
10%
27%
2%
18%
35%
7%
Jan
June
5%
Apr
1
Co
conv
8034 Jan
65%May
7%
108
484
10
100
No par
Preferred
Thermold
Oct
Dec
65
5
Nov 12
8% Apr
12% JaD
Dec
2
7
5% Oct 23
Mfg
8
9
8
4
4
5%
94
26
No par
Texas Pacific Coal A Oil....10
Texas Pacific Land Trust
37
4
8% Nov 14
47% Apr 4
4% Apr 4
37% Nov 26
8% Jan 8
6% Jan 4
12% Jan 8
33
May
2%May
26% May 23
Thatcher
2% Jan
7% Jan
18% Jan
2234 jan
4%May 15
4%May 20
5
May 21
634 May
4634 Aug
118%May
7%May
12%May
1% Oct
9%May
110% Oct 24
26
21
28
29%June 1
23
May 21
56
May 21
Sweets Co of Amer (The)...60
Swift A Co
26
1,200
delivery
26%May 23
20
1,100
110
*1734
60% Oct 14
14%May 29
33
May 21
19
May 21
45%May 28
434May 22
46
May 22
10
50
84%
15%
28
4234
1334
48%
70%
84
157g
110
13
3,800
15%
13%
219
6%
Superheater Co (The)
Superior Oil Corp
Superior Steel Corp
1,700
2,900
16%
50
4,200
1234
16
20%
534
16%'
1%
78
16%
110
100
1234
16
20
""600
77%
16%
49%
4%
13
16%
110
100
4,200
78%
84
16%
20
900
3,400
2,600
6,700
9,300
z8%
15%
*27%
3,900
2,700
2,700
834
3134
13%
71
9%
115
7,500
2 584
31%
13
71%
13
300
24
93g
77%
*83%
2,900
4,500
1,210
31%
127g
*70%
114
300
2,000
134
83
5%
16%
1'
23
4,000
9%
534
16%
*13%
51
4%
1734
4%
16%
1%
22%
4234
111
29
*9
1%
42
51
—
No par
The Fair
7%
1%
75%
4%
4234
*1934
Corp (The)
Sunshine Mining Co.....,10c
"""166
49
*7
1%
*72%
4%
41%
*109
No par
Sun Oil Co.—
200
3
600
17%
43
52
4%
5%
32%
1%
*17%
4%
42
20
Standard Oil of New Jersey_26
Starrett Co (The) L S..No par
140
17%
43%
111
Standard Oil of Calif...No par
Standard Ot; of Indiana
25
Texas A Pacific Ry Co
32%
4%
5%
3234
1%
18%
9%
434
*7
2.400
32%
17%
42%
52
prior pref
Texas Gulf Produc'g Co No par
1,900
28%
4834
434
48%
4334
20
No par
cum
Texas Gulf Sulphur
484
5%
133g
$7
2,700
4%
16%
23
par
No par
2,300
200
41
1%
21%
1,200
13,300
700
41%
*234
*38
9%
43%
*109
*40
16%
9%
9
9%
9%
31%
32
31%
3J%
13%
1234
13%
1234
12%
71
71 s4
71%
7134
71%
72
71%
72%
*113
114
*113
113% *113
113% *113% 114%
13%
13%
13%
13
13%
13%
13%
13%
79
79%
78
78%
79%
7834
7834
7884
85
84%
85
85
*84%
84%
84%
84%
*14%
15%
*14%
15%
*14%
15%
*14%
15%
27%
2734
27%
27%
*2714
28
27%
27%
30
4
*5%
32%
36%
584
16%
1%
2134
600
77«
*734
434
40%
*30
38?g
3%
36%
6
*37%
34
No
Telautograph Corp..
Tennessee Corp
Texas Corp (The)
3%
7%
38%
3%
39
40%
*32
preferred
$6 cum prior pref
200
3%
7%;. 7%
3%
6%
*234
$4
5)4% partlo pref
34
2,600
Jan
3% June
281 j
10% Apr
11% Apr
15% Apr
15% Jan
20% Jan
347# jan
June 10
Sutherland
2,600
23%May 22
684 May 21
8
May 21
l3%May 21
17% Nov 6
l%May 21
3*4June 12
1
160
3534
17%
21
17%
67g
May 28
98
34%
3%
7%
6%
3
200
May
Aug
No par
preferred
300
*37%
*234
2,000
10
16
128
Standard Gas A El Co .No par
4%
*38
3
1%
15%
20%
5
8% Sept
3284
2
4%
40%
41
1%
15%
*20
400
1% July
6
350
2,400
7%May
7% Apr
5
41
3
*234
18
18
107% Nov
Sept
112% Dec
700
3%
3534
8
62
16% Apr
15% Aug
Oct
21
Oct 29
11% Jan
2434 Feb
12% Jan
2% Mar 11
16% Jan 3
30% May 10
162% Apr 23
30%May
3
preferred
6
3%
36%
8%
100
9% Aug
08% Aug
4>4 Apr
17% Apr
2% Dec
64
11«4 Feb
38% Aug
17% Sept
11% Apr
22
May 21
700
36%
Jan
Dec
5
1,800
*36
June
6% Dec
28
JaD
7% Sept
112
112
$4.60
25,300
43
jan
Sept
Jan
100
conv
"MOO
2,200
18,300
25,400
3% May
I83g
101
No par
5%
Standard Brands
6
z38%
*7
140
6
7%
*4%
Square D Co
4,500
10,000
6
39%
*8
No par
1
678
7%
8%
Conv $4.60 pref
7%
38%
3%
8%
310
2
*6%
734
434
Spiegel Inc
2034
38%
8%
750
21
1784
734
4%
1,500
3,600
*3%
*34%
36
Spencer Kellogg A Bona No par
Sperry Corp (The) v t e
1
Splcer Mfg Co
No par
$3 conv pref A
No par
5,500
5
36
6%
No par
*3%
2034
17%
38%
*6%
96%
9%
8%
36
3%
preferred
Studebaker
*434
36
15.60
...
.....1
800
5
6%
No par
5,500
5
3%
With lug ton
77g
5
*3%
100
5234
124
124%
8%
8%
6%
3%
Southern Pacific Co...No par
Southern Ry
No par
734
67g
6%
34%
12,800
4,000
51%
734
8%
8;
29%
*17
*3%
177g
7
6%
Southern Calif Edison......25
734
38%
484
97
*4%
3%
34
3%
29
7%
38
5
35%
47
1%
*72%
*5%
3%
28%
4%
6%
534
36%
6%
47
*17%
*7
*6%
*5%
*32%
734
7%
3,000
51%
124% 124%
734
51%
21
21%
...100
Stone A Webster
*20
2134
S'eastern Greyhound Lines..5
So Porto Rico Sugar
No par
Mobile A Ohio stk tr ctfs 100
72
Dec
114%May
Socony Vacuum Oil Co Inc. 15
South Am Gold A Platinum..1
Spear A Co...
21%
51
May
39,800
Sparks
Nov 12
11% Apr
10% Apr
105
May
200
.
23>iMay 10
June
preferred
Jan
Apr
Sept
Sept
5
5%
40% Feb 13
13% Jan 4
1% June
60%
1
3% Sept
24% Sept
3% Jan
85% Nov
127
15
preferred
534 Jan 11
56
Apr 5
7% Mar 13
31
10%May
8%
16% Nov 8
73% Nov 15
Apr
15% Aug
Apr
Snider Packing Corp...No par
20
Apr 6
163g Jan 11
% Aug
1
-
70
10
Smith A Cor Type v t c.No par
300
2% Nov 14
88
r
~
Apr
Smith (A O) Corp
1,600
3
10% Jan
52% July
117% May
120
500
6,900
Jan
Sept
May
300
1,200
20
Apr
44% Sept
105
2
2
3g Jan
1% Jan
2% Apr 29
12%June
3*4
4
Jan
Highest
9 per share I per share
10
Aug
17% Mar
61
Sept
76% Aug
1
Jan
% Apr
67
No par
4,700
*15%
21 %
$6 preferred
7%
1%
21%
40
1
15%
21%
Sloss Sheffield Steel A Iron. 100
Stokely Bros A Co Inc
22
5
15
Skelly Oil Co
20
500
414
7%
*20
*3%
No par
5
*15%
5
Slmonds Saw A Steel
500
49
24
l%May
17%May
10
16
*3%
"""166
10
Petroleum
share
108% Feb
6% Nov
12% May
Stewart-Warner Corp
22
5
Slmms
....No par
Sterling Products Inc
*20
*3%
Simmons Co
3,100
700
*15%
1%
3% May
1,600
16
1%
95%June
conv
7%
4%
22
1%
preferred-.100
5>4%
1,000
634
15
Oil
Silver King Coalition Mines. .5
6234
16
1%
Shell Union
5,300
"MOO
7%
4%
7%
*20
5
7
36%
62
714
17%
1%
16%
*3%
7
57%
6%
17%
1%
1%
Sbattuck (Frank G)
No par
Sheaffer (W A) Pen Co.No par
20
5
....
7%
61
100
2
2034
40%
3434
57%
67g
preferred...-No par
conv
Sharpe A Dob me
..No par
$3.50 conv pref ser A-No par
3,300
...
2
51%
52%
51% 52
35
3484
34%
35%
35%
112% *11234
*11234
26%
634
6%
634
6%
114
*110% 115
*110% 115
*1
1%
1%
1%
1%
3%
3%
3%
3%
3%
11
13
12%
*11%
13
14
13%
14%
1334
137g
1734
17%
1734
17%
17%
26
26%
263«
26%
263g
3234
33%
33%
327g
337g
*7%
61
"l~766
3,700
*1934
40%
3434
57%
8%May 21
51% Aug 1
3
May 21
40% Aug 16
4«4May 21
34
May 29
7%June 6
per
115% Jan 11
110% Oct 10
8% June 10
15
20%
26
53
36%
61
16%
22%
5%
37%
10%
1
...
Year 1939
Lowest
14»4 Mar 27
86% Dec 4
3g Jan 2
7*4 Feb 21
2%May 21
Sbaron Steel Corp.....No par
600
20%
*24%
*55
41
3434
26%
34%
*1%
3%
53%
*4%
40%
34%
57%
17%
*20%
2%
*1934
14
8%
26
41%
34%
5734
14%
18
*24%
20%
14
8%'j
51%'
20%
*4%
33%
*16
68%
Seagrave Corp
...
34
*11
8%
*60
10%
407g
3%
*17
13
10%
*1934
13%
*124
Servel Inc
210%
*2
26
8%
No par
Sears Roebuck & Co...No par
1,700
*107% 10834 *107% 10834
5
5
*4%
5
2034
*19%
20% 21
19%
2
*134
2
*134
2
2634
*25%
2634
*2514 2634
20%
*20% 20%
2034 2034
5
18
17%
8,900
10%
13%
10%
2
34%
124
77
10%
13%
26
26%
8%
76
76%
2
*4%
17%
17%
Seaboard Oil Co of Del.No par
10%
13%
*24
34
124
700
*2%
1434
2%
75%
20%
3%
8
(Seaboard Air Line....No par
4-2% preferred.....—100
*14
20
par
800
5
20%
34 May 14
107%June 25
101%June 24
%May 16
% Oct 15
11
May 21
1% Sept 26
61%May 21
par
7,600
14%
2%
68%
3%
53%
7%May 21
par
9
64% July 2
% Apr 22
%
14%
*2%
*65
20
9 per share
100
1
100
3 le
%
41%
*12%
*51
700
*%
%
%
%
....
26
8
400
110
10%
10%
3
Range for Previous
Highest
6
514% preferred
(Schulte Retail Stores
8% preferred
Scott Paper Co.......No
$4.50 preferred.....No
$4 preferred
No
*107% 109
18
51%
110
5%
38
5%
700
39
*2%
%
?
Scheniey Distillers Corp
6,400
6,400
*38
*109% 110
f
Par
*110
37%
52
26
34%
7%
2%
38
3%
*52%
5%
37%
37%
17*4
51%
2%
238
10%
Lowest
Shares
86
%
3%
*52%
5%
*37%
52
25%
33%
61
10
*84
*110
1434
2%
...
33%
1%
10%
27g
%
*3g
10%
%
3834
...
*109% 110
5%
*107% 109
*1934
40%
*109% 113% *110
*1%
53%
5%
*37%
2034
42%
34*4
54
3*4
3834
*110
8 per share
85%
10%
*85
Ranqs Since Jan. 1
On Basis oj 100-Share Lots
EXCHANGE
Week
6
*25%
20
20%
*110
110
110
*110
114
115
114% 113% 113%
113
*112%
*112%
*112%
113%
18
17%
1734
17%
17%
*17%
1734
1734
19
*9
10
*9
9
9%
934
934
934
9%
15
15
15
*15
16
15
15%
*15%
15%
8%
8%
8%
8% -8%
8%
8%
8%
8%
1%
1*4
1%
1%
1%
1%
1%
134
1%
13
13
*1234
13%
13%
1234
1234 *12%
13
19
19
19
218%
18%
18% 18%
18%
18%
140
140
140
*137% 140
*135% 140
*136% 140
26
26%
26%
26*4
26%
25%
26%
26%
26%
8
8%
8%
8%
77g
8
8%
7%
8%
13
12%
1234
12%
12%
12%
12%
12%
12%
26%
*55
*1934
334
69
*52
10%
1
5%
115
%
I
10%
*37%
*108
3%
38
...
75
14%
5%
5%
20%
*134
tg
%
14%
14%
*214 ": 2%
75
7534
10%
10%
*13%
13%
38
10>4
109
%
%
%
5%
10
*284
37%
*110
*110%
*37%
*107
lg
110i2 *109% 110% *109% 110
*109
*14
%
%
%
Dec.
$ per share
10%
*8412
1«
5
STOCKS
NEW YORK STOCK
the
Friday
Sales
for
Saturday
1940
7,
48
3% Dec
2%
Sept
Apr
Apr
1% Jan
284 Sept
Apr
1% July
7%
Apr
5%
41
Oct
Oct
flr
Nov
3%
Oct
33'
Nov
4»4 Nov
33% Nov
384
Jan
18% Dec
14% Mar
9% Aug
83
Sept
96
Feb
8
IO84
Apr
25
Dec
62% Nov 15
34%
Apr
54%
Jan
97
29% Nov
7
21%
Mar 14
Apr
4
6
6%
Sept
Apr
8% Sept
12% Dec
10%
Jan
938 Nov
9
5%
Apr
2 34
4
2
Mar
82% Mar 7
5% Apr 15
10% Apr 24
13% Jan 4
74
Apr
3
Apr
7«4 Sept
6
Apr
14% Sept
jan
4% Sept
88
Jan
11% Dec
26%
Jan
25% Jan 23
3% Apr 4
1984 Sept
34%
Jan
30
4
17% Apr
13% Mar 14
7% Apr
34% Sept
45
Apr
Feb 19
1834 Apr 22
88% Jan
4
116%May
17% Jan
98
Apr
2
8
8
89% Feb 10
16
July 13
29%May 11
63% Apr 16
23% Apr 4
18
Apr 17
110% Nov 28
1%
6
Apr
Aug
65% Apr
108«4 Sept
15% Aug
81% Apr
78
Apr
384 Aug
35% Aug
12% Jan
66
Jan
13%
Dec
94% Sept
118
July
19%
Sept
90
July
20% Mar
24% Sept
31
51
Aug
16% Dec
18% July
2
62
Apr
69%
20% Dec
3
13%
Apr
20
2
Apr
42
Ex-rights.
4
Feb 13
Nov
7% Apr
14% Sept
66<>8May
2% Apr
Jan
105
30% Apr
3%
Oct
Mar
Feb
39% Aug
T OaUed tor redemption
New York Stock
Volume 151
LOW
AND
HIGH
SALE PRICES—PER
Record—Concluded—Page 10
3361
Nov
.
|
I
30
Monday
Dec.
5 ver share
•45s
3%
*29i4
30*2
4%
4%
*234
10
*112
Dec.
9 per share
4%
234
2934
434
35%
2934
30%
35%
71%
434
4
4%
2%
*2934
4%
38%
7034
434
37%
71
10%
NOT PER
Dec.
*86
10%
*9
6912
*17314
512
*28'8
*21i8
4l2
*8
43g
4%
4%
5,100
234
2%
2%
300
2934
2934
4%
2934
30
4%
434
4,500
United Electric Coal Cos....5
39%
393s
393s
3,200
68%
69%
1,800
United Eng A Fdy...
United Fruit Co
978
10
112% 112%
21,700
30%
434
39
8
8
8
8
8
63
*57
63
*57
63
*30i2
*31i2
3114
3278
31%
30%
30%
31%
24i2
32%
24%
31%
24%
30%
*31%
23%
30%
*23l2
*30%
*3178
*23%
"1.
1,i«
*23%
"i«
24
23%
90
90
91
91
*63
65
64
65
*71
72i2
"i«
24%
*71%
68%
67l2
68%
128U 12812
2934
4%
39
30i2
*46%
*1%
*1%
*58%
*17%
30%
3012
47
1%
1%
61
18
*46%
1%
*1%
58
58
99
56
78
91
92
64%
72%
67%
65%
72%
68
65
65
30%
*46%
1%
1%
1%
*1%
6034
17%
56
65
*72
*46%
1%
47
1%
13s
6034
17%
1%
60%
17%
60
*56
153
*153
99
99
99
*16%
17%
*16%
17%
16%
16%
*15%
17%
*15%
*58
2%
*23%
26
27
24%
117%
12
*9
12
26%
45
12
*9
45
*44
*32
3234
3234
*97% 102
*90
*91
*%
*i«
lo
lo
*8%
*2184
9%
%
*8%
%
878
*8%
*4
*84
1578
3%
*14%
1578
3%
*45
50
*45
*4
78
*14%
3%
*34
3%
1%
1%
*878
11
*30
32
23%
23%
23%
16%
*20%
*278
16%
21%
19
3%
19%
*16%
*20%
*234
*19%
*67
6934
*67
*34
*14%
3%
50
50
1%
1%
11
*9
53s
29%
*13%
5%
2978
1334
*4
4%
51
51
1%
*9
16%
*118
69
69
*68
68%
300
*102% 103
102% *102% 103
108% 109%
109% 109% 109%
101
101
101%
10034 101
94 eonv preferred
No par
West Penn El class A_.No par
230
119
100
137
I
*ie
33%
137
*31%
34%
*33%
*115
130
j
*70
78
*70
102
102
*101
*115
717g
10%
14%
1434
*9%
14%
10%
14%
7%
4%
*35
8
4%
55%
23
2
434
64
734'
47g
6
June 24
11
18%
11%
40%
*96%
1734
16%
16%
16%
2%
3%
434
64
White Rock Mln Spr
1,300
White Sewing Mach
32%
32%
4%
4%
6334
6334
22%
64
■
3,600
31%
3134
22%
22%
217g
16,500
2,200
Worthlngt'n PAM(Del)No par
360
7% preferred A....
100
6% preferred B__...... 100
Prior pref 4)4% series.. 100
Prior pf 4)4 % convserleslOO
Wright Aeronautical...No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
26
*83
88
88
*73%
88
*73
88
*95
80%
101
*7934
*20
81
21%
60%
*96
56%
*55%
56
""466
60%
eo%
61
300
101
*7984
16
2%
this day.
2%
t1
7934
19%
1934
16%
2%
40%
97
17%
16%
102
*95
807g
1934
40%
40
96%
*97
17%
96%
17%
15%
16
*2%
""306
80
19%
1,500
16%
1634
117% 117%
10%
10%
397g
2%
receivership,
10,300
9,200
40%
100
Woodward Iron Co........10
Wool worth (F W)
I
200
16%
17%
2,700
15%
3,400
2%
600
Def. delivery.
Co..
—10
Yellow Truck A Co*h cl B.
May 23
5
May 18
3634June 14
28%May 29
71
May 23
120
June 10
% Oct 23
%.Dec 3
5%May 21
l6%May 22
89
June 26
3
May 22
l8%May 22
10
June
59
Aug 26
Young Spring A Wire
No
Youngstown S A T
No
6)4% preferred ser A
Youngst'n Steel Door—No
Zenith
Radio Corp
New stock,
97
May 11
6
11
1
Nov
Jan 25
182%May 14
6% Mar 9
3234 Mar 11
28
Apr 25
7% Apr 23
1234 Apr 23
74
May
4
38% Jan
4
1
39
Apr
r Cash sale
74
Feb
8% Sept
36% Sept
95
Sept
15
Nov
117% June
14
Sept
7% Sept
11
Jan
June
87% Mar
5
Mar
17% Sept
5% Aug
65% Sept
149»4 Sept
4
Apr
23
Apr
13% Apr
3% July
6>4 Aug
Apr
3234 Sept
3x% Oct
46
14
Sept
113
Jan
180
Mar
77g July
35% July
29% Sept
10% Sept
15% Sept
67
Oot
49
Mar
87% July
Nov 29
24
1>4 Jan
41% Jan 3
117
April
67% Nov 14
72% Dec 3
76% Nov 9
Nov 22
130
63
Deo
6
18% Nov
9
Jan 15
70
159
Jan 22
112
Mar 27
1%
Deo
6% Mar
31%
48
Apr
Apr
July
IH84 Nov
68% Sept
60
Jan
8634
41% Aug
98% May
30
Sept
39
Oct
1»4 Deo
1% Apr
46
Apr
437gMay 10
397g Mar 16
117% Apr
49%May
62
Oct
60
Aug 22
31% Mat 14
4% Jan
31>4 Jan
119
Nov 19
16% Apr
48
June
8284 Sept
1207g Sept
37% June
46»4 July
4
Sept
2%
Oct
Dec
May
17
60% Sept
Sept
45% Apr
85
Sept
July
163
June
9
146
16
16
78
Feb
Jan
1
Sept
Aug
%
Feb 29
*70
Jan
64
34 Apr
19
6234
21
Sept
40
Sept
40
Nov
25
Apr
Apr
109
Sept
116% July
347g Apr
64% Aug
44%
65
65
Sept
Deo
56% Aug
Sept
18%
2%
Apr
29«4
Apr
17
Apr
534 Sept
3334 Sept
112% Sept
4% July
Deo
118
July
15
Sept
Jan
35
Jan
110
Nov
135
May
2% Jan
97gNov 18
23%May
102
4% Feb 19
Dec
Mar
3
6% Apr
34% Nov 13
2834 Feb
20% Apr 22
4
47g Feb 23
8
Oct
Jan
4
Apr
23% July
98% July
9% Jan
30'4 Sept
14% Oot
50>4 Jan
20% July
7
Dec
1%
Deo
21
Dec
3% Dec
Feb
2%
67g
68
Jan
Mar
Jan
July
13»4 May
3584 Oct
1484
24%
Jan
3284
384
28%
Jan
79
Jan
20
17S
Apr
Sept
Apr
16
75
55% Aug
4
147g Mar
44
18g Nov
6% Apr
19% Apr
29% Apr 16
Jan
Sept
37g Sept
Apr
36
2% Sept 13
12348ept 13
Jan
Deo
131
15%
1% Jan 10
24
101
85
Dec
25% Jan 10
51
Apr
Mar
84 July
1% July
64%
125
1% Jan
July
37g
Jan
Oct
Jan
110% Apr 12
85
Apr
115
Apr
9
95
Apr
107%
112%
108
Jan
8
88
Apr
100
Deo
l08%May 23
11
May 21
KK)7gMay 17
120
Oct
3
105% Sept
115
Nov
25%May
3
15% Nov
19%
20%
Apr
Apr
36% Nov
3% Apr
11% Sept
3
105
407g Apr
2*4May 15
4%May 18
8% Apr
%May 15
14%May 22
15%May 21
76 May 21
110 May 21
Jan 20
108
Dec
2
6
1
4
Jan
2%
28*4 Jan
28% Jan
118
Jan
140
2
Sept
Sept
Nov
126
37%May
10%
15%
May
Apr
38% Feb 13
39% Jan 3
109% Dec 3
*29
Apr
Apr
80
Oct 14
42
July
Nov 15
74
Apr
Oct
Oot
Oct 31
80
Jan
80
Jan
747g Nov 14
45
July
78
Oct
120
11% Apr 18
8% Deo
16% Nov
7
7
11% Apr 10
7%May
67% Mar
70
Mar
45
June
7
Jan
2
6
121% Mar
1534May 21
30 May 18
l3%May 21
34% Nov
42% Apr
60
95
58
39
June 17
91
June 10
73
May 23
16% May 28
934May 21
98
26% June 10
100
80
par
12%May 21
8%May 21
2
May 28
Mar
* Bx-dlv.
1
Oct
93
1<4 Aug
2
Nov 15
Apr 26
Jan
3
Jan
Sept
23$ Aug
20% Dec
4% Nov
14
1
June
23g June
3%
6%
27g Aug
77g Sept
32
Aug
Apr
Sept
10% Apr
47% July
43
May
23% July
31%
Apr
85
Apr
75
Mar
Feb
Feb
60% Nov
Sept
31% Sept
50% Jan
23% Jan
115
74
Oct
09
Oct
38% 8ept
53% Sept
124% Nov
85%
Dec
18% Sept
33% Mar
217g
4
11%
126% Sept
4
98
Apr 16
48% Jan
3
7
4% Nov
34«4 Nov
19% Jan
14
12% Mar
I684 Oot
Apr
36
65% Oct 31
129
Apr
9
25
3% Sept
14
15
2478May
5
June
Apr
105% Apr
102% Oct 22
July 25
29
Deo
Dec
Oct
116
June 17
Deo
76
7% Apr 22
65
Mar
28%
39%
39%
97
Jan 15
3
146
387«
9
384May 21
1484May 22
134 Oct 7
1% Jan 5
37% Sept
121
Sept
15% Apr
35% Apr
3
8
2478May 2
3% Jan 11
3% Apr 22
634 AIM- 13
4
684 Sept
37
103
Jan
Deo
167g Apr
18% Apr
82% Apr
%
60
38
Deo
Dec
Jan
85
May 28
May 24
18%May 21
9334June 13
61
May 29
734 Aug 16
7%May 21
4% Mar 23
3%May 22
Dec
Apr 29
June 10
21
par
1
share
7% Mar
8>4 Jan
75
12% Dec
89
per
June 10
June
90
May 25
6%June 10
No par
Zonlte Products Corp
n
13s4 Mar 12
7% Apr 10
7% Jan 3
Highest
1
96%May 22
91
par
100
Preferred
140
500
15%
2%
a
..No par
6% pref. 100
217g
88
*55
preferred
onsln El Pow
3134
*83
61
56
"Yioo
84
55%
....No par
32"
r84
55
...6
6% eonv preferred.....-.10
Wilson A Co Ino
Wis
3178
31%
........20
Wilcox Oil A Gas Co..
600
*116
32"
CoNo par
Corp..
Willys-Overland Motors..... 1
900
37g
317g
..1
White Motor Co..
Prior preferred
4%
*63%
88).20
$4 eonv preferred....No par
334
397g
*96%
17%
11,400
384
*116
32%
317g
22
Bid and aaked prices; no sales on
8%
4%
4 %
4%
11
2%
"2,400
200
40%
96%
17%
2%
1478
1,200
11
16%
1434
55 eonv prior pref___No par
White Dental Mfg (The
2
39%
17
"""266
*9%
72%
10%
2
*17g
*178
334
16%
16%
16%
16%
117% 117% *117% 117%
*1084
11%
*10%
1034
96%
130
8
100
5)4 % eonv preferred
100
Wheeling Steel Corp...No par
6% preferred
100
23
*60%
11%
41%
97%
18
163s
4,300
834
30
No pas
Wheeling A L E Ry Co
"""130
178
62
16%
320
78
14%
60
6% eonv preferred
$4.50 preferred
100
29
10%
May 24
l>4May 15
May 22
27»4May 21
28%May 21
101
72%
19
26
101
73
35%May 28
6684 Jan 6
60
Aug 22
Westvaco Chlor Prod..No par
*70
130
2
Weston Eleo Instrument. 12.60
78
*105
July
800
101%
28%
28%
pref.. 100
00
1st preferred
150
9
2% Apr 11
400
*178
*60%
118
5,200
*20%
56
16
3,600
Westlnghouse Air BrakeNo par
Westlnghouse El A Mfg
60
2
63%
118
Western Union Telegraph.
2
*73
16%
1,900
4,100
2078
21%
%
19%
23
2
17g
preferred
preferred
21
23
22
I
100
100
WestPennPowCo 4)4 % pf. 100
West Va Pulp A Pap Co No par
6% preferred
..100
Western Auto Supply Co... 10
Western Maryland
100
4% 2d preferred
100
7%
6%
%
19%
197g
*72
8%
1
No par
Western Pacific 6%
*105
*9%
14%
5
Wayne Pump Co
55%
81
55%
11734 11734
500
*33
*72%
*54%
2234
98%
32%'
101
100
4%
*o3%
81
80%
'
1,400
55%
*116
*75
*95
900
4%
4%
64
85
*20
*118% 119
*33%
*20%
3%
334
22%
8034
130
4%
*17g
17g
32%
22%
23
110
*20%
2
81
102
-
28%
Waukesha Motor Co....
Webster Elsenlohr
55%
4%
87
*21
800
*35
87
4084
130
617g
32%j
11
29%
28%
72%
*20%
600
"
Z103
10334
103% 104
137
137% *137% 138
32%
32%
32%
32%
35
35
35%
*35%
*33% 33*16
*33% 33*16
108% 10834
108% 10834
76
130
119
*16
1934
21
103
29%
*116
*79
2%
10834 109
32
40
33%
*33%
109%
3234
32%
2278
16%
104
*137% 140
*32
3234
3478
3478
32%
34%
33%
32%
32%
22%
*96%
*1734
*2%
478
64
103
*71
*914
74%
7%
434
5i6
20%
21%
21
137
119
69
161
17
17
18
17%
*l73g
*103% 105
*103% 105
105
2534
2534
25%
25% 25%
3%
3%
3%
3%
*3%
7
*6
*6
7%
7%
1934
%i
8034
16%
Washington Gas Lt Co.No par
67
*116
11878
700
67
334
*21
$3.85 preferred......No par
J Warren Bros Co
No par
53 preferred
....No par
Warren Fdy A Pipe
No par
68
4
*95
80
1,800
Wesson OH A Snowdrift No par
4
103
52%
1%
10%
1,400
4
*793a
*48
6
Warner Bros Pictures
18%
*334
56
10,700
18
68%
*17g
17g
*61%
3%
.100
18%
2
56
3
preferred
18
2
63%
7%
19
*178
*59
Class B
20%
6
Oct
%May 16
13% Aug 30
2
May 15
30
May 22
%May 21
334May 16
22
May 23
20 May 21
13% May 21
14
May 21
2%May 21
l5%May 22
700
19
17%
Jan
9% Jan 10
200
*87S
3
16
334 May 21
84
10%
86% Jan
118
par
A..No
14%
1
5
No par
Ward Baking Co d
%
1%
3
6% Nov
35% Jan 11
16% Feb
14%
7g
147g
3%
5% Jan
39% Dec
4
19%
178
*53
400
No par
pref.....No pari
19%
2
82
4
4
Dlv redeem
1978
178
l
Walk(H)Good A W Ltd No par
210
4)4% pref with warrants 100
*27g
2
3234
Walworth Co
2,900
No par
*278
55%
23
2%
22%
2,700
13%
Co
3%
10%
32%
5%
2934
5%
2934
13%
5%
200
No par
System
3
15
4%
Walgreen
16%
15
6378
Waldorf
600
*20%
10%
434
200
3
15
*20%
2,800
16%
15
23
5% preferred A
%
9%
22
*21%
10134 10134
|
2934
13%
52
100
100
20%
*9
*20%
%
*834
JWabash Railway Co
16%
*9
'
1,000
20%
*70
7%
*9
""%
17%
20%
3%
I
4%
1%
26
100
*16%
20%
*278
80
*35
*48
preferred
20%
3%
109
55%
6%
Vulcan Detinnlng Co.....100
17%
20%
*278
21
1
*34
700
...25
65% Mar 14
18
109
Virginian Ry Co
4% Dec
64% Deo
3% Apr
2534 Apr
62% Apr
11
Apr
110
Sept
6% Apr
3>4 Aug
6«4 Mar
39% Apr 6
48% Feb 20
234 Apr 24
May 23
22%June 10
Va El A Pow 56 pref...No par
Va Iron Coal A Coke 5% pf 100
32
*72
*77
12
30
50
4% Aug
Maris
6
5
6
27
June
share
ver
7% Apr 11
*i«Nov 27
100
23%
108
*115
64%
21
21
June 26
69
47%
32%
*23
102% 102% *101
29%
30 |
29
7%
23
22
l2%May 24
45 May 24
l34%June 8
117%
9%
Preferred
%
*4
3
5
No par
*30
*70
434
22
14
95
*16
9
Works
Chem
23
74%
87
41
6% dlv partlc preferred. 100
31
108
29%
Va-Carollna
23
35%
32%
2178
68%May
39%May
60 May
42
May
l03%May
30% Dec
42%June
1% Nov
1 May
1,100
*30
32%'
80
Victor Chemical
100
31
35
102% 102%
5%
29%
*13%
*14%
1%
11%
1%
1034
32%
*91
*i«
2134
*101% 10134
51
3%
5
23
32%
33%
#16
14%
3%
*14%
3%
9%
*44
I
300
400
2%
26
*135
*34
%
15
20%
20%
21% I
21%
21%
2134
2134>
10334 105% 103% 104
33%
99
87g
21%
2034
137
32%
*91
102
*2%
*24%
9%
%
102
Vlck Chemical Co
23
35%
*85
100
...
5% non-cum pref
27
*25
47%
32%
%
87g
2134
5
300
....
*30
33
32
Preferred
32
137
*116
100
23
**i«
%
130
No par
preferred
8%
Universal Pictures 1st pref. 100
Vadsco Sales
....No par
23
23%
17%
33
*92
700
eonv
*30
32
*135
484
Universal Leaf Tob
10
530
105
117% *116
%
102%
*101% 102%
10134 102
108% 108% 109%
109% 110
*100
101
100%
99% 100
100
119% *118
119% *118% 119% *118
18
18
I
17%
1778
1778
18%
*103%
10334 10334 *103% 105
104%
25%
25%
25%
25-%
25%
2534
*3%
3%
3%
3%
3%
3%
*6
*6
*6
678
6%
7%
2034
21%
2134
104% 105
116
%
*834
21%
878
110
20%
*63
200
56
80
2%'
*135
10134 10134
7%
434
60
157%
.*
25%
*44
3g!
%
4%
23g
25%
%
2178
*21%
2178 *2134
22%
*101% 102 ,*10184 102
*101% 102
534
578l
5%
5%
5%
534
30
29%
29%
30%' 29% 30
*12%
13%
13%
13%
1378
1378
*72
300
preferred...No par
Universal-Cyclops Steel Corp 1
*15%
27
*25
%|
%
*4
32%
102
*135
*135
*i»
*105
700
*16
17%
9
47%
32%
32%
32%
*90% 102
32%
102
*135
29
63
17%
*56
7
80
2%
2%
*2%
234
25% 2534
23%
25%
*116
117%
116
116
2%
46
*70
1,000
Vlcks Shreve A Pao Ry._.100
80
*9
*33%
1%
—
*
80
*25
25
*58
...
*
80
*45
*3478
1%
6
%May 3
May 21
25
*116
*5u
5
15
112
12
*3%
..1
2234 Dec
7% 1st preferred.......100
46
*6
...26
2134June 11
27%June14
Vanadium Corp of Am.No par
Van Raalte Co Ino
....6
*9
25%
....No par
preferred
United Stockyards Corp
United Stores class A
May 21
Aug 19
30
25
24%
*135
7%
,
25% July 17
14 May 21
3%May 21
3,300
*44
*10334
1,200
May 23
2>4May 21
10
*
25
2%
*116
U 8 Tobacco Co
70
1%
June 10
17%
*58
*118%
*1734
47
50
U S Steel Corp........No par
Preferred
100
2,900
3034
*26
~80~~
Preferred
500
47
100
60
U S Smelting Rtf A Mln
2,000
30%
1%
8% 1st preferred
53,600
68%
128
No par
...10
U8Rubbc*Cc
1,300
2,700
50
165
33
33%
3278
33
3278
33
33%
34
33
33%
27
*26%
27
*2534
27
*26% 27
*26% 27
*114
116
*114
116
*114
116
114% 114% *114
116
4234
4234
*4234 43%
*4234
43%
*4234
44
4234
4234
3334
27
*112% 114%
*4234
44%
9978
6734
...20
10
1
JU 8 Realty A Imp
10,000
72
72
128
60
*%
110
66
157% *153
101
101%
7i«
*878
6484
4,100
88%
17%
*%
*30
88%
1734
153
U. S. Plywood Corp
89%
100
5
50
6
400
*
24
*17%
7i«
*1%
13ie
Jan 15
48
400
2384
6
May 18
5%May 22
....100
U S Pipe A Foundry
U 8 Playing Cam Co
2234
78
2284
21
22
21
28
3 May 21
3% Aug 24
d A ..No par
"Y.OOO
24
6134
*56
eonv
Prior preferred
31%
*30%
»le
Partlc A
1,400
30%
30
30%
31%
23%
preferred
5H % eonv preferred
U 8 Industrial Alcohol.No par
U S Leather Co
No par
63
61%
7i#
*%
734l
7%
*60
*i«
*24%
*2%
*23%
500
1%
*i«
♦III"
"""500
4%
28
23
4
5
U 8 Hoffman Mach Corp
38
21%
4%
72%
Ti«
33
*30
*57
10
Year 1939
Lowest
t per share
June 10
80
7%
2,000
6%
334May
2
Sept
2734 Nov
27gMay
25%May
60 Ma:
i97g Nov
107%June
6
101
Range for Previous
Highest
share
par
No par
70
*21%
68%
128;%
30%
30%
*46%
47
1%
1%
**i«
*26
"V,000
67%
60
101
*98
9
69
178
9
U S Dlstrlb Corp eonv pref. 100
U S Freight Co
No par
U S Gypsum Co
......20
"""840
68
v
United Paperboard..
96 first preferred
177
7%
No par
USA Foreign Secur. __iVo par
1,300
12%
6
5
United Mer A Manu Inc
400
3%
*8%
100
United Gas Improv't—No par
95 preferred
No par
90
12
..10
800
4
3%
128
157%
*56
157% *153
99
289%
73
68%
67
30%
47
1%
1%
6O84
17%
*3%
*87%
5
...
600
10%
65
2334
128% 12834
30%
303s
*7178
128%
128
18
99
99%
23
1
24%
92-%
60
157% *152
*152
23%
23%
30%
47
*17%
32
1,l«
*10
63
30%
31%
2334
62%
60
7%
*57
23%
*89%
69%
128% 12834
United Drug Ine
United Dyewood Corp
Preferred
4%
*57
»i«
Par
*2%
63
2334
Lowest
2%
*57
7%
Week
6
4%
71
*69%
71% *69
70%
10
10
10
10
10
10
10%
*112% 114% *112% 115
112% 112%
*112% 113
IOI4
10%
10%
10%
10%
*10%
10%
10%
10%
3%
*3%
4%
3%
3%
3%
*3%
4%
3%
3%
4
37g
334
334
334
334
334
384
96
*87%
95
*87% 90
*87%
96
*87% 90
11
12
1018
10%
10%
10%
11
10%
11
9%
*834
9%
*834
9%
*834
9%
*8%
9%
6934
69%
6934
70% 71% 269% 6934
69%
70
175
17634 *173% 17684 *173% 17634
175% *173% 178
6
512
534
6
5%
578
6%
*5%
5%
*30
38
*30
*30
35
38
33
*28%
33
2H2
213g
213g
21%
21%
21% 21%
21%
21%
434
4%
4%
*4%
434
4%
4%
*4%
4%
8I4
Range Since Jan. 1
On Basis of 100-Share Lou
EXCHANGE
5 per share 1 Shares
$ per share
115
10%
*3%
37«
•
I
6
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
Dec.
$ per share
4%
234
*35%
35%
71
10i8
I
4%
SHARE,
Wednesday
,
3
*2934
4%
4%
35%
70i2
I
2
$ ver share
434
i?234
Tuesday
Dec.
3
Sales
for
rday
Apr
Apr
9% Aug
127
Oct
Nov
21% Jan
66% Sept
92
Sept
30
Apr
97% Nov 25
28% Jan 4
74
May
Apr
34
17»4 Apr 8
4% Apr 22
12
Apr
2
Aug
22% Jan
37« Sept
» Ex-rlghts,
17
1 Palled tor redemption
Sept
Dec.
3362
Bond Record—New York Stock
7, 1940
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
In the week In which they occur.
No account Is taken of such sales In computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
Range or
N. y. STOCK EXCHANGE
Sale
Week Ended Dec. 6
Price
A
—1947-1962
rreasury 4%8
1944-1964 J
Treasury 4s...
Friday's
Bid
A
Low
United States Government
O
122.16 122.10
122.20
D
114.1
114.2
114.1
..1946-1966 M 8 116.10 116.10
102
-.1941-1943 M 8 102.1
Treasury 3%s__.
Treasury 3'/fa
116.11
102.2
Jan.
No
38
4
Low
N. Y. STOCK
1
High
117 2
122.20
18115 6
111
13
111 1« 116.4
29
101.31104.24
D
*108.4
108.7
Treasury 3 lis
Treasury 3 lis
1941
A
102.30
103.1
.1943-1946
O
108.13 108.13
108.14
19
Treasury 3 Us
...1944-1946
O
109.15 109.15
109.15
3
107.30110.21
Treasury 3%s
1946-1949
1949-1962
D
113.13 113.12
113.13
3
108 23 113 13
Treasury 3%s
D
*114.25
114.28
Treasury 3s
1946-1948
D
112.22
112.23
"'I
....—1961-1966 M 8 113,10 113.1
1966-1960 M 8 110.30 110.29
113.11
36
107 20113 .11
111.4
87
104 20111.8
110.4
33
.1943-1947 /
Treasury 3%a
Treasury 3s
Treasury 2%s
.....
107 16109.30
102.30 105.17
107 12110.1
109 14115.1
112 23
108.0
Treasury 2%s
1946-1947 M 8
1948-1961 M 8
111
111
3
105 24111.12
Treasury 2%8
1961-1964 J D 110.8
110.3
110.8
8
104.10110.8
Treasury 2*4%
1966-1969 M 8
110.6
110.11
6
103 24 110.13
Treasury 2%S
Treasury 2%s
Treasury 2 Hn
Treasury 2%s
Treasury 2%s
Treasury 2%s
1968-1963 J
D
110.2
110.2
1
103 13110.8
1960-1966 J
D
110.9
110.18
..1946 J
D
*109. 4
109.17
8
110.13
110.23
Treasury 2%s—
1948 M
1949-1963 J
1960-1962 M
D
110
Hot 7
74
....
100 20110 4
103 15110.18
106 18 109.13
105 13116.23
108.15
5
103.2
108.11
108.21
21
103 4
108 21
Treasury 2%s..........1061-1953 J
D
106.3
106.8
2
1017
106.8
J
D
105.23
106
8
102 2
106,1
Treasury 2%§..........1964-1966
1947 J
1948-1960 J
D
*107.13
107t7
Treasury 2s....
D
106.15
106.28
Treasury 2s
1963-1965 J
D
103.29 103.25
Treasury 2s
*108.16
108.11
*103.6
*103.8
54
103.10
8
102 28 107.1
"g
108.20
108t1 108.11
J
2%s
16 1942-1947 /
1 1942-1947 M
Jan
Mar
Home Owners' Loan Corp—
108.2
3s series A
May
1 1944-1952 MN 108.3
J 103.13 103.11
2 %s series G
1942-1944 J
1946-1947 J
l%s series M
New York City
D
*103.8
13 100.28
101
101.25104.2
105 22108 24
12
105 20 108.21
103.12
103.9
105.2
108.4
13
1054
108.12
103.13
18
103 1
104.25
100.5
102.30
103.11
Transit Unification Issue—
1980 J
Foreign
Govt.
A
D
102 H
101%
103
1035
88% 103
F
A
1948 A
•Gtd sink fund 6s...
♦Gtd sink fund 6s.
♦External
s
♦External
s
f 7s series B....1945
f 7s series C
1946
♦External
s
♦External
s
f 7s 1st series... 1967
21%
*21%
22
*25
22
31
1948
8 t extl conv loan 4s Feb
8 f extl conv loan 4s
Apr
8
8
7%
5
8
7%
13
"~3
11
5
3
5
14%
77
90
70%
72
61%
96%
95
F
A
63%
62
A
O
63%
62
15
64%
55%
87%
87%
J
J
52 H
51%
51%
53%
34
39
91
53
13
38
90%
46
48
20
34
1901 J
D
1961 J
D
6
9%
1961 A
O
12%
12%
1
11%
A
O
10%
11%
14
♦Sink fund 0%s of 1920
♦0 % s assented
♦Quar sink fund 6s..
♦6s assented
......1901
♦6s assented
1960 M
♦Chilean Cons Munlc 7s
.1900 M
♦7s assented
10
9%
6
10%
11%
-
26
13%
11
....
11
14
10
0
8
17%
8%
1
26
13
3
*6%
♦Coiogne (City) Germany 6%s. 1950 M S
(Republ! s of)—
16
9
7
p.
10
„
16%
13%
16
13%
11
«'
11%
S
10
9
17%
mJ
9%
10%
....
11%
6%
27
12%
Colombia
O
27
J
♦6s of 1927
Jan 1961 J
♦Colombia Mtge Bank 0%s...l947 A O
♦Sinking fund 7s of 1920
1940 MN
27
♦0s
of
Oct 1961 A
1928
♦Sinking fund 7s of 1927
1947
F
26%
26%
*21%
22
22
A
J D
Copenhagen (City) 5s
1952
MN
25-year gold 4%s
1953
J
Cordoba (Prov) Argentina 7»..1942 J
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
*21%
27%
74
27%
68
15%
34%
15%
23
34
20
23
26%
20
27%
20%
3
22
22%
23
16
26%
52%
21%
22
61
15%
49
78
71);
16
65%
85
21%
22
—
External 6s of 1914
MN
1951
1944
ser A
1949
External loan 4%s ser C
1949
4 %s external debt
.
.
-
M
F
*16%
S
*101%
A
13
18%
.
21
97% 102%
.
100
98
103 %
93
~
101%
F
A
1977 J
D
Sinking fund 5%s—Jan 15 1953 J
J
D
♦Czechoslovakia (Rep of) 8s...1961 A
A
♦Sinking fund 8s ser B
J952
O
*9%
13
O
10%
10%
32
34
35
20
73
30
31%
30%
40
18%
63%
28%
15
17%
55
55
5
49
55%
75%
55
55
10
50
1
50
75
49
75%
11
49
75%
9
50
75
11%
27
Denmark 20-year extl 0s
External gold 5%s
External g 4%s
1942
1955
Apr 15 1902
m m
«,
53
m
«.
-
102
102
*75
J
33
J
F
31%
A
A
O
Dominican Rep Cust Ad 6%s..l942 M S
A
O
1st ser 5%s of 1920
1940
A
O
2d series sink hind 5%s
1940
Customs Admin 6%s 2d ser..1961 M 8
A O
6 %s 1st series
1969
A O
5%s 2d series..
1909
♦Dresden (City) external 7S...1945 MN
J
m
M
54%
MM W —
*52%
52%
«
**
m'
K
....
54
22
61%
62
98
6
102%
80
104
70
81%
'mm
8%
14%
1
-«>
8%
13%
54%
67
52%
■r
55
52
55
27
J
1945
1907
1957
0s
....
76
1966
1967
S
52
MN
48
M
H
J
9%
10%
79
9
6%
26
36 %
26%
12%
35%
35%
7s unstamped
♦5%s
36%
32
36%
11
♦Sink fund secured
0s._.._
♦6s part paid
F
1968
a f 0s ser A...1952 A
A
♦Hamburg (State 6s)
1946
27
♦Heidelberg (German) extl 7%sl950 J
A
Helslngfors (City, extl 0%s
1900
102 %
30% 100%
(Republic)
26
11
7%
15h
15
17
42
10%
23%
13%
13%
13%
104
18%
135^
13%
73
14
13%
13%
8%
8%
14%
42
18%
Irish Free State ext!
52
50
52
5
33
79
53 %
48%
53%
9
33
78
Italy (Kingdom of) extl 7s
ItaMan Cred Consortium 7s
42
87%
10%
1957 M 8
1958
..I960
....1961
F
J
A
D
D
*50
"1%
5%
M
8
A
A
1975
1984
...1967
1968
MN
J
J
91
MN
100
1944
91
99
91%
91%
J
<
82
"93%
J
iqarMIV
♦Carlsbad (City) 8s
I.I"l964 J
♦Cent Agrlo Bank
(Ger) 7s
1950 M
♦Farm Loan s f
6s...July 15 1960 J
10
*7%
0
ioe7
50
*5%
1952
1
93%
80%
81%
81%
81
*10
*
*59%
-c
70
45% 118
-----
....
100
109
10%
14%
210
8%
6%
7%
9
5%
14%
14%
8%
15%
85
10%
2
6%
25%
18%
25%
26%
9
27
*9
11
1R
22
*9%
10
Jan 1961
♦External sinking fund 6s... 1962
27
♦7s secured
s
f g
J
J
M S
M s
20%
17
MN
TIN
8%
60
.
5
-
.
8
3
9%
60
26%
-
*
-
-
26%
1
60
60
58
2
*
J
J
J
J
s
f 5s
I960
5%
16%
90
'
27
10
27
1
22%
76
5
5%
7
26
5%
5%
5%
5%
*5
7
*5
9%
5%
4
10%
9%
—
~
«
6%
9
-
-
6%
3
19
61%
45%
62
32
32
30
-
-
30%
16
9
32%
3
18
MN
J
1951
D
46%
45
92
34%
72
78%
189
47%
3
25
14
23
S
J
F
A
68
68
69
155
MN
B *47
M
J
ser
57
55%
57
25
*7
13
O
38%
39%
05%
F
J
•
A
03%
67%
45%
91%
70
17%
7
60
.......
54%
68
44%
D
41
40
21%
7%
18%
•
.
12%
»
27
12
,0
15%
'
♦Medellln
Mendoza
(Colombia) 0%s
J
D
(Prov) 4sreadJ_.
J
D
7%
92%
14
7%
8%
8%
15
7%
......
73
09
101%
100%
68
83
107
92
82%
29
72
96%
11
01
93%
16
78
8i%
81%
47
58%
59%
93%
96%
89
88%
11%
14
11
0
14%
27%
10
27%
27
MN
♦4 %s stamped assented.....
♦Mexico (US) extl 6« of 1899 £
♦Assenting 5s of 1899
*58
Milan (City,
Mtnas
63%
7
14%
63
15
8
82%
♦Montevideo
24
1
10
24
12
17
10%
14%
12
17
12
3
10%
13
49
13%
'ii
13
12
■fi
1
10%
"10%
12%
13*
1
12%
40
10%
k
'ii
74
10%
14%
12
17
10%
14%
12
17
10%
"6
10%
14%
16%
14%
14
5
12%
17
13
10
20
"io%
13
13%
11%
12%
10%
10%
12%
"62
'0%
14%
12
16%
10%
14%
A
12
4%
84
%
4%
4%
141
%
4%
H
1
4%
1
O
29
^
3%
4%
138
%
4%
4%
M 8
4%
18
%
4%
29%
30%
46
♦08 series
External
8
8%
M
J
Norway 20-year extl 6s
t6
3%
4%
*%
8%
D
51
M N
10
24
27%
New So Wales
1 5
12%
D
3%
3%
3%
(City) 7s.......
26
10%
12%
3%
J
Italy) extl 0%s.._1952
(State)—
26
10%
J
23
53%
Geraes
25%
14%
3%
J
J
♦Sec extl s f 0%s
♦Sen extl s f 0%s
25%
*12
3%
Q
Q
1
♦Assenting 4s of 1904.......
♦Assenting 4s of 1910......
|*Treas 0s of '13 assent
25%
A
1963
4W
„
♦Hungarian Land M Inst 7 %s. 1961 MN
MN
♦Sinking fund 7%s ser B
1961
Hungary 7 %s ext at 4 %s to—.1979 F A
25%
A
1962
«
O
O
J
1946
24
O
MN
♦7s assented
1942 M N
♦External sinking fund 6s_.Il960 A °
♦6sassented
...i960 A °
♦Extl sinking fund 6s..Feb 1961 F A
♦6s assented
Feb 1961 F
♦68 assented...
Jan 1961
♦Extl sinking fund
6s..Sept 1981
♦6s assented
8ept 1981
26%
8%
O
A
9%
A
..1942
40% 105
92%
92
11%
A
65
31
37%
♦6s Jan. 1937 ooupon on..1960
♦Farm Loan s f 6s...Oct 15 1960
♦6s Apr. 1037 ooupon on..1960
For footnotes«ee pa?e 3367
27
9%
8
Mexican Irrigation—
J
30-year 3a
51
*34%
A
J
44
48%
47%
48
"so"
48
47%
1960
1983
-
D
05
47%
MN
..1961
4%
47
47%
J
Aug 16 1945 F A
5%
*55
O
1976
61
8%
108
Extl sinking fund 6%s__.
M 8
-.1977
f 4%-4Ms..... 1976 F
♦6sassented
13
16
1
Hungarian Cons Municipal Loan
♦7 %s secured s f
g
19
25%
♦68 assented
80
70
—-
9
Haiti
25%
♦External sinking fund 8s
53%
40
7%
/
12
12
f 7s
73
*
-w
ll964
35
30-year 3s..
'U
♦German Rep extl 7s stamped.. 1949 A O
♦7s unstamped
1949
German Prov A Communal Bks
/ D
♦(Cons Agrlc Loan) 6%s
1958
♦Greek Government s f ser 7s..1904 MN
1
5®-
71
—
1965
2
Canada (Dom of) 30-yr
4s...
40
2
49%
26%
......
1965
unstamped
38
♦Stabilisation loan 7Hn
7
24%
.
49%
25%
25%
4
8%
♦5%s 8tamp(CanadIan Holder)'05
25%
f bonds
*
49%
D
1949
German Govt International—
♦5 %s of 1930 stamped
25%
Bulgaria (Kingdom of)—
♦Secured s f 7s..
8
J
1949
........
38
1950
External read) 4H-4Ha
External s f 4%-4%s
J
8
....
External 7s stamped..
7s...... 1955
♦6s stamped
External s f 4%-4%s
J
M
1948
(Republic) ext
0%s
s
*10%
8
D
1951 J
♦Chinese (Hukuang Ry) 5s
s f
♦Chile (Rep)—Extl
il
1962 FN
1902 MN
♦Guar sink fund 0s
s f
10-year 2 Ha
25-year 3 Ha—
7-year 2%s
High
D
84
1972
f 5s
f 6s.
7%
12
67%
63%
63%
♦Budapest (City of) 6s....... 1962 J
Buenos Aires (Prov of)
s
14%
14%
78%
1972
Sinking fund gold 5s
20-year s f 6s...
♦Ry extl
7%
7%
66%
s f 6 Ha of 1927...1967
♦7s (Central Ry)..
....1952
s f
7%
15%
16
16%
15%
74%
♦External
3% external
60
78%
♦External sinking fund 6s... 1968
♦Brazil (U 8 of) external 8s
1941
♦External s f 6 Hb of 1926... 1957
s
29
7%
7%
.7%
67 %
36 %
Refunding
15
Jan. 1
Low
D
♦Frankfort (City of) a f 0%s...l953 MN
French Republic 7 %s stamped. 1941 J D
7 %» unstamped
1941
20
MAT
♦Bavaria (Free Btate) 0%s. ..1945 F A
M 8
Belgium 26-yr extl 6%s
1949
J
J
External s f 6s
..1955
s
NO.
1957 J
Finland
MN
io %
(City)
m
12
J
Brisbane
8
7%
7%
..1965
External g 4%s of 1928
♦Austrian (Govt) s f 7s
(Germany)
SQi3
High
1957 J
28%
40
8
9
8
...1971
Australia 30-year 6s
External 6s of 1927
8%
*7%
sec 8 f 7s 2d series. 1967
f 7s 3d series. 1967
8 f external 4 Ha
8 f external 4 Ha
8%
8
8
sec s
External 30-year
Asked
'
Antwerp (City) external 6s
1958
Argentine (National Government)—
♦Berlin
*
Since
♦0%s assented
20
22%
7%
7%
f 7s aeries D....1945
♦External
Foreign Govt. & Munlc. (Cont.)
Range
♦Chile Mtge Bank 0%s
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
O
...1947
Akershus (King of Norway) 4s. 1968 M 8
J
♦Antloquia (Dept) coll 7s A...1945 J
♦External
A
Low
'
1 •
-
.
Municipal
Agricultural Mtge Bank (Colombia)
e
Bid
Price
££
'
103 10 105.15
f
8% Corporate stock
'
Friday's
2 h
1
3
♦Public wks 5%s...June 30 1945 J
104.2
Federal Farm Mortgage Corp—
3 %s
Mar 15 1944-1964 M 8
8s
May 15 1944-1949 FN
3s
Sale
yi
108 16
108.16 108.9
8
EXCHANGE
Week Ended Dec. 6
I
Range or
f* o
<0
Since
Asked
High
BONDS
Range
Week't
Last
Week's
Last
_
"
Friday
Friday
3
BONDS
A
F
Municipal Bank ext's 15s
A
M
A
53
52%
*50
24
9
11
51
2
70
53
-
—
-
-
4%
4%
12%
12%
44
71%
40
71%
33%
90%
35
4
52
89
97%
49%
50
9
29
49
50
5
29%
97%
S
36%
36%
3
23%
O
30%
36%
5
20%
90
80%
35
36%
5
F
J
D
1
F A
_
_
A
)
4a 9 f extl loan..
♦Nuremburg (City) extl 6s
A
F
20-year external 6s
External sink fund 4%s
External 8 f 4%s
O
F
Apr
*46
A
A
(State) extl 5s..
f 5s
8%
59
9
...
*27%
20
80
33
21%
RO
26
9%
26%
Volume
Friday
Week's
Last
Range or
Sale
Friday's
BONDS
N.
y.
STOCK
EXCHANGE
Week Ended Dec. 6
Foreign Govt. & Mun.
1953
>.1958
65
37 %
58
27%
12
19 H
75
102%
3
27 H
1963
M N
60%
59%
9
7
....
96% 105H
59 H
60
82
53
59 %
74 H
4%
10%
6k
4
6%
6k
47
5H
4%
11
6k
0
6k
6%
*5%
6k
36
4%
10H
—.1940
O
o
1947
o
1968
o
1050
J
1963
-
-
-
5%
....
8%
....
3%
....
m.
3
1
\H
3%
2
3
3
25%
1946
35
1952
A
1969
F
A
...1953
/
"i
D
~ —
M «. ~
10H
7
13
10
8%
8%
8%
32%
: 5%
*5%
*25%
5
5H
7
5
7
12
27
61
56
6
6
5%
27
....
....
59
59 k
59%
11
10%
12
9%
9%
1
§♦88 extl loan of 1921
1936
25%
25%
14
♦8s external
1950
16
16%
17
9 k
1957
5H
11%
12 H
9H
5H
♦Secured
s
10H
16%
25
14%
15%
26
4H
39
40%
25
20 H
40 %
12 H
27 %
8%
20 %
15%
♦Saxon State Mtge Inst 7s.........1945
♦Sinking fun
g
0 Hs
1946
4H
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
7
♦Silesia (Prov of) extl 7s
7
1958
♦4 Hs assented
195«
♦Slleslan Landowners Assn 0s...
4
7
15H
7%
10
6H
14H
3%
......1962
7%
6%
1902
♦7s series B sec extl
3%
1
3H
5H
5H
3
4%
*4
9
1947
1
gen
to Sept
(Int at
F
27
Feb 1
38
39%
ccc4
33 %
33 %
35
72
M S
x
ccc4
33%
33 M
35
121
z
cc
3
12 %
12 H
13
200
58 H
58 %
10
44
45 k
67
Con ref 4s
3%s
cons
105Q
i960
Consol mtge 3Hs ser H...1985
Big 8andy 1st mtge 4s
..1944
t#Boeton ANY Air L 1st 4s. 1955
Bklyn Edison
cons
M 3%s._1906
8
40 H
87
35H
63
1st lien A ref 0s aeries A.. 1947
1962
8%s-4-4%s
20
21
10
20
41
51%
52
45
39
62 H
Debenture gold 5s
1946
f 0s
58
58
1
53
65
1st lien A ref 5s series B...1957
X Mi
42
03
*49%
.....
48
03
38%
..........I960
40%
*49%
1964
......
,m
—
m
1979
MN
38H
8%-4%-4»j«a extl conv
4-4 %-4 Hs extl read]
1978
SHs extl readjustment
..1984
1952
*35%
1978
Venetian Prov Mtge Bank 7s
48
32
*26%
1952
♦Warsaw (City) external 7s
1958
w m
1958
^
*3
'
Yokohama (City) extl 0s..........1961
-
XX
-
48%
F
F
/
8tamped
modified
(Interest
3% to 1946) due
13H
1957
1952
Consolidated 5s
.....1955
7'%
Bush Term Bldgs 5s gu
1900
Calif-Oregon Power 4s
....
1980
Canada Sou
gu 5s A...1962
cons
Y. STOCK
N.
EXCHANGE
RAILROAD
Guaranteed gold 5s
Week's
Last
Range or
Range
Friday's
Since
Sale
Week Ended Dec. 6
Bee a
Price
Bid
and INDUSTRIAL
cc
49%
101%
Adams Express coll tr g 4s...1948 Af S
Coll trust 4s of 1907
1947 J D
bb
1
A
bb
1
O
ccc 1
Ala Gt Sou 1st cons A 6s.... 1943
D
1st
cons
4s series B
aa
D
1943
Albany Perfor Wrap Pap 0S..1948
6s with warr assented
1948 A
....
aa
O
b
O
b
107%
2
*110%
107%
2
O
*40%
bb
aa
2
A
O
A
2
1
a
3
aaa2
A
D
x
cccl
X
aaa4
x
a
x
x
110%
108 H
60
gold 6s-_ Dec 1
59
68 H
104%
104
107 H
102 H
103
102
102
6
99
101%
103
103
72
89
108 H
108%
108%
31
50 H
1O0H 111
17 H
104%
110%
110%
104%
37
26
44
08 H
100H 105H
91
10554
♦Ref A gen 5s series C
♦Cbatt Dlv pur mon g
♦Mobile Dlv 1st g 5s
1969
4s.. 1951
Cent Hud G A E 1st A ref
1946
3Hs'66
Cent Illinois Light 3Hs
1906
t*Cent New Engl 1st gu 4s..1901
t*Centnil of N J gen g 5s...1987
♦General 4s
r>
j
J
Am Wat Wks A Elec 6s ser A.
1975
Anaconda Cop Mln deb 4 Hs. 1950 A
♦Anglo-Chilean Nitrate—
8 f Income deb
.......1907
3
bb
MN
S
142
110%
110%
56
104
110%
110%
28
I03H 110H
*103
105
....
2
110
110
110%
20
2
O
104%
104%
105%
37
111
12
107 H
107H
22
89 k
92 H
7
93 H
93 k
94 k
10
b
2
O
a
2
107 %
0
bbb3
89 H
aa
93 H 107
96
llOH
aa
96
95
96 H
55
aa
96 M
96
97 k
22
aa
97
97
97 H
Jan
(Del) 4s B...1955 F
f 4s ser C (Del)
1967 J
Armour A Co
cc
2
bb
102
107 H
1
36%
34%
36%
48
48
31
3
27 H
32
97 54
41
60
A
aa
2
J
aa
2
H f deb
ssue)_.1950
4%s (1938 Issue)..1950
105%
2
109
106
95
1(6
Ref A Impt M 3Hs ser E..1990
108
105%
O
95 54
99H
106
General gold 4Hs
54
109
134
aa
2
97%
aa
2
99
D
aa
2
A—1962
Atl Knox A Nor 1st g 5s
1946
Atl A Chart A L 1st 4 Hs A..1944
1st 30-year 5s series B
1944
Cal-Artz 1st A ref 4Hs
3367.
*
....
88
Af
*95%
2
104%
J
2
101%
J
S
2
87%
101H 109
77 H
92
______
D
1948
23
88
98%
7054
89
XX_XX
92
98 H
90 H
99
95
3
10
99
88
90
104%
101%
105
10
100
102
8
99
111%
111%
a
2
*111
aa
2
*112
J
D
J
J
3
*98
J
J
3
100%
.1992
Ref A Imp mtge 3Hs D..1990
1
XX
«,
92
98%
100%
108
114
xx
11
93
R A A
Br
93 k
94 k
12
105H
aa
J
bbb2
S
a
104H
105 k
2
J
aa
2
51 k
TOIH
D
a
2
a
2
4
Dlv 1st
con
2d consol gold 4s
33
36
66
45
♦30 H
'i06M
105H
105H
100H
'"28
5
100H
b
3
99 H
r53H
753 H
1
a
2
"99"
98k
99%
84
4
89
88
89
22
b
1
*13
ccc2
MN
cc
c
22
25 k
25H
2
O
A
O
c
2
Vs
J
D
cc
2
....
cc
"l"6
10
k
k
4k
1
8
k
4
2
A
1
40
*4 k
6
2
4
4H
"l2
Af S
aaa3
109
109H
20
A
O
aaa4
111 k
HI k
J
J
J
J
b
2
ccc3
ccc3
3
a
54
13H
12H
13 k
Af N
108H
108H
64H
66 H
*
10
60
64 k
'
39 k
*50 k
b
175
30
12
11H
12
108H
64 X
3
44
54
50 H
"39 H
b
106k
40 H
54
235
....
106H
MN
bbb2
Af
8
b
M
8
bbb3
M
8
bbb3
103H
103H
Af
8
aaa4
MN
aaa2
105
105 H
58
F
aaa2
104H
129H
104 H
104H
105
44
109H
109H
4
110
110
2
A
3
88k
88
*106
aaa2
aaa2
g
4s
1989
aaa3
*119H
1989
aaa3
89 k
63
107
Q—111 Dlv 3%*_1949
Illinois Division 4s
General 4s...
129H
3
120H
*107
Warm 8r>rlng V 1st g 5s..1941 Af 8
♦Chic A Alton RR ret g 3s__1949 A 0
J
J
Cblc Burl A
102
111 H
26
71H
69k
ccc3
1
102 H
65H
J
li
145
76
101 H
71 H
J
J
5
53
76
52
J
1st 4s.... 1946
10554
104H 11154
111%
Potts Cr<»ek
1949
J
J
...1958 Af S
1st A ref 4 Hs series B....1977 F
F
1st A ref 6s series A......1971
aaa2
"7k
ccc3
aa
2
aa
a
3
A
bbb4
108
92 k
77
95 H
96 k
47
"~8b%
85
86
19
72 H
72 H
27
"80""
80
81 k
28
bbh4
A
8k
91 H
92 k
2
114
99
100%
Attention i« directed to the new column Incorporated In thle
93 H
Chesapeake A Ohio Ry—
29
3
Rocky Mtn Dlv 1st 4s —1965
Trans-Con Short L 1st 4s..l958 J
21
Charop'on Paper A Fibre—
99%
3
page
Certhln-teed Prod 5Hs A...1948
105%
Nov
Conv deb 4Hs
1941
105%
105%
Stamped 4s
....1995 MN
D
Conv gold 4s of 1909.....1955 J
D
Conv 4s of 1905
.....1965
1960
94 H
aa
J
Ref A Impt M 3Hs ser F..1903
Adjustment gold 4s. .....1995
Conv gold 4s of 1910
Central RR A Bkg of Oa 6s* 1942
*98%
i
A
Atchison Top A Santa Fe—
......1996
95
93
'"93"
a
11
95
aa
aa
bb
Central Steel 1st g s 8s
2
J
1960
8 f deb 4%s (1935
JAnn Arbor 1st g 4s_.
1995 Q J
Ark A Mem Br A Term 5s..1964 Af 8
66
0
A
4s. 1954
gu
3k
66
A
1962
Guaranteed g 5s
74
66 H
bb
Through Short L lsi
9
x
66
Cent Pac 1st ref gu gold 4s..1949
104H 109H
104**32
111
3k
A
..1987
Central N Y Power SHs
x
68 H
62%
7
X
43 k
♦Ref A gen 6H« series B..1969
6
x
*3%
62
68%
X
43
26 %
68%
88 H
108H
15
111%
68H
471
104
105
30
106
2
^♦Consol gold 5s
Teleg—
j
94%
93
105%
2
81 H
25
1961
I960
8
4
58
"51%
Founders oonr deb 1950
113%
cc
139
104%
101%
3%s debentures
29
b
81
104
J
111%
43 H
O
Celanese Corp of America 3s 1955
%
8
23
—
bb
79%
61
104
111
ccc3
61%
X
3 k
A
M S
Carolina Clinch A Ohio 48..1965
MN
Carriers A Gen Corp 6s w w.. 1950
F A
Cart A Adlr 1st gu gold 4s.
1981
..1945
•«,
42 k
J
1954
1900
110%
3H
O
J
Canadian Northern deb 0 Hs. 1940
J
Can Pac By 4% deb stk perpet..
M
Coll trust 4 Hs
1946
J
5s equip trust ctfs
1944
J
Coll
trust
"22
9%
9
*109%
J
bb
"50%
3 H s debentures
2
t*Cent of Ga 1st g 5s...Nov 1945
100%
3
18
110%
110
A
J
70
18%
43 %
cc
8
73
,
113
4
Celotex Corp deb 4%s w W..1947
♦Cent Branch UP 1st g 4s.. 1948
104
3
in"
4
b
13
78%
*103
105%
97 H
100%
O
18 %
9%
110%
"94%
x
2
72
69
,
3
z
101
71%
*71%
69
bb
Af N
96
78%
bbb3
87
104
A
32
101
y
01
2
20-year sinking fund SHs.1943 MN
106H
71 H
x
aa
O
46
106 k
101
bbb3
3
31
104H
*109%
bbb3
x
107H
104
106HI
x
46
1
For inAtnnuw
x
107 y%
107H
104%
68 H
69
3
1st m s
3
8
Amer IG Chem conv SHs...1949 Af N
J
Am Internet Corp conv 5 Hs. 1949 /
General 4s
a
2
84
Am Type
A
1*07
"j
3
x
221
2
Amer Telep A
T67"
a
50
S
Am A Foreign Pow deb 5S...2030
bbb3
97%
2
F
58%
ccc!
x
a
81%
2
8
109
105
45
z
27 H
0
*
95%
cc
0
1
27 k
1
50
2
Af
....
107%
1
D
Collateral trust 4Hs
3
1
b
aa
1970
t*Csrollns c«mt 1st guar 4s. 1949
"~8
26 H
b
81
80k
A
111
30H
108 H
80 H
26 H
b
z
81
i
.1998
Allegb Val gen guar g 4s
1942
Allied Stores Corp deb 4 H8..1950
4 Hs debentures.........1961
_...
100
6
17
z
50
b
1960
39
60
27 H
97 % 104 H
98 H 104 %
136
z
96 k
2
A
Af
5
107%
1
bb
Allis-Chalmers Mfg conv 48.1952 M 5
♦Alplne-Montan Steel 7s....1955 M 8
2
100%
*30
2
bbt 3
Allegb A West 1st gu 4s
101%
«
Alb A Susq 1st guar 3Hs
1940 A O
Alleghany Corp coll trust 5s. 1944 P A
Coll A conv 6s..........1949 J D
♦5s stamped—
3
107%
1
bb
10-year deb 4Hs stamped.1940 F
♦Adriatic Elec Co extl 7s....1952
49%
100%
2
113H
♦105H
26H
%
20 H
A
4%s..Jnne 15 1955
A
Guaranteed gold 4H«
1950
M 8
Guar gold 4 Hs
Sept 1951
COMPANIES
ll«Abltlbl Pow A Pap 1st 5s. 1953 / D
"26
84
O
x
Guar gold
Jan. 1
Ask
A
U3H
135H
113%
aaa3
7
45
*79"
aaa3
x
*
69
Friday
k
D
x
x
Guaranteed gold 5s...Oct I960
Bant
0
"53"
3
D
Canadian Nat gold 4Hs
1957
Guaranteed gold 5s..July 1969
BONDS
3
bb
J
Bush Terminal 1st 4s
61
bb
y
A
60
41H
3
MN
56 H
28
56 H
y
F
36 H
24
52
55
MN
34
1
4
MN
13
3
53 H
A
51 %
8
3
1
53
D
31H
*12%
w
M W X
->
94 k
J
J
tBurllngton Cedar Rapid A Nor—
A
|*1at A coll 5s
1934
♦Certificates of deposit
....
52 H
94 H
D y b
3
O x bbb4
J x aaa3
F
65 H
XX
51 H
%
x
r
73
XX
44%
48%
42
42H
♦Vienna (City of) 6a...
♦4 Hs assented
41
2
bbb3
J
53
37%
bb
x
/
33
at
*
....1979
44
y
32 H
36
8%-±4%s (% bonds of *37)
external conversion
1950
Buffalo Gen Elee 4 Hs B
1981
Buff NJag Elec 3 H" series C.1907
Buffalo Rochester A Pgh Ry—
($ bonds of *37)
externa' readjustment
4
Bklyn Union El st g 6s
.195n
MN
Bklyn Un Gas 1st cons g 5s..1945
1961
f 0s..
3
b
F A
x bbb3
niaw Knox 1st mtge 3 %a_._1950
M 8
Boston A Maine 1st 5a A C..1967
y b
2
M N
1st M 5#> series II
y b
2
1955
A O
1st g 4%s series JJ
y b
2
..1961
J
J y bb 3
1st mtge 4s series RR
1900
MN
Tnc mtge 4H« ser A. July 1970
y ccc3
43
s
bb
J
1943
Cons mtge 3%s ser F
Consol mtge 3s ser G
y
58 H
x
1951
45%
«
A
MN
4s stamped
1951
Battle Cr A Rtur 1st gu 3s..1989 J
Beech Creek ext 1st g 3HB..1951 A
Bell Telep of Pa 5s series B..1948 J
A
1st A ref 5s series C
I960
61 %
External
F
1 1947) due... 1950
Toledo Cln Dlv ref 4s A..1959
40%
♦
116
38
M
to Jan
"59"
♦External
219
ccc4
Ref g 4s extended to
1951
S'west Dlv 1st M(lnt at 3 H %
45 k
f 5 Hs guar
35
35%
x
1960
61H
s
70%
33 H
3
x
1 1948) due..1996
1971
External
bb
82
86
70%
69%
3
8
(Int at 1 %
1955
•Uruguay (Republic) extl 8s....
bb
96 H
69%
70 %
y
23 H
D
1946) due..2000
ser
Sydney (City) s f 5 Hs
Tokyo City 5s loan of 1912....
102 H
33 %
1 %
Taiwan Else Pow sf
6Hs
13
ccc4
A
14 k
...1940
106 %
105%
x
♦Debenture 6s
1955
A
♦Berlin Elec F1A Undergr 0 %s '56
Beth Steel 3Hs conv debs.. 1952
39
1968
.....
f 7s
62 H
♦95
J y bb
♦Berlin City El Co deb 6%s. 1951
F
♦Deb sinking fund 6%s__ 1959
0
105%
*6
z
12
25%
28
75 H
O
80
5
55
D
53 H
13H
61H
29 H
J
Belvldere Del
16%
16 %
15H
1956
♦6s extl dollar loan
due..1995
22
San Paulo (State of)—
♦7s extl water loan
(Int at 1 %
22
5
72
%
75
b
y
54 %
♦27
J y b
8 x a
Bangor A Aroostook 1st 5s.. 1943
12
....
10%
.....1904
Sao Paulo (City of, Brazil)—
♦8s extl secured s f
.........1952
27
15
J
3
Pgh L E A W Va System—
4H
7%
31
♦February 1937 coupon paid
♦0 %s extl secured s f
A
1940)
♦Conv due
9«
11 H
10%
*8%
32
27%
103
41H
5H
8%
/
UN
21
27
7k
i960
to 8ept
Ref A
7%
7
1968
(City) 0s
....
13
27
59
2
10%
7
1940
♦Rouman'a (Kingdom of) 7s
92
63%
7%
1953
Rome (City) extl 0%s_—
8%
31
90
63
*
1967
ser
1
Ref A gen ser D
26%
f g
gen
Dec
Ref A gen ser C(lnt at 11-5%
J
to Dec 1 1946) due...1995
O
♦7s municipal loan
to
?*
A
♦7s extl loan of 1920
1st mtge g (Int at 4% to
A
Oct 1 1946) due July 1948
Ref A
11
12
2
69%
Stamped modified bonds—
1IH
1
2
y
A °
3
5
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
July 1948
6%
1950
♦Extl see 0 Ha
1
6
10
♦Rhlne-Mala-Danube 7s A
36
33
5
26
♦Rio de Janeiro (City of) 8s
67
33
4
10
F
65
bb
y bb
J y b
6
26
A
69
M N
MN
J
8
O
1947
72
67
1964
1945
8%
Af N
1952
52 H
4
1
No, Low
58
04 H
108
41
50
54 H
x bbb3
D y bb 2
J
Second mortgage 4s
1948
Atl Gulf A W I 8S roll tr 6s..1959 J
M
Atlantic Refining deb 3s
1953
Austin A N W 1st gu g 5s...1941 J
Baltimore A Ohio RR—
1st mtge gold 4s
?!
High
69H
Oct 1952
1948
Ask
A
J
8
M
1941
9H
Bid
M 8
8%
1951
s f 7s
8%
10H
10H
Price
67 %
8H
1952
f 6s
10%
Sale
See a
Low
8
J
♦Prague (Greater City) 7Hs
♦Prussia (Free State) extl 0Hs
Santa Fe extl s f 4s
*
3
f*
^
D
1966
-
3%
m
/
1981
•
•
*4%
*13
LAN roll gold 4s
Atl A Dan 1st g 4s
D
f7s
4s.July 1952
cons
12
Friday's
Rating
Cos. (Cont 1
General unified 4 Hs A
10-vear coll tr 5s..Mar 1
1960
♦Extl loan 7 Ha
♦Saarbruecken
41
*6%
6%
1959
ser
♦External sink fund g 8s
♦4 4s assented
♦Porto Alegre (City of) 8s
s
62%
54
01 k
59 k
Railroad & Indue
Atl Coast L 1st
..1301
ser
♦4 %s assented
♦68 extl
9
69
68
Af" 8
1958
Queensland (State) extl
25-year external 6s
26%
102%
M N
1963
%s assented
a
39H
35
1963
♦Stabilization loans
♦External
23
45
102 H
|*PoIand (Rep of) gold 6s
♦4
48
40
O
1947
High
45
D
♦Pernambuco (State of) 7«
No. 1
Range or
Last
Elig. A
fc®
•Nft,
Week Ended Dec. 6
45
J
♦Ctfs of deposit (series A)
Jan. 1
48
A
♦Stamped assented
CQ<§
BONDS
N. Y. STOCK EXCHANGE
S
Af
1955
f 6s 2d
High
„
M N
...1953
♦Peru (Rep of) external 7s
♦Nat Loan extl sf 6s 1st
Ask
Range
Since
•a
Week's
Friday
Bank
5-e
A
Low
(Concl)
Oslo (City) s f 4%s
♦Panama (Rep) extl 5%s
♦Extl 8 f 5a ser A
s
Bid
Price
Oriental Devel guar 6a__
Extl deb 5%s
♦Nat Loan extl
3363
New York Bond Record—Continued—Page 2
151
tabulation pertaining to bank
eligibility and
o* bond*
bee
New York Bond Record—Continued—Page 3
3364
I 3-
Ife.
Y.
8TOCK
Elig. A
^
Rating
Sale
See i
BONDS
N.
Price
EXCHANGE
Week Ended Dec. 6
Last
Range or
Low
C©«. (Cont.)
111 1st 6S.1934
(♦Chic A E 111 Ry gen 5s
1051
Railroad & Indue.
A
( (♦Chicago A East
♦Certificates of
O
MN
1st A gen
cccl
15
12%
108%
17%
173%
109
J
z
ccc3
J
z
z
ccc3
z
cc
J
ICC
J
J ybb
19%
108%
....
17
10
6
5%
2
10
86
9
5%
6
*68
19%
7
327
17%
17%
17
2
High
124 %
10%
17
*
ccc3
z
ccc3
z
#Geng314s ser B.May 1 1989
♦Gen 4 He series C.May 11989
♦Gen 414s series E.May 1 1989
♦Gen 4lis series F.May 1 1989
JClilc Mllw St Paul A Pac RR—
♦Mtee g 6s series A——.1976
♦Conr adj 6s——Jan 1 2000
30
27%
28%
z
ccc3
26%
29%
29%
175
30%
28%
30%
27%
27%
28%
31
138
ccc3
A
z
cc
3
A
68
15%
31
16%
30%
18
31%
O
z
c
Detroit A Mao 1st lien g 58—1995
♦Second gold 4s
1995
M
J
J
4*4
4%
ccc2
x
aa
3
x
aa
aa
y
D
O
3%
7%
(|*Dul Sou Shore A Atl g 68.1937
/
Duquesne Light 1st M 3 %8—1966
J
399
761
%
x
a
aa
O
Nor Dlv 1st 4sl948
J
z
aaa4
aa
2
MN
18
Ed El 111 (N Y) 1st cons g
J
/
ccc2
15
13%
14%
15
179
10
18%
Electric Auto Lite conv 4s
F
A
Elgin Jollet A East Ry 3%s.l970
El Paso AS Wist 6s
1965 A
14
12
18%
14%
13
16
87
11%
10%
18%
19%
MN
ccc2
14%
14%
14%
10
13
16
ccc2
19
M N
D
cc
2
D
cc
2
J
D
cc
2
10
2
A
bb
J
..
_
379
12%
11%
11
1
*0%
5%
c
1
c
1
c
1
36%
9%
1
11
11%
4
1
132
12%
1
5%
8
42
ccc2
M ~S
1%
59
12%
10%
51
19%
18
8%
4%
8%
3H
7%
Fairbanks Morse deb 4s
%
2%
Federal Light A Trac 1st 5s..1942
40
44%
3
105%
105%
x
aaa3
108%
x
aa
x
aaa3
103%
105%
108%
105%
102%
103%
16
99% 103%
x
a
3
89%
89%
90%
87
95%
a
88%
89%
44
x
17
87
95%
29%
23
3
90
28%
x
aaa4
x
aaa4
Cln Leb A Nor 1st con gu 4s. 1942 MN
x
aaal
MN
x
aaa4
A
x
aaa4
J ybb
110%
80%
67
1st lien
54
40
54
4
103
107%
110
27
104
105%
12
100% 107
59
5s International series.. 1942
s
f 6s stamped....1942
1974
♦1st A ref 5s series A
D
x
bbb3
D
x
J y b
Cln Wab A M Dly 1st 4s„1991
2
J ybb
E—1977
(Amended) 1st cons 2-4s..l982
MN
((♦Proof of claim filed by owner
♦Certificates of deposit
Fort St U D Co 1st g 4 %s -.1941 j"i
F
y
"54%
85
55
bbb2
J x aaa4
109%
3
77
"80
109%
81%
91
37
68%
43%
57
50
55
*76
109%
"79
51
70
55%
78
106% 109%
107% 108%
O
x
aaa2
O
x
aaa2
*104%
J
Series A 414s guar—
1942
Series C 314s guar——1948 MN
x
aaa2
*103%
x
aaa2
106%
109% 10»%
Series D 314s guar——1950 F
Gen 414s series A
1977
A
x
aaa2
107
A
x
aa
2
Gen A ref 414s series B..1981
/
x
aa
2
Cleve Short Line 1st gu 414s. 1961
Cleve Union Term gu 5}4s—1972
O
x
*106 %
bbb3
106%
106%
82%
"83"
11
103% 106%
66
83%
O xbbb3
84
85%
54
72
o xbbb3
1973
84
76%
75%
76%
103
64
69%
68
69%
90
o
x
bbb3
D
X
aaa2
A
1st sf414« series C
1977
Coal River Ry 1st gu 4s
1946
Colo Fuel A Iron gen s f 58—1943
x
bbb3
107"
O y b
3
3
13%
Columbia G A E deb 6s.May 1952 MN xbbb3
Debenture 5s
Apr 16 1952 A O xbbb3
104%
Debenture 5s
Jan 15 1961 /
Columbus A H V 1st ext g 4s. 1948 A
104%
..1970
J
x
bbb3
O
x
aaa3
Columbus A Tol 1st ext 4s.. 1955 F A
x
y
104%
107
aaa4
"25
107%
102% 107%
79%
80
7
65
83
12%
13%
151
12
34%
104%
26
104
103%
104%
16
104
104%
110
*113
99% 105%
99
.....
106
97% 106%
113
.....
*111
.....
90%
82%
74%
106% 108
*107%
Colo A South 414s series A—1980 MN y b
56%
J
1949
J
(♦Georgia A Ala Ry Ss.Oct 11945
J
((♦Ga Caro A Nor 1st ext 68.1934
♦Good Hope Steel A Ir sec 7s. 1946 A
1
42
114%
110% 110%
38%
107%
113%
125
42
108
27%
43%
Commonwealth Edison Co—
z
aa
107%
J
x
a
114%
O
x
bbb3
x
aa
1951
x
GtCons El Pow
(Japan) 7s—1944
1st A gen s f 0 %s
Conn Rlv Pow s f 314s A....1961
Consol Edison of New York-
x
General 5s series C
314s debentures.——...1956 A O
J
814 s debentures...
...1958 J
General 4%s series D
General 4%s series E
General mtge 4s series
Gen mtge 4s series H
Gen mtge 3%s series I ...1967
♦Green Bay A West deb ctfs A...
Gulf Mob A Nor 1st 5 %sB—1950
1st mtge 5s series C
loan
Gulf Mobile A Ohio 4s ser B1975
Gen mtge lnc 6s ser A....2015
Gulf A Ship Island RR—
1st A ref Term M 5s stpd..1952
(♦Consol Ry non-oonv deb 4s 1964 J
J
x
aa
4
x
aa
aa
z
106
38
6
104% 108%
103
107%
17
105% 109%
104%
109
26
1
106
44
110%
Hocking Val 1st
cons g
Hoe (R) A Co 1st mtge
1949
105%
♦Adj Income 5s
Feb 1957
Illinois Bell Teip 3%s ser B. 1970
z
ccc2
x
aa
x
105%
13%
cccl
z
105%
cccl
z
J
26
aa
102% 106%
12
11
13
55%
76%
18
13%
*75%
14%
107%
26%
1st gold
76%
108%
15
a
x
bbb4
y
b
104% 109%
111
16
109%
111%
109%
10
111%
16
105%
106
15
111%
102% 109%
104% 111%
103% 110%
105
18%
♦Deposit receipts
♦Cuba RR 1st 68 g
1952 J
♦714s series A extended to 1946 J
♦8s series B extended to 1046 J
J y b
D y ccc2
D y ccc2
A O x aa
Curtis Publishing Co 3s deb. 1955
Dayton P A L 1st mtge 3s__1970 J
J
Del A Hudson 1st A ref 4a.. 1943 MN
xaaa
y
bb
3
"21%
106
Refunding 5s
40-year 4%s
...
1955
.1952
1953
1965
Aug 1 1960
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s. .1951
Loulsv Dlv A Term g 3 %s.l953
Omaha Dlv 1st gold 3s
1961
St Louis Dlv A Term g 3s.. 1951
15
31
Gold 3 %s
1951
Springfield Dlv 1st g 3%s 1951
17%
10
17
17%
Western Lines 1st g 4s
21
105%
22
12
17%
40
17%
19%
22
20%
17%
17%
36
108%
108%
20
48%
117
47%
7
Attention la directed to the
Z
CC
1
cc
I
z
c
now
46
99% 101
102% 109
37%
V
103
..-.--'♦lOO
|
102%
102%
) 103%
'*102%
103%
103%
*30
41
---
106%
38
103
---
102%
103%
*2
7,
102%
---
25
104
100
105
100
102
100
104%
ino
104%
99
104%
103
107
8
63
43%
46%
61%
62
7
8
7%
8
258
7%
6%
7%
61%
2
98
104% 108%
1
103
8%
8%
4%
48
3%
a
cccl
b
2
8
*
cccl
105%
bbb3
bb
75
4
b
J
2
*33
101%
aaa2
D
bb
A
J
24%
50
37%
30
90
8
14
8
14
13%
22%
18%
35%
105%
100% 106%
75%
71%
91%
95
101%
101% 104%
*82
3
45
37
55%
"88%
40
13%
cccl
O
~36r"
"86%
3
c
/
124%
100% 105
99% 100%
25
cccl
J
36
103%
*34
2%
101 %
63
121
"35%
cccl
2%
H
*37%
103
1
/
1
100
*122%
3
J
F
37%
37%
aaa3
bb
1%
*99%
3
bb
1%
1%
x
D
J
1
*
80
80
~78~V
63%
96%
*65
80%
01%
90
107
107%
107
108
101%
102%
76%
b
1
b
1
x
a
4
x
bbb3
x
bbb3
x
bbb3
93%
x
bbb3
93%
x
bbb.3
103%
104%
x
bbb3
99%
x
bbb3
98%
84%
-
63%
*
£
w
F«£
ybb
*60
1
5%
*84%
z
c
A O
y
bb
y
bh
y
bb
61%
59%
y cc
36%
35
A O
J J
J J
' J
A 0
WN
1 J
J J
A O
MN
MS
-7 D
MN
F A
A O
A O
80
y
b
x
z
2
3
111:
94
109
31
87
103%
17
77
95%
60
I
76
90
85%
141
124
47
63%
....
5%
1
86%
....
8%
«3%
61%
57%
37%
60
32
63%
37%
111%
105%
....
8
13
cccl
127
2
89%
92
13
z
b
2
54
54
54
5
y
bbb2
102
102
y
ccc2
102%
29
90%
90%
96
105%
100% 112%
21
36%
116
aaa4
bb
120%
92
70
66%
40%
14
90% 102%
76
22
2
120
x
aaa3
126%
126%
y
b
3
"42~"
41%
43%
75
z
cccl
10%
10%
10%
84
x
aaa4
110%
16
110
04
2%
87%
z
110
87%
58
76
100
28
68%
06%
x
28%
94% 107
88
100%
8
92
80%
111
*126%
104% 109
33
94,? |
94
*85%
105%
bbb3
xa
23
I
37%
127
36%
50%
16%
9%
108% 112%
90
101
108%
97
«9%
72
"38
92
:
.
106%
106%
103
].-■)
*.—
91
20
100%
18
62
83
19%
100
18
81%
98%
44
86
105%
100
43
8%
80
18%
*17%
17%
98%
*
105
*104
34%
605
9
8%
*88%
*88%
Purchased lines 3%s
Collateral trust gold 4s
110%
105%
i
81%
97
36
651
*93
17
1942 J D
18
36
18
bbb4
Refunding 4s
110%
aa
17
13%
14
bbb4
18%
110
aa
x
18
41
x
18%
m%
x
17
17%
17%
2
50
79
J|x
11
*109
x
153
56
J
Collateral trust gold 4g.—1952
105
187
36
60
51
44%
17%
1951 J
19
110
x aa
36
34%
101% 103%
1951 /
4s
Extended 1st gold 3%S....1961
1st gold 3a sterling
..1951
13
14%
*14%
Consumers Power Co—
14
33
33%
110
niinols Central RR—
1st gold 3%S
J
1st mtge 314s..
1969 MN
Continental Oil conv 214s.. 1948 J D
Crucible Steel 414s debs
1948 F A
Hudson Co Gas 1st g 5s
103 % 107 %
108%
cccl
J
1970 MN
1966 MN
107
104%
4
Consolidation Coal s f 6s....1960 J
1st mtge 814s
9
24
104%
105%
4
x
♦Debenture 4s.——.1965 J
♦Debenture 4s
...1966 /
1st mtge 314s
1st mtge 3Mis
f4%s_... 1961
Hudson A Manhat 1st 5s A..1957
D xbbb2
J z cccl
May 1 1965 MN
1967 MN
s
Gulf States Utll 3 %s ser D—1909
105%
109%
536
Feb
♦Debentures ctfs B
109%
109%
.....
bbb2.
J
1977 J
G..1946 J
1946 J
Hudson Coal 1st s f 6s ser A—1902
109
4
bbb2
«
1976
108% 110
.....
♦Consolidated Hydro-Eleo Works
of Upper Wuertemberg 7s. 1956 J
Consol Oil oonv deb 314s...1961 J
1973
6
*117
aa
x aa
x
Great Northern 4%s ser A—1901|'
General 5%s series B—...1952 J
115% 119
106% 111%
109% 130%
88% 100
*99%
.....
1946 A O
814s debentures—........1948 A O
314s debentures—
..I960
1949
4 %s..1999
1944
((♦Housatonlo Ry cons g 5s. 1937
Houston Oil 4%s debs..
1954
50
113
115%
.....
a
4
bbb2
Oswegatchie 1st 5s.. 1942
Grand R A I ext 1st gu g 4 %sl941 J
J
♦Harpen Mining 0s
1968 J D
Conv debs 314s
...1958
Conn A Pasump Rlv 1st 4s..1943
Conn Ry A L 1st A ref 414s..1951
41
1
a
x
J D
Goodrich (B F) 1st 4%s
1966
Gotham Silk Hos deb 5s w w.1946 M 8
J D
Gouv A
Gulf States Steel
May yb
38%
99
149%
104
107
106% 107%
106%
41
90%
141
*93%
x
♦Sinking fund deb 6%s... 1940
MN
♦20-year s f deb 6s
1948
Grays Point Term lstgu 5s..1947
104
*106
"l25
......
ybb
J
54
79
b
A
J
Gen Cable 1st s f 5 %s A
1947
♦Gen Elec (Germany) 7s. ...1945 J
J
53
"77%
97%
Francisco Sugar coll trust 6s. 1956 MN y ccc3
Gen Am Investors deb 5s A.1952
91
78
80%
bb
.
104% 110%
80
*85
3
1990 MN
Cleveland Eleo Ilium 3s..—1970
Cleve A Pgh gen gu 4 J4s B—1942 A
Series B 314s guar—.1942 A
80
2
z
105
112
3
60
34%
b
♦Certificates of deposit
109
75
58%
58
108
105
Fonda Johns A Glover RR—
106%
107
103%
5
b
D
*84
bbb3
M S
Gas A El of Berg Co cons g 5s 1949 J
105
l"05% "~65
*
M S
Gen Steel Cast 5%s w w
—1993
J* B
v 8
3
103%
103%
30%
100% 109%
10
99
101
12
44
107%
25%
88
36
bbb2
..1942
J D
30-year deb 6s series B
1954
y bb
3
Firestone Tire A Rub 3%s_.1948 A O x a
4
J
J Z
(♦Fla Cent A Pennln 5s
1943
CCC2
J D
(Florida East Coast 1st 4%s.l959
ybb 2
10
13%
105% 111
109% 111%
11%
Cleve Cln Chic A Bt Louis Ry—
———1993
M S
110%
110%
*112%
2
A
D
1st Hen 6s stamped.
48
51%
63%
108%
109
F
20
105% 108%
36
c
M S
.I960 /
..1954
♦Ernesto Breda 7s
45%
27
2
108% 113
30%
40%
104%
105%
I
67
■
110%
*109%
*105%
(♦3d mtge 4%s_—....1938
69
"51%
28
t
A
D
F
%
c
J
♦Genessee River 1st s f 6S..1957 J
♦N Y A Erie RR ext 1st 4S.1947 MN
120
44%
1967
|Ref A Imp 5s of 1927
1907
A O
♦»Ref A impt 5s of 1930- —1975
/
♦Erie A Jersey 1st s f 6s-.1955 J
119
2
♦Commercial Mack ay Corp—
Income deb w w_._Apr 11969
107%
98%
*146%
cccl
MN
♦
123
b
D—1971
1st mtge gu 3%s ser E
1969
Clearfield A Mah 1st gu 6s—1943
107%
5
74%
105% 110%
107% 111%
17
16%
8
49%
""5
107
2%
3%
""3
101
16%
3%
%
4
107%
106%
11%
1
96
21
106%
11%
5%
45
100%
7%
23
(♦Choctaw Ok A Gulf con 5s. 1952
Cincinnati Gas A Elec 8148—1966 F
.1953
6%
73%
O yb
1943
M N z cc
4s series D
4
6
cc
cccl
3%
55%
J
1st mtge 3%s series E——1963
—.1951 M 8
814s guaranteed
J
1st mtge 314s series F_
1963
Chic A West Indiana eon 4s. 1952
1st A ref M 4 lis series D—1962 M S
conv
ccc2
5%
339
112
21
2
cccl
166
53%
x aa
♦Gen
3
106% 109%
"38
109
*34
106
63
106%
108%
111%
109
104
72
105%
2
1953
♦Series B
5%
5%
6%
aa
bb
bb
O
1953
♦Conv 4s series A
472
55%
O
M S
5%
""%
bbb3
1905
(♦Erie RR 1st cons g 4s priorl990
♦1st consol gen lien g 4s... 1996
6%
3
Chicago Union StationGuaranteed 4s
—1944
1952
6%
5%
bb
Deo 1 1960 M S
56.1995
5s stamped
11%
41%
cc
O
21%
H%
6
9
'
42
1
ccc2
#» —
A
6
199
8%
1%
39
9%
9%
1%
9%
9%
c
77
J 9
9
9%
J
MN
14%
17
J
Cln Un Term 1st gu 314s
*106%
aaa4
14
5
3%
*65
bbb3
10
14%
4
%
4%
ccc2
x
77
15%
01
;
*106%
15
ccc2
6
■J
i%
5%
4
13%
ccc2
84
2
x
15
ccc2
1%
1%
High
107
1
ccc2
ccc2
MN
34
3
2%
A
b
z
MN
A
......
3
8
Dul Miss A Ir Range Ry 3 %s 1902
104%
3
x
O
D
Detroit Term A Tunnel 4 %s.l961
D
G.1960
Gen A ref mtge 3 %s ser
z
A
4%
2
cc
For footnotes see nage 3367.
F
31%
*46
♦Cuba Nor Ry 1st 614s
M S
1965 A
F
ser
425
7%
2
31
*64
1st mtge 314s
cc
17
3
Stamped guar 414s
z
15%
bb
1st mtge 314s series I
J
17
bbb2
mtge..
2
34
bbb2
Income
c
30
D
♦5s
ddd2
z
30
D
f 5s series B guar
z
O
(♦Dee Plains Val 1st gu 4 %s.l947
Detroit Edison 4%s ser D..1961
June 151951
s
A
10%
Low
"7%
ddd2
3%
Memphis Dly 1st g 4s
1961
Chic T H A So'eastern 1st 68-1960
1st
z
(♦Des M A Ft Dodge 4s ctfs.1935
MN
1934
Bt L Dly 1st coll trg 4s
A
10%
MN
(♦Secured 414s series A—1962
Ref A Impt 414s series
3
ccct
3%
20
NO.
High
l04%
cccl
z
19%
21
♦Certificates of deposit
♦Cony g 414s—
1960 MS
D
Ch Bt L A New Orleans 6s—1951
General g 4s__
aa
z
M N
♦Certificates of deposit
General 6s series B
x
J
((♦Den A RG 1st cons g 4s.. 1930
(♦Consol gold 4%s..
1936
(♦Deny ARGW gen 5s. Aug 1955
♦Assented (subj to plan)
♦Ref A Impt 5s ser B.Apr 1978
3
East T Va A Ga Dlv 1st 5s__. 1950
♦Certificates of deposit——
1st mtge 314s
J
J
1st mortgage 4 %s
30%
East Ry Minn
Cbllds Co deb 5s
3
aa
MN
314s————1987
♦General 4s
1987
♦Stpd 4s n p Fed Inc tax.1987
♦Gen 4 %s stpd Fed lnc tax 1987
♦Gen 6s stpd Fed lnc tax.-1987
♦414s stamped
1987
(♦Secured 614s—
1936
♦ 1st ref
g 5s
May 1 2037
♦1st A ref 414s stpd.May 12037
♦1st A ref 414s C-May 1 2037
♦Conr 414s series A
1949
((♦Chicago Railways 1st 6s stpd
Feb 1940 25% part pd._1927
(♦Chlo RIA Pac Ry gen 4S-1988
Income guar 5s
aa
J
ccc3
8
♦General g
Gold 314s
x
1
z
z
(Chicago A North Western Ry—
(♦Refunding gold 4s
1909
1909
J
*107%
104%
*108%
5%
J
x
Since
5%
4 %S—1971
1st A ref 4%s
Gen A ref M 4s
IChlc Milwaukee A St Paul—
♦Gen 4« series A --.May 1 1989
Low
(Cont.)
Railroad & Indus. Cos.
Del Power A Light 1st
Range
Jan. 1
Bui
Price
See a
1940
Fridays
A
Ask
Sale
Rating
7,
Range or
Last
Elig. A
EXCHANGE
STOCK
19%
12%
12%
12%
53
69
Y.
Week Ended Dec. 6
73
:
28%
*16%
2
J
4s__l960
17%
ccc3
J
28%
Low
162
15
109
M N
series A
1966
6s ser B..May 1966
Chic Ind A Sou 60-year
"15%
*
M
♦1st A gen 6*
No
117
MN y bbb2
8 z ccc3
gold 60—1982
N.
Jan. 1
High
♦124%
15%
13%
cccl
(♦Chicago Great West 1st 4S.1959
J
t»Cble Ind A Loulsv ref 08—1947
♦Refunding g 6s series B_.1947 J
♦Refunding 4s series C—.1947 J
♦
2
z
deposit
Chicago A Erie 1st
b
r
Since
Atk
A
BONDS
Range
Friday'$
Bid
Friday
Bank
Week's
Friday
Bank
Dec.
Week's
1951
A 0|Z bbb4
M 8 x bbb4
A O y bb
MN y bb
J J y bb
M N y bb
MN y bb
F A y b
J D x bbb4
J J x bbb3
J <7 ybb 4
F A ybb 2
J / ybb 4
J J y bb 4
<7 J x bbb3
F A ybb 3
*35
70
38%
38%
38%
36
32%
48%
39
39
40%
48
34
60
36
36
37%
46%
36
"37%
6
34%
46
38%
35
31%
46
46%
8
40%
56%
36
37
151
40
28%
40%
78%
60
....
70
79
63%
——
68
65
50
60
65%
43%
42
43
45
45
64
54
47
66
59
59
53
66
38%
36%
35%
41%
140
33
60%
38%
38
30
47
35%
1
19%
99%
30%
99%
64
69%
*41
*48"
*75
IU Cent and Chlo St L A N O—
Joint 1st ref 5s series A
1903 J
lBt A ref 4%s series C....1963
♦Iteeder Steel Corp 0s__
J
1948 F
D
2
38%
D.ybb 2
36%
y
A\%
(♦Ind Bloom A W 1st ext 4s.1940 A O
x
Ind 111 A Iowa 1st g 4s
y
1950 J
(♦Ind A Louisville 1st gu 4s. 1950 J
7
J
«
bb
cccl
bbb3
bbb2
ccc2
column incorporated to this tabulation pertaining to bank eligibility
69
*14
69%.
14%
4
...
and rating of bonda.
8%
See
17%
a.
Volume
New York Bond Record—Continued—Page 4
151
BONDS
N.
Y.
8TOCK
Last
Elig. A
EXCHANGE
.
_
Sale
See k
Price
Railroad & Indus. Cos. (Cont.)
Ind Union Ry 3?*s serlefl B.1986 M 8 x aaa2
J xbbb2
t Industrial Rayon 4?*s
1948 J
Inland Steel 1st mtge 3s ser F1961 A O x aa 3
O ybb
Inspiration Cons Copper 48.1952 A
Intertake Iron cony deb 4s..1947
ybb
2
Bid
Low
105?*
3
100
106?*
106?*
106?*
107 %
37
102
% 107%
100?*
100 %
100%
10
89
103H
96 %
97 X
z
cccl
cc
1
%
z
cccl
♦1st g 5s series C
1956
Internat Hydro EI deb 6a.-.1944
Int Merc Marine s f6s
1941
z
cccl
y
b
y
ccc4
Internat Paper 5s ser A A B.1947
Ref s f 6s series A
1955 M
ybb
ser
3
3
S y b
3
Int Rys Cent Amer 1st 6s B .1972 Af N y bbb2
1st lien A ref 6 ?*s
1947 F A y bb 3
J y ccc2
Int Telep A Teleg deb g 4 ?*sl952 J
1955 F
Debenture 5s
A y ccc2
{♦Iowa Cent Ry 1st A ref 4s.1951 M S
z
97%
7
%
%
*6%
"~6%
7%
16%
%
2
6%
14%
18
6%
14%
51%
19
*7%
—
7
6%
50 H
97 %
78
8
7%
7%
z
1956
ser
♦let 5s series B
Hioh
104
1057M
3
Y.
73 H
50%
73%
75
93
53
74%
76?*
102 %
102%
103
14
9 9
103 %
104%
104?*
2
STOCK
90% 105%
78
78
2
70%
95
85 %
86
55
82
99
x
aa
A
Metrop Wat Sew A D 6?*S—1950 A O
{(♦Met W Side El (Chic) 4s. 1938 F A
♦Mlag Mill Mach 1st s f 7s..1956 J D
x
bbb3
z
ddd2
Mich Cent Det A Bay City—
Jack Lans A Sa~ 3?*a
1951 M
S y bb
*66?*
*94?*
3
106?*
106 %
26
107?*
28
97
17
9%
37?*
15%
ccc2
27
{♦Mil Spar A N W 1st gu 4s. 1947 M S
{♦Mllw A State Line 1st 3 ?*s 1941 J J
{♦Minn A St Louis 5s ctfs
1934 MN
z
ccc3
13?*
z
ccc3
z
cc
2
z
c
2
1?*
*6?*
1?*
z c
2
%
%
44%
♦
22
47%
♦Ref A ext 50-yr 5s ser A.1962 Q
%
4
1949 Af S
1st A ref gold 4s
F
95
55
ccc2
21
67
90
4
b
288
67
88
96
67?*
z
252
7%
33
5?*
67?*
3
z
26%
112?*
35?*
90
6
z
26%
Hioh
100?* 106?*
109
18
6
O
25%
Low
"Si"
47
.....
{(♦Mil A No 1st ext 4?*s—.1939 J D
♦{Con ext 4?*s
1939 J D
1940 A
No
106%
*112?*
3
cccl
1st gold 3?*s
1952 Af N x a
J ybb
Ref A lmpt 4?*s series C—1979 J
Michigan Consol Gas 4s
1963 M S x a
{(♦Mid of N J 1st ext 5s
Jan. 1
Ask
Hioh
106
106
bbb4
Since
Friday'*
Bid
Low
x
23%
%
Price
Railroad & Indus. Cos. (Cont.)
28 /
?*
Sale
See k
Mead Corp 1st mtsre 4?*s.__1955 M S
Metrop Ed 1st 4?*s series D.1968 M 8
Ranoe
Ranoe or
Rating
26
cccl
Last
Elig. A
EXCHANGE
Week Ended Dec. 6
1053u
A. .1952
♦Adjustment 6s
N.
Since
No. Low
High
BONDS
Range
Jan. 1
*105 %
A.July 1952
{♦Int-Grt Nor 1st 6s
I £
Friday'*
I g2
A
Atk §£
Week't
Friday
Bank
Ranoe or
Rating
_
"-«a"
Week Ended Dec. 6
3365
Week't
Friday
Bank
2
26?*
2
55?*
55?*
25
27
41
13?*
36
12?*
67?*
107?*
8
30
61
32
16?*
73
*15
"4%
7
2
8%
1%
H
2%
3%
3?*
3?*
10
7?*
10
2?*
5
3
2%
1%
2
104%
{(♦K C Ft 8 A M Ry ref g 4s 1936 A
D ybb
57
11
38
104 %
19
93
105
"3l" "70
66%
39
68%
69%
108?*
92
50
69?*
70?*
37
105
109?*
18
z
cc
%
53%
1
21
53?*
2
43
59?*
79%
79%
79?*
1
55
88
92
19
32?*
Missouri-Kansas-Texas
40-year 4s series B
Prior lien 4?*s series D...1978 J
♦Cum adjust 5s ser A..Jan 1967 A
2
a
2
a
3
105
a
2
104 H
1975
♦1st A ref 5s series F
A
85
168
105 V*
108?*
U 6?*
105"
100?*
104
101
108?*
106?*
105?*
*107%
%
1H
3%
3%
...1942 A
Ref A ext mtge 6s
Coll A ref 5?*s series C....1953 F
O ybbbl
O ybb 2
94%
94%
A yb
2
Coll A ref 6?*s series D...1960 F
A y b
2
58
1942 F
.1942 F
A y b
2
56 %
A yb
2
Coll tr 68 series A
Coll tr 68 series B
6
95
57
58?*
58%
7
95
4%
42
80
97?*
79 J*
1st A ref 5s series A
62 %
58
9
38
61?*
56%
57
13
33
60 %
60
39
61?*
Lake Erie A Western RR—
xbbb3
Lake 8h A Mich So g 3 HS...1997 J
ybb
D
x
a
♦Certificates of deposit
♦1st A ref 5s series G
69%
88
♦1st A ref g 5s series H
1980 A
O
1981
f" a
95?*
82
97
79?*
92 H
31 J*
27
39?*
Montana Power 1st A ref
1965
63%
65
42
70 %
61%
62
s
92%
92%
93
68%
95
Gen A ref
Lehigh A New Eng RR 4s A. 1965 A O xbbb3
3
Lehigh A N Y 1st gu g 4s
1945 M S yb
Lehigh Valley Coal Co—
♦6s stamped....
...1944
42%
79%
Gen A ref
s I
35%
35
37?*
30
41
Gen A ref
s
A
1974 FA
♦1st A ref s f 5s
♦6s stamped
"j"j
1943
6s..1954 FA
56 %
35
22
36
34
23
35
20?*
35
34
34?*
19%
ccc2
~19%
78
9%
\0%
37
*53%
54?*
x
aa
4
*105%
106?*
103
a
4
110%
110?*
105
110%
111?*
103
106
106?*
44
48
3
4
a
106?*
110?*
113
95?* 106?*
76
62
86
*43
45?*
44
56?*
*43
79
44
44
*43
y bbb2
y b
58?*
107
65
43?*
56?*
76
2
y b
39
39
41?*
36
34?*
47?*
36?*
34?*
36?*
50
27
44%
33?*
79
24%
39
32?*
31?*
6
104?* Ill
X
aaa2
110?*
X
a
2
*116?*
101?*
101%
67%
67%
15
105*32
105?*
"47
104?*
64
99?* 106?*
107?*
21
100?* 107?*
Ill
112?* 120
100?* 101?*
23?*
13
30
16
30
ccc2
19%
17
20?*
50
3
50
1
122%
x
aaa4
129%
129
....
106?*
...1951 F
40
109
123
129?*
a
*92
Lion Oil Ref eonv deb 4 ?*s.. 1952 A O ybb 3
x aaa3
Little Miami gen 4s series A. 1962 M N
x
aaa3
Loews Inc a f deb 3 Ha
1946
Lombard Elec 7s series A
1952 J
1953 F
A
x
48 %
99
90
15
105
*30%
41?*
108%
109?*
109?*
93
_
25?*
68?*
118
106?*
121H 127 y%
120?* 131%
99
98?*
104H
'
a
O y bb
93 %
*100
104?*
D yb
Lone Star Gas 3?*s debs
....
11
3
93
101
104?* 106
100?* 105
73?*
28?*
105
110
gtd 6s ext at 5% 1941
.
1978 f
1949 M
x
aa
x
bbb3
x
aa
3
110?*
Lou A Jeff Bridge Co gu 4S..1945 M S
x
aa
3
*110?*
J
cccl
1952 J
D
aaa2
1961 AfN
aaa2
lstg 4?*s series B
N J Junction RR guar 1st 4s. 1986 F
N J Pow A Light 1st 4?*s...l960 A
New Orl Great Nor 6s A
1983 J
N O A N E 1st ref A
43?*
bbb2
A
3
128?*
—
2
3
106
111
108
110?*
75
111?*
112
86?*
Louisville A Nashville RR—
x
bbb3
1st A ref 5s series B
2003
1st A ref 4 Ha series C
2003
x
bbb3
2003
x
bbb3
2003
Unlf mtge 3?*s ser A ext..1950
Unlf mtge 4s ser B ext
1960
x
bbb3
Paducab A Mem Dlv 4s..1946
x
bbb2
M.
—
«.
99
.
92 % 104?*
37
83
99?*
32
78
93?*
89?*
92?*
-
-
93
87?*
93
•
23
99?*
104?*
103?*
103?*
88?*
103
72?*
12
103?*
105
a
3
104?*
104?*
104?*
x a
3
107?*
107?*
107?*
1
104?* 108?*
107
107
3
101
x
M
S
x
a
3
88
Mob A Montg 1st g 4HS-1945 M
8
x
a
3
*112?*
J y bbb2
x aaa3
Atl Knox A Cine Dlv 4s..1955 Af N
F A z ccci
•Lower Aust Hydro El 6 Hs.1944
South Ry Joint Monon 4s.1952 J
x
a
O
S y b
87
*
2
2
108?*
108 H
4
108?*
27?*
113
2
....
3
106
103?*
104?*
77%
D ybb
2
77%
2
50?*
52%
30
30
Manila Elec RR A Lt 8 f 6S..1953 M 8 y aa 1
1
Manila RR (South Lines) 4s. 1959 AT N y a
J z ccc2
{♦Man GBANWlst 3?*S.1941 J
88
112
25
88
D y b
MN y ccc2
78
....
88
'
105?*
103?*
107
186
1
5
48
73 %
88?*
104% 108?*
15?*
25
102?* 106
81
104?*
♦Certificates of deposit...
*63
105?*
11
64?*
78%
3
60
60
60
2
45
64
"A
zb
a'f
106?*
66?*
32?*
ccc2
b
1
15?*
64?*
66
ccc3
*76
98?*
z
b
36?*
31?*
*113
"63"
38?*
36
46
29
40
27
25
7
38?*
113
111
115?*
"56
44?*
90
86
74
91?*
57?*
56?*
57%
375
38
60 %
63
62%
63%
148
43
66%
60?*
60?*
61
123
42?*
64%
86
86?*
32
68?*
88
99
98?*
99
80
85
99?*
10
63?*
66
61
48?*
61
73
73?*
61%
88?*
80?*
95
90?*
bb
bbb2
63
62?*
63
Mich Cent coll gold 3?*s..l998 F
A
bbb2
59
58
59 %
3
70?*
70?*
71
114
45?*
M S ybb 3
A x bbb2
57?*
57?*
58
218
38%
85?*
84?*
85?*
50
94
94?*
7
89?*
90?*
94
Lake Shore coll gold 3 ?*s_.1998
65 ?<
63?*
90?*
62?*
_
N Y Chlc'A St Louis—
Ref 5?*s series A
A
O ybb
A
O
x
bbb3
A
O
v
b
2
1950 J D
y
bb
1
extended^to 1947
3-year 6% notes
1941
"90 %
*80?*
66
93
77
80?*
91%
z
4
94?*
89?*
30
J
6s debentures
95
30
A
1946 F
21
37
36%
32%
30
"~9
F
1st mtge 3 ?*s
*87?*
26
23?*
33
1942 J
Debenture 4s
Ref 4?*s series C...
*19
34?*
30?*
a
4s collateral trust
*87?*
37%
*26
"33"
J
46
2
39 %
37%
86
ybb 3
..1946
y b
3
A..2013
yb
2013
bb
AfN
..1952
81?*
3
24
28?*
5
y
55?*
b
30?*
23
20
N Y Cent RR 4s series A.... 1998
39
y
33
25
15
36?*
Newp A C Bdge gen ?u 4 ?*s. 1945
25?*
O y b
21
31
34?*
38?*
70
68
26
35
36
Conv secured 3?*s
N Y Cent A Hud River 3 Us. 1997 J
51
32?*
34?*
ccc2
Ref A lmpt 5s series C
67?*
34?*
aaa2
Ref A lmpt 4?*s sales
31
102?* 105?*
101?* 106 %
65
71%
36?*
b
3
104?*
66?*
8
36
*
bb
3
105
109
34
z
1
105?*
*28?*
1
z
107%
105?*
x
♦Certificates of deposit
10-year 3?*s sec s f
60?*
11
1954 OA
♦1st 5 ?*s series A
60?*
70
69
z
1956
122?* 130?*
69
1954 A O
♦1st 4 ?*s series D
♦Certificates of deposit
130%
69
bbb3
1956 F
122
2
x
♦Certificates of deposit...
43?*
128?*
127%
4
bb
♦1st 6s series C
31?*
43%
126?*
aa
y
1st 5s series B
43?*
36
bb
mp4?*sA'52 J
1974
1978
*85?*
*44
♦
71
124?*
119
44%
J
1
120?* 126 %
120
129?*
34
85
83?*
83?*
•»
106
63
O
deposit...
-
43
102
106
130
127
ccc2
122?*
6s debenture
..1951 F A
J
Louisiana A Ark 1st 5s ser A. 1969 J
Loulsyllle Gas A Elec 3?*s..l966 M S
{♦New England RR guar 6s. 1945
♦Consol guar 4s
..1945 J
*43?*
b
*122?*
128?*
aaa3
*123
cccl
J
70?*
103
103?* 107?*
*78
aaa3
J
z
99?*
x
3
z
99?*
87
O
b
"36"
85?*
24
A
*105?*
ccc2
89
39
97?*
8
107?*
4
{♦Naugatuck RR 1st g 4s... 1954 AfN
Newark Consol Gas cons 5s. 1948 J D
New Eng Tel A Tel 5s A
103?*
a
z
98
98?*
97?*
bbb3
103?*
2
x
i04?*
97?*
bbb3
x
2
x aa
x bbb3
1st A ref 5s series B
1956 J D
J y bbb2
New Orleans Term 1st gu 4s. 1953 J
A O z ccc2
{(♦N O Tex A Mex n-c lnc 5s 1935
z b
1
♦Certificates of
97
x
S
105782
New Orl Pub 8er 1st 6s ser A.1952 A
98?*
8
Af
a
64
102
3
93
98
8 y bbb2
Af
|A O
1954 J D
3?*s
4
63?*
98
M
Marlon Steam Shovel s f 6s..1947 A
20
2
x
18
106 %
Manatl Sugar 4s s f...Feb 11957
79
17
83
27?*
8
Nat Distillers Prod 3?*s
....
Natlnal Steel 1st mtge 3s...1965
123
{♦McKesson A Robblns 5 Ha 1950
21%
21%
60
16%
15
a
Natl Supply
aaa4
Maine Central RR 4s ser A.1945 J
Gen mtge 4?*s series A—1960 J
167
16%
bbb2
61
bbb4
A
20%
19%
12%
12%
12 H
25
x
22?*
x
Af
1
20
x
8?*
x
1955
21%
16%
cccl
TNat Acme 4 ?*s extended tol946 J I>
Nat Dairy Prod deb 3 ?*s ww 1951 AfN
146
A
McCrory Stores deb 3?*s
12%
cccl
81?*
17
J
3s...1980
2%
29
ccc2
49%
44%
A
St Louis Dlv 2d gold
%
19%
z
bb
15?*
16%
O ybbbl
1st A ref 3lis series E.
78
17
*78
bbb3
44
Llbby
1st A ref 4s series D
21%
18%
%
t
y
44
Lex A East 1st 50-yr 5s gu
1944
4
z
X
2
x
Lorlllard (P) Co deb 7s
8
21?*
20?*
16%
2
A
81%
44%
z
1949
1949
.....1949
%
Nash Chatt A St L 4s ser A.
34 %
78?*
2003 AfN
4s stamped
60
%
12?*
35%
z
17
Long Island unified 4s
Guar ref gold 4s
19%
18?*
2
80
24?*
2
ccc2
A
19?*
21%
21%
50
80
z
♦Long Dock Co 3Hb ext to.. 1950
21%
12%
12%
12%
20?*
34?*
16
A
12?*
53
y bb
Mountain States TAT 3?*s.l968 J D
Mutual Fuel Gas 1st gu g 58.1947 MN
AfN
Mut Un Tel
34?*
ccc2
F
261
18%
Gen A ref s f 5s series D...1955
y bb
Morris A Essex 1st gu 3?*s..2000
Constr M 5s series A
1955 MN y b
b
Constr M 4?*s series B
1955 MN y
80
bb
6s debenture
*5
*33
z
1965
McNeil A Llhby 4s..1955
Liggett A Myers Tobacco 7S.1944
3?*s *66
f 4 ?*s series C.1965
*31%
z
1951 A
19%
16?*
16?*
17?*
X
5s series B...1955
z
z
J
Lehigh valley N Y 4?*sext.1950 J
tLehigh Valley RR—
♦Gen cons g 4s
......2003 AfN
♦General cons 4 ?*s
2003 Af N
♦General cons 6s
37 %
27
34%
bb
Leh Val Term Ryext 6s
95
36
*32%
35
z
y
Leb Va! Harbor Term gu
16?*
18?*
y bb
f 6s series A...1955
z
1974
♦5s stamped
♦Sec 6% notes extended to 1943
*60
z
1964
♦6s stamped
19%
16?*
*17?*
y bb
*33%
z
F~
1?*
b
Ox
1960
debentures
61 H
1964
207
8 yb
Montreal Tram 1st A ref 6S..1941
1st mtge 4 ?*s
63%
..1954
M
Monongahela Ry 1st 4s ser A 1960 AfN
Monongahela W Penn Pub Ser
2
♦5s stamped
1938 M 8
(♦Secured 6% notes
2
♦1st A ref 8 f 6s
56
"l%
19%
cccl
{Mobile A Ohio RR—
♦Montgomery Dlv 1st g 5s 1947 F A
♦Ref A lmpt 4?*s
1977 M 8
J ybb
♦1st A ref a f 6s
13
19%
1?*
c
(♦Mo Pac 3d 7s ext at 4% JuL'38 MN
30
A
3
"l%
cccl
♦Certificates of deposit
♦1st A ref 5s series I
J ybb
1954 F
16?*
8?*
151
ccc2
1949 AfN
6s
♦1st mtge Income reg
1976
Lehigh C A Nay s f 4?*s A..1954 /
Cons sink fund 4?*s ser C.1954 J
15?*
8?*
ccc2
1978 MN
92
Lautaro Nitrate Co Ltd—
Dec y cccl
3%
19?*
8
9
12
2
cc
♦Certificates of deposit
95?*
91H
3
11
7?*
ccc2
Af~S
♦Conv gold 5?*s
91H
3
2
85
85
3%
10?*
10
cccl
♦Certificates of deposit
Mob'k A Malone 1st gu g 4s. 1991
6s extended at 3% to ....1947 J
2d gold 6s
1941 J
cccl
9
9
10%
101
95?*
38
*56%
57%
1
ccc2
1977 M S
80
•
♦Certificates of deposit
(♦Laclede Gas Lt ref A ext 6s 1939
2
cccl
♦General 4s
108 H
104%
z
A
80
157
105
%
cccl
1965 F
80
....
*162
108
1?*
{Missouri Pacific RR Co—
50
75
82
a
O
50
92 %
1954 J
J
1954 J
1951 M N
Kresge Foundation 3% notesl950 M S
{♦Kreuger A Toll secured 6s—
Uniform ctfs of deposit... 1959 M 8
11?*
y c
68
*75%
2
23
10%
J y ccc2
75
*75%
aaa4
21%
10%
64
249
106" 103?*
104?* 108
21%
ccc2
1962
79
74%
b
y
15?*
108
*28
7?*
10
y
1962
20
103 %
103 %
108
8%
RR—
A
13?*
20
*11
bb
ser
14
20
*16%
4?*s unguaranteed
1961 J
Kings County El L A P 6s...1997 A
1990 / D
Mo Kan A Tex 1st gold 4s
cccl
J y bb
J z b
1978 J
{♦Mo-Ill RR 1st 5s series A.1959 J
Prior Hen 5s
bbb3
1st A ref 6 Ha
2?*
50
9
Koppere Co 4s series A
1%
♦1st A ref 5 ?*s series B
30%
Kings Co Lighting 1st 6s
8%
1%
38?*
28%
65%
1961 J
Plain
6
8%
39?*
29 %
30 H
107%
6%
1
24?*
~3l"
1
69
2
cc
25
1
b
107H
cc
cccl
z
J
♦1st cons 5s gu as to int..1938 J
J
♦1st A ref 6s series A
1946 J
♦25-year 6?*s
1949 Af S
b
66%
z
z
1938
91?*
z
1950 A O x bbb3
J ybb 3
Ref A lmpt 6s
Apr 1950 J
J x aaa4
Kansas City Term 1st 4s
1960 J
Karetadt (Rudolph) Ino—
z cccl
♦Ctfs w w stmp (par 1646) 1943
♦Ctfs w w stmp (par $925) 1943 M N
♦Ctfs with warr (par $926) 1943
bb 3
Keith (B F) Corp 1st 6s
1946 Af~S
J
a
3
Kentucky Central gold 4s
1987 J
bbb3
Kentucky A Ind Term 4Ha.1961 J
bbb3
Stamped
1961 J
J
{♦1st cons 5s
84
*91%
z
O
♦Certificates of deposit
Kan City Sou 1st gold 3s
J
58
105
56
56 X
Jones A Laughlin Steel 4?*s A1961 M S ybb 3
Kanawha A Mich 1st gu g 4s 1990 A O xbbb4
James Frank! A Clear 1st 4s.1959 /
J
z
10
427
{ (♦MStPASS M con g 4s Int gu'38 J
Stamped
(♦Market St Ry 7s ser A April *40 Q J
(Stamp mod) ext 5s
1945 Q A
1
82?*
78?*
83
•52%
33
67
22
83
83
1
For footnotes see page
3367.
Attention Is directed to the new
columnIncorporated In this tabulation pertaining to bank eligibility
a.id rating of bonds.
See k.
New York Bond Record—Continued—Page 5
3366
Bank
BONDS
N. Y. STOCK
Last
Rating
Price
Low
Co». (Cont.)
Railroad & Indus.
4«——1951
.,.—1947
3M« *er D
1965
Conv 5% notes
E—1966
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 58,1948
Purchase money gold 4s—1949
F
A yb
High
54%
3
0 yccc2
Ox aaa4
A
56
57
59
No. Low
43
46M
59
13
110
110M
10
aaa4
110M
HOM
1
J
D X aaa4
125M
125M
F
A X aaa4
♦117M
O
1st Hen & ret 3%a ser
*
At N
(♦NY A Greenwood Lake 5sl946
3 Ms
2000 J/N
A—1973 J/N
4Mb series B.»., ..i.—1973 il/N
♦N Y L E A W Coal A RR 5 M»'42 il/N
J
♦N Y L E A W Dk A Impt 6s 1943 J
N Y A Long Branch gen 4b. ,1941 M 8
(♦N Y New Hav A Hart RR—
♦Non conv deb 4s,,
1947 At S
♦Non-ronv debenture 3 Ms 1947 At 8
♦Non-conv deb 3Ms,.—,1954 A O
z
110M
22
22
cc
x
aa
N Y Lack A West 4s ser
y
bbb2
y
bbb2
"so"
50
53 M
b
♦93
bb
*87
bb
87
90
z
cccl
14%
l
100
y
97
14
*
y
18
90
cccl
105
111
22
100M
43 M
60
60
84
96
86M
71
90
11
PhJIa Bait A Wash 1st g 4S..1943 MN
General 5s series B
1974 F A
/
General g 4 Ms series C—1977 J
.........
/
((♦Philippine Ry 1st s f 4S..1937 J
♦Certificates of deposit...—.
Phillips Petrol conv 3s.
1948 M 8
Pitts Coke A Iron conv 4 Ms A '52 At 8
22
14
15
15M
11
11H
19M
19 %
17
28
11
20 M
4s..1956 J/N
3
♦Conv debenture 3Ms,... 1956 J
J
♦Conv debenture 6a..-..-1948 J
z
cccl
17
15M
14 %
19M
17
44
10
20 M
10
20
12M
19M
2M
24 M
Series B 4 Ms guar..
1942
MN
Series C 4 Ms guar...
1942
J/N
Series D 4s guar....
..1945
F
A
Series E 3 Ms guar gold...1949
J
D
Series F 4s guar
Series G 4s guar
Series H cons guar 4s
Series I cons 4 Ms.
(♦Collateral trust 6s m —mmmm 1940
z
CC
1
3M
Z
S
b
z
cc
♦General 4s.... ....—...1955 J D z c
A O 7 b
(♦N Y Prov A Boston 4e—1942
N Y A Putnam 1st con gu 4s. 1993
N Y Queens El Lt A Pow 3 %e '66
N Y Rys prior lien 6s stamp. 1958
3
2
X
x
aa
z
cc
J
(♦2d gold 4 Ms
....1937
(♦General gold 5s........ 1940
♦Terminal 1st gold 5s...,.1943
N Y Telep 8M* ser B
,..3967
N Y Trap Rock 1st 6s
..1946
6s stamped
.........1946
{ (*N Y West A Bost 1st 4 Ms 1946
Niagara Falls Power 3Ms..-1966
Nlag Lock A O Pow 1st 5s A. 1955
Niagara Share (Mo) deb 5 Ms 1950
tl*Norf South 1st A ref 6s—1961
J
19
227
12
81
25
58
1M
5
155
2
22
99%
48M
109M
108M
*106M
108M
109"
109
4
108%
2
22 M
A Z c
2
*5M
A
1
1
12
cc
J/N
z
bb
J
x
7
aaa4
J
D y bb
1
*56 %
91
59
9
bb
c
2
"~5%
5%
6
123
x
aaa3
110 H
110%
111
6
AO
X a
4
108
108M
J/N yb
F A z c
1
102M
12M
13M
104
♦Certificates of deposit..
z
c
92
94%
102%
13%
2
2
110M
30
9
94 %
■>:
5
15
62 M
112
106
80 M
92
78
67 M
3M
6M
107 M 112
107
109M
96
M 104 M
z
Norf A W Ry 1st cons g 4s... 1996 O
A
X
A
x
a
a
Debenture 4s............ 1969 F
A x
North Cent gen A ref 5s..... 1974 At S X
Gen A ref 4 Ms series A
1974 M 8 X
54 M
79
105M
105 %
15
117M 127M
102 M 107 M
104M
28
101
105M
5
113 M
2
113M
74 M
69
36
74
J06M
102 M 108 M
114
118
107
109
(Northern Ohio Ry—
—1945 A
♦ 1st
mtge g 5s (stamped can¬
cellation of guarantee) 1945 A
0 X ccc3
*72
0
♦1st gtd g 68—
*42
z
ccc2
z
ccc2
x
bbb2
Gen Hen ry A Id g 3s Jan...2047 Q
Ref A Impt 4 Ms series A—2047 J
F
45
*42%
73
72
73M
93
42%
42
43
68
2
/ 7 bb
2
51
49M
61
43
J y bb
2
62 %
62 %
63
281
J 7 bb
J y bb
Ref A Impt 6s series B....2047 J
Ref A Impt 5s series C
2047 3
Ref A Impt 5s series D
2047 J
2
Northern States Power 3Ms. 1967 F A
3
Northwestern Teleg 4 Ms ext 1944 J
2
55H
55%
4
110%
x
aa
x
bbb3
54%
54%
HOM
55M
9
55 M
31
111
13
4
16
*100
......
c
x
aaa3
x
a
x
a
4
108
108
II
4
111
111 M
Ontario Power N F 1st g 5s. .1943 F A
Ontario Transmission 1st 6s 1945 A/N
Oregon RR A Nav
Ore Short Line 1st
con g
ill
D
x
x
aaa2
J
X
aaa2
.1961
3 x aaa2
.1962
3
y
bb
107M
88 %
2
Pacific Coast Co 1st g 5s....1946
Pacific Gas A El 4s series G.1964
D
b
D
aaa2
112
1st A ref mtge 3Ms ser H..1961
1st A ref mtge 3 Ms ser I... 1966
D
aaa2
111 M
D
aaa2
110M
A
bb
2
b
g 4s. 1938
J
..1938
Pacific Tel A Tel 3M* ser B..1966
Ref mtge 3Ms series C
1966
Paducah A III let rig 4 Ms..1955
O
J
aa
1st M s f g 3s loan ctfS—1956
Paramount Pictures 3 Ms deb *47
Parmelee Trans deb 6a
1944
Pat A Passaic G A E cons 58.1949
F
2
a
Panhandle East Pipe L 4s
1962 M 8
Paramount Broadway Corp—
4
A y b
2
x
b
Guar 3 Ms trust ctfs C
Guar 3 Ms trust ctfs D
Guar 4s ser E trust ctfs
28-year 4s...—
Pennsyl Glass Sand 3Ms-
Preened Steel Car deb 6s
72 M
40M
69 M
40 M
75M
19
5
45M
45
68 H
40M
60
40
00
55
105 M 111
95
96
108M
88%
78
17
104
108 M
68
88 M
63
22
109 % 1-13 ft
108
112M
18
106M 111M
2
2
♦Income
A/N
x
For footnotes sec Page 3367
74
78
aa
2
3
40
70
44 M
2
106M
•104M
103M
106M
107M
H4M
*113M
104
107M
HOM
109M
107M
114M
114M
6
"§6
31
x
a
3
X
bbb4
94 M
93M
94 M
69
x
a
3
104M
104 M
53
x
a
3
104
103M
103M
104M
89 %
51
97 M
97
122
108
108M
114M
115
x
bbb4
O
x
aa
2
*113M
M
8
x
a
2
O
z
b
122
6
71
34
*117%
A
a
2
*52
2
s
A
J
106
♦107M
HOM
Attention Is directed
co
4
5
218
11
103
112 M
93 M 104 M
107%
105
112
104 M 110
109
*111
aaa2
*110
x
aa
aa
4
119
119M
119
aaa2
2
119
119
4
112M
112M
8
104 M
56"
113M
102 %
*108%
55%
56%
U3M
3
104 M
43
"57"
*"9
A
aa
3
D
aa
3
*99
J
D
aa
105
02
108 M 108 %
40
12
63%
63 M
40
23
40
64
106 M
102
*117
/
119M
114M 119H
99 M 113M
99 % 113M
57
*105
F
115
57
56
3
HOM
108 M 111
110
105
112M
aaa2
x
x
108
107M 108 M
110%
108
aa»2
3
77%
64M
81M
1
104
107 M
7
59
101 %
92 M
81 %
102 M
91H
81 %
1
3
91%
106 M
*96"
95
91
58 M 100M
"91M
*109%
3
b
78M
106
101M
*91M
91M
aaa4
cc
67
101 %
cccl
bb
110M 117
%
106
cccl
MN
®
J *
.2037;J, r{
^
HOM
97M
79
Rensselaer A Saratoga 6s gu .1941
Republic Steel Corp 4 Mb **r B'61
mon
1st
M conv
5Ms .1954
Gen mtge 4 Ms series C-.
Rhelnelbe Union s f 7s
♦3 M* Assented
IOKA
94
63 M
152"
140
153
220
220
1
214
220
4
108 M
108M
6
100
HOM
bbb3
104M
104 M
104 M
77
367
aa
73
65
".1
s'*
65
60 M
16
62 M
bbb3
103 M
102
103%
52
89M103M
bbb3
M
81M
81%
103
%
7
103
103
104 M
Crv'*
bbb3
104%
bbb2
104M
104 M
104%
105%
M N
bbb3
106 M
104M
106 M
*
90
"79
90
95
103
140
92
103
*90
bbb2
M 104 M
109
106 M
20
"27"
38
35%
14
27
35%
—
15
35M
27 M
27 M
27 M
1
27
3
27
27 %
27
27
27M
27%
1
106%
debentures
s
77
81M
81M
80
80
107%
15
11
Richfield Oil Corp—
f conv
99% 105
50
81M
♦Direct mtge 6s
♦Cons mtge 6s of 1928—
♦Cons mtge 6s of 1930
s
6
81M
♦Rhine-Ruhr Water Serv 6s
♦Rhlne-Westphalla EI Pr 7«
4s
63 M
113
108
'147M
Reading Co Jersey Cent col! 4s '51 A O y bbb2
Geo A ref 4 Ms series A—1997 *
* * bbb3
bbb3
Gen A ref 4Mb series
B...1997|'t' J|*
Remington Rand deb 4 Ms w w'56
4Mb without warranta...
5
2M
108 H
aaa4
*
2M
*112
aaa4
0
i
2M
*80%
aaa4
15%
12M
13
27 M
14M
27 M
103 M 109
*5
f 7s
40
33
7%
41
5M
M
40
20
41 %
88
8
10M
30
253,
5M
130
*132
Rocb Gas A El 4 Mb ser D.. .1977
Gen mtge 3 Ms eerlee H._ .1967
Gen mtge 3 Ms series I... ,1967
Gen mtge 3 Ms series J... 1969
1948
8M
~40"
40
40
{(♦Rio Gr June 1st gu 6s.. 1939
((♦Rio Gr West 1st g 4s.. .1939
♦1st con A coll trust 4s A. .1949
12M
»2M
131
*109 M
*109 M
108M 111
7%
8M
34
,
9M
5
21
*25
*4
(♦Rut-Canadian 4s strap.. 1949 I
(♦Rutland RR 4 Ms stmp.. ,1941 J
110M
105
*110M
8%
21
4%
5M
4
9
9M
68
98 M
6
4M
88
Saguenay Pow Ltd 1st M 4 Ms '66
St Jos A Grand Island 1st 4s. 1947
St Lawr A Adlr 1st g 5s
.1996
2d gold 6s_
.......1996
mm
—
87M
HOM
W-»
......
St Louis Iron Mto A Southern—
♦(Rlv A O Dlv 1st g 4s...1933 J/N
♦Certificates of deposit
z
bb
bb
*35
2
108 M 112
70
65
66 %
78
49M
65%
6
48 M
22H
32
68 M
69
8
55M
41
2
65M
65%
21M
65%
2
z
21
88
HOM
*35
pr lien 4s A. ..1950 3
♦Certificates of deposit
1950 3
♦Certificates of deposit.
ccc2
b
41
8
33
4s
8
9
159
7
8%
7M
8%
111
cccl
9M
9
9%
44
0M
8M
10%
cccl
10
cccl
bb
1
mm*,
mm
m
cccl
cccl
aaal
1943 J
Jybb
Santa Fe Pres A Phen 1st 5s
1942 M
9M
1946 J
/
-
-
mmm
m
5
114%
81
115
98 ft
115M 122
94 M 108 %
100M 115M
98 %
89 M 105
105
89
79
75M
93
lstgug4s...
guar 6
Ms.
♦8tamped...........
_
♦Guar
s f 6 Ms series 11
♦8tamped
J
43
3
68 M
z
O
Scioto V A N E 1st gi| 4s.... 1989 MN
00**
6SM
21M
7M
65M
3M
"l2
4M
5M
42
113M
114M
13
68 M
69 %
107%
11
1
3
5M
4
8
HOM 118
70
64
107 M 109 M
21
40
39 M
52 «
5
18M
28M
52 M
38
29 M
O
z
cccl
A
c
1959 A
O
cccl
"3M
cccl
2M
4M
z
z
cc
9M
9M
9M
8M
2
z
cc
z
cccl
4
2M
4M
3%
10
8M
2
8
15
9M
9M
54
68
15M
78
6
%
45
2v»
2M
2M
1M
6M
5M
i/C
/s
3
39M
62M
52M
114M 125
127
*125
(♦4s « stamped
♦Adjustment 5s.._...Oct 1949 F
17
13 M
82
3
51
ccc2
gu 4s.. .1933 MS
12
28
30 M
aaa3
13M
68
38
51
z
16
15M
14M
54 M
50
cccl
x
((♦Atl A Btrm 1st
"43
9M
85
3M
26M
69 M
62M
14M
14 M
25 M
40
O
•Certificates of deposit.
♦1st cons 6s series A
.1945 MS
6%
55
25
38
z
(♦Refunding 4s......
10
38
J
O
A
.1950 A
1950 A
7rH
308
65
16
8M
107 %
cccl
1946 A
(Seaboard Air Line Ry—
(♦Istg 4s Unstamped.
46
9
10%
34
*71
8xaaa2
{♦Schuloo Co
%
*32
15
16
ccc2
cccl
bbb2
1968
8M
8M
8M
64
65
2
b
J
{♦St Paul E Or Trk 1st 4 Ms. 1947
(♦8t P A K C 8b L gu 4 MS..1941
St Paul Un Dep 5s guar.....1972
8 A A ArPass
9
cccl
J
M~8
♦2d 4s Inc bond ctfs. .Nov 1989 J
(•1st term A unifying 5S..1952
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15
cccl
J
(♦St L 8 W 1st 4s bond ctfs 1989 MN
con g
"68 M
2
cccl
♦Con M 4 Ms series A
1978
♦Ctfs of deposit stamped....
St Paul A Dul 1st
2
b
109 M
110M HO
111
118M
56
52%
4%
—"
.
114
4%
52%
.
8M
4
*110M
x
D
•Certificates of deposit.
2
cc
89%
89M
18M
3M
*104
x
HOM
111
3
2
A
104 M
110M 115
a
z
aaa2
X aaa2
100
107 M 109 M
a a a.'
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107 M
3
a
97 M
99
104 M 104 ft
105
96
2
x
108M
114M
47
126
07 M 101
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x
122
36
72
66M
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105 M 100
102
107M
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108 %
109
61 %
97
121
67M
X
z b
aa
bbb3
X
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103ft
102 M 105
12
110
aaa2
X
2
x
x
J
(♦8t L Peor A N W 1st gu 5s 1948 J
St L Pub Serv 1st mtge 5s...1959 At 8
J
St L Rocky Mt A P 5s stpd..1955 J
50
*104
aaa2
x
....
104 M
103 M 110M
104 M 112
96 M
67 %
111M
9M
2M
85
51M
108M
J/N
4s..—.
Apr 1990 Apr
Peoria A Pekln Un st 5 Ms.. 1974 F A
71
50 M
95 M
aa
J/N
104
1
110M
102 M
5
x
Refunding gold 58.....
1947
((♦Peoria A East 1st 4s stmpl940
♦Certificates of deposit...
62M
12
10
1952 il/N
oons 6s.. 1943 A
107
76
*106
109M
107M
114M
1.04%
103 %
108
119
*105
Conv deb 3 Ms..—1952
110
101M 1UM
107 M UOM
113
*100%
Debenture g 4Mb
1970
General 4Ms series D—..1981
Gen mtge 4 Ms series E—1984
109 M
104 M
113ft 118M
HOM
111 M
*103M 105M
*102»3i 103M
aa
O
106
1
110M
aa
General 4Mb series A—..1966
General 5s series B—
1968
8M
107H 108 M
108
113
62M
aa
Gen mtge 3Mb series C—1970 A
Consol sinking fund 4 Ms..1960
3M
103
111M H2M
HIM
1HM
HOM
110M
81M
82
x
A X bbb4
103 M
104
30
*106M
F
1st A ref mtge 8s
2037,*:
Pub Serv of Nor III 3 Ms
1968 A
Purity Bakeries s f deb 5e__.1948 J
H7M
x
F
deb 4s 1957
117M
107M
85%
x
debentures
1974
Pennsylvania RR cons g 48—1943
Consol gold 4a.
1948
4s sterl stpd dollar May 1 *48
guar
♦Ruhr Chemical s f 6s
D
106%
103M
-
r
31M
33 M
44
a
4%
1951
106M
112
D
A x
♦3M
z
cc
cccl
..1942
♦Certificates of deposit......
Potomac El Pow 1st M 3 Ms. 1966
93
1944 3
4 Ms
Peoples Gas LAC
"13
♦123M
D y bbb3
Pa Ohio A Det 1st A ref 4Ms A *77 A O x a
3
4 Ms series B
x a
3
1981 J
Penna Pow A Lt 3 Ms—..1969 F A X a
4
4%
z
j"~3
♦6s stamped.
2
67 %
.1960 J
3M
49
78
101M
1942 J
.1963 F
97
{(♦R T Ark A Louis 1st 4 Ms 1934
96
2
3%
106
108 M
51 %
aaa3
z
cc
cccl
90
O y ccc3
At S
♦PauUsta Ry 1st s f 7s—...1942 At 8
Penn Co gu 3 Ms coll tr ser B.1941 FA
z
bbb2
♦Prior Hen 5s series B
M 8 xbbb3
A
106M
111M
110M
36
bbbl
6
78
aaa4
16%
8
"l"6
*58
uaa4
D
15%
3
109M
103
3
(♦Pao RR of Mo 1st ext
(♦2d ext gold 5s....
3
106 M
109 %
33
109 %
15%
3M
J
101M
*112M
*117M
103M
106 M
109 %
cccl
3
1950
103M
109M
aaa2
cons g 6s 1946
Guar stpd cons 5s....._
.1946
—
♦105M
3
J
4s. .1946 J
Ore-Wash RR A Nav 4s—
Otis Steel 1st mtge A 4 Ms
4
x a
4
D X bbb4
x aa
3
.1946 J
3M
♦108M
106M
106M
z
1st mtge 4s..........._. .1967 M 8
3
1st mtge 3 Ms
.1972 J
Oklahoma Gas A Elec 3Mi- .1966 3 D
4s debentures.....
2
106 M
aaa4
M
1960
......
♦Rlma steel 1st
J
(♦Og A L Cham 1st gu g 4s. .1948 3
Ohio Connecting Ry 1st 4s. .1943 U 8
Ohio Edison 1st mtge 4a... 1965 MN
bbb4
x
(♦Porto Rico Am Tob conv 8s '42 J
♦Certificates of deposit
♦
bb
y
....1977
Port Gen Elec 1st 4 Ms—
1st 5s extended to
Pur
.
♦Certificates of deposit
North Pacific prior lien 4s...1997 QV
1974
{♦Providence Term 1st 4s...1956
Public Service El A Gas 3 Me 1968
1st A ref mtge 5s.
127 M
4
.1962
(♦Providence Sec
74M
2
A—1948
1st gen 5s series C
1st 4M« series D
17M
14
aa
a
114M
M 108 %
100
106%
104
z
3
122 M
100
109"
18 M
12
aa
ser
7M
13M
104M
105M
*118M
Pitts Y A Ash 1st 4s
1st gen 5s series B
8
104 %
4
*108
I
65
67M
1I1M
112
*il3M
2
75%
108 M 110M
122M
2
A O x aa 2
Gen mtge 5s series B
1975
J x aa 2
Gen 4 M« series C
1977 3
Pitts Va A Char 1st 4s guar. 1943 MN x aaa2
Pitts A W Va 1st 4 Ms ser A.1958 J D y b
2
A O y b
1st mtge 4 Ms series B
2
1959
A
0 7 b
1st mtge 4 Ms series C
2
1960
6
105M
4
A x
North Amer Co deb 3 Ms
1949
Debenture 3 Ms.......—1964 F
*108M
*122
aaa2
..1963
cons guar 4 Ms.._.1964 J/N
Gen mtge 5s series A.....1970 J D
1
*73 M
126M
aaa4
F
107
aaa2
F
1960
13%
*73 M
ccc2
♦Ctfs of dep (Issued by reorgan¬
ization manager)
..1941
39
X
1957 J/N
13 %
13M
((♦Norfolk A South 1st g 6s. 1941 J/N
109 M
x
Series J
12
♦Ctfs of dep (Issued by reorga.lzatlon manager).......1961
45
O X aaa2
gold——1953
14
39M
5
lUM
z
y
107
5M
J
a*.
64 M
6M
M 8
J
43
9
7
HIM
4M
85
108 M
100M 106 M
109
101
2
2
91%
8H
1%
105
9%
F
3
85
22%
F
z
A
81
*106
bbb3
x
1st 3 Ms—1963 J
tl*N Y Susq A W 1st ref 5s. 1937 J
17M
4M
3
65M
108 M
65%
108 M
3
UH
59
Pittsburgh Cine Chi A St Louis-
36M
8M
23 M
48 M
bbb4
N Y Steam Corp
60
9
*92
O yb
,2
MN X aaa4
J
303
3%
1%
N Y A Ricbm Gas 1st 6s A-1951 il/N
20 %
33 M
3M
4%
2
2
A
J
32
28
16
77
19
cccl
z
{♦Harlem R APtCb 1st 4s 1954 MN
{♦N Y Ont A West ref « 48—1992 M
cccl
15 H
20%
32%
Z
O
A
♦Debenture 4s.,....,—.1957 M N
D
♦1st A ret 4 Ha ser of 1927-1967
cccl
cccl
High
I!
20
16
z
No. Lot#
75
2
x
Jan; 1
65
aa
D
Since
CO
sqca
64M
3
aaa3
1967 J
Pblla Electric 1st A ret 3M«-1967 At 8
{♦Phlla A Read C A I ref 68.1973 / J
♦Conv deb 6*—
1949 At 8
17
z
High
Range
I-®
74
aa
aa
1940
63 M
3
x
x
cccl
♦Non-conv debenture
Bid
x
D
cccl
15
X
.1981 J
General 4 Ms series D
Phil a Co sec 5s series A
z
z
Range or
Fridays
A
Asked
Sale
Price
k
Low)
z
4s,. 1955
See
Railroad & Indus. Cos. (Cont.)
J
♦Non-conv debenture
Last
Elig.dk
Rating
5
Si
Pere Marauette 1st ser A 6s.1956 J
y bb
1st 4s series B—
..1956 J
y bb
1st g 4Ms series C
...1980 M 8 y bb
Phelps Dodge conv 3 Ms deb. 1952 J D X a
60
65
15
{
36%
79M
27
STOCK EXCHANGE
Week Ended Dec. 6
High
104M 110M
8M
101M
50M
53 M
z
46
Y.
1
120M 126M
113 M 118M
22
♦100M
N Y A Harlem gold
N.
Since
Jan.
£
BONDS
Range
Bid
7,
Week's
Friday
Bank
Range or
Friday'e
&
Asked
Bale
See a
N Y Dock 1st gold
N Y Edison
Friday
Eltff, &
EXCHANGE
Week Ended Dec, 6
Dec.
Week's
3M
2M
5
4M
10
16
121
28
3
14
8M
71
43M
10
70M
3M
10
106M HOM
the new column incorporated In tht» tabulation oertalaing to bank eligibility
and rating of bonds.
See
8M
7M
15M
Volume
New York Bond
151
S
SI Elig. &
^•2
Rating
BONDS
N.
Y.
STOCK
EXCHANGE
2s
Week Ended Dec. 6
Railroad & Indu*. Cos.
Friday
Bank
Range
Sale
Price
See k
{♦Seaboard All Fla 6s A ctfs.1935 F
A
z
c
1935 F
A
z
c
♦fie Series B certificates
or
Range
Friday's
Bid
2K
J x aa 4
D yb
1
♦Siemens A Halske deb 6 Ks. 1951 M S z
♦Silesia Elec Corp 6 Ms
1946 F A z
Slleslan-Am Corp coll tr 7s_. 1941
y cccl
2k
99 k
fiQOQ
2K
2k
99 h
52
1
99 k
50
142
,
6
1952
Skeliy Oil 3s debs
1950
x
Socony-Varuum Oil 3s debs. 1964
x
67
103
103
aaa4
x
a
South A Nor Ala RR gu 5s.. 1963
South Bell Tel A Tel 3Ks—. 1962
*104k
aaa.3
aaa3
108 H
107 k
70
*105k
108 K
106
*102 k
102 K
x
bbb3
bbb3
O
Gold 4kb
Gold 4kb
Gold 4kb
1969 M N yb
1981 M N y b
10-year secured 3K«
1946 J
1950 A
1st
cons g
1st g 5s
3
3
J ybb 2
O x bbb2
107
106 k
17
104
81
30
107K
34
35
40 x
40 k
36 k
41k
37k
243
146
30
60 K
35%
35%
36%
352
30
50 k
36%
311
30
60 k
44 k
46
224
42
58
36 h
36 k
45
69
k
35
48 H
63
K
63K
80K
52
65 k
"92""
75
75
75 h
58
53
as
81K
81
81 k
55
67
84 k
bb
18
155
58
k
60
91"**
92
55
56
56
*61
110
77%
110k
109%
110
83
42
84 k
*79%
J y bbb2
"65
167
k
73 K
108 K 112
30
102
109 K
32 k
205
15
32 H
106k
106 h
59
101K 107
105 %
106 k
28
104
105 k
17
100H 107
81
113K
aaa4
cccl
"32k
1961
D
x
aaa4
106 k
1953
J
x
aaa4
105%
Studebaker Corp conv deb 6s 1945
.1950
Superior Oil 3 Kb debs
J
z
bb
104
O
x
bbb3
100%
99 k
100 %
15
x
aa
105 x
105%
105k
22
111
13
1943 J
26
x
aaa3
*127
x
aaa4
*113k
x
aa
x
bbb3
x
aaa4
108
107 h
108
x
aaa4
106 %
106%
106
107""
107
90
J y bb
O
x
bbb3
1979 A
O
x
bbb3
Gen A ref 6s series D
1980 / D
Tex Pae Mo Pac Ter 5 Kb a. 1964 M 8
1960 J
Jan 1960 A
♦Ad) Income 6a
|*Thlrd Ave RR let g 5s...1937 J
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953 /
Tol A Ohio Cent ref A Imp 3 Ks *60 J
Tol 8t Louis A West 1st 4s.. 1950 A
Tol W V A Ohio 4s series C..1942 M
x
a
x
a
D
b
D
bbb3
O
bb
1
Trenton G A El 1st g 5s
aaa3
1949 M 8
Jy bb 1
a
63 k
48
66 k
32
20
8* 1st gold 5s
1954
1941
l*Des Molnee Dlv 1st 4s..1939
♦Omaha Dlv 1st g
3Kfl—-1941
♦Toledo a Chic Dlv g 4s
1941 M 8
{♦Wabash Ry ref a gen 5 Ks A '75 M 8
♦Ref a gen 6s series B
1976 F A
♦Ref a gen 4 kb series C—1978
A O
76 K
92
102
108K
103 H
107
55
76 K
104K 110K
53 K
72 K
53 k
72
(Hiram) G a W—
Convertible deb 4kb
1948 M
1941
Warren RR 1st ref gu g
3Kfl-2000
Washington Cent 1st gold 4s. 1948
Wash Term 1st gu
3Ks
1945
M
F
A
1
48 h
95 h
95 k
*74 k
uk
95
25K
101
72
40
82K
55 K
91
102
44 K
85
30 H
48
15K
78
10K
25 K
20
41
51
47
12
*
«
12
12
5
42 K
14K
13
46
38K
5K
4
5K
160
4
z
cc
5
4K
5
314
4
z
cc
4K
4K
5
186
3K
9K
z
cc
5K
4K
5K
122
4
9K
z
cc
x
H
104
104 K
9K
9K
56
22
56
94
9
63
92 K
70
78
56
92
24
79 K
91K
79
2
104K
78 K
93K
bbb2
57 H
34
99
16
58
31
37
60
70
*31
Q M
y
b
F
A
x
aaa3
A
x
d
101K 106K
aa»3
Westchester Ltg 5s stpd gtd.1950 j
29 H
9K
6K
*40
68K
109K
14 H
6%
■-
-
K
*60
65
108 H
108 X
3
82
94
H
92
.
K
106K 109 K
108K 109K
120
128K
*127 K
x
aaa4
D
x
aa
M
8
x
aaa3 L,«,
J
j
x
aaa3
J
D
x
a
1952
O
bbb3
92 H
1st A ref 5 Ks series A
1977
West N Y A Pa gen
gold 4a_.1943
%
91K
J
x
bbb3
100 K
100 K
O
*
aa
2
107K
A..1946 M
8,z ccc2
15K
107K
13K
..1946 M
8 zcccl
14 H
13
15 K
75
10K
10K
74
74 K
18K
74 K
47
50
79
82 K
81
Gen mtge 3 Kb
1967
West Penn Power 1st 5s E..1963
1st mtge 3 kb series 1
1966
West Va Pulp A
Paper 3s...1954
J
Western
Maryland 1st 4s
{♦Western Pac 1st 5s
ser
♦5s assented
Western Union
109 K
•»
M
g 4kb. 1950 MN y bb
25-year gold 5s...
1951 J
D y b
2361 J
2361 J
Registered
Wilson A Co 1st M 4s A
Conv deb
S
98
...—
104K
92 H
101
153
50
79
101K
107K
4
107
108K
15K
64
92 H
72
78 H
77
51
51
5
51 K
52 K
30
48
48
18K
53 K
53
26 K
77K
10 K
35
27 K
32
7
50 K
64 K
114K
114K
1
107
106K
107 K
66
106 K
106
106 K
30
102K
103 K
12
30 H
136
29K
16
13 K
14
18
4K
2
106
8
107 K 110H
6
14
16
101K 109K
aa
bbb3
y
bb
x
aaa2
3
z
ccc2
*114K
30 K
28K
z
cccl
29 K
z
cccl
-
«
110K 116K
96 K 107K
100K 106*4
96
102K
'
♦Certificates of deposit.
l*Su A Du dlv A»er 1st 4s. 1936 MN
♦Certificates of deposit..
D
J
Conv deb 4s
107K 112
51K
x
.1947
Winston-Salem 8 B 1st 4s...I960
{♦Wis Cent 50-yr 1st gen 4s..1949
114K 120
2
48
A xbbb2
1956
3Kfl
x
104 K 110K
11
76
76
J y bb
J y bb
Wheeling A L E RR 4s
1949 M
Wheeling Steel 4kb eerles_._1966 F
6
115
26 K
78 K
i960 M 8 y b
J z b
♦Westphalia Un el Power 68.1953 /
West Shore 1st 4s guar
110K
*104
4
Teleg
30-year 5s..
-
109 K
114K
110K
3
28
z
cc
1
6K
x
aa
3
109 H
6K
6K
109K
x
a
109
109 %
J
z
c
x
a
5K
*5K
4
104 X
104 H
2
115
30 H
29 K
10K
9
4H
.....
104K
2
S
1948 M
110
M
110K
66 K
17
W
1945 F
1st 40-year guar 4s
107 K
-
•»
b
{♦ Wor A Conn East 1st 4 Ks. 1943 J
Youngstown Sheet A Tube—
630
b
~
80 K
54
W
y
64 k
%
z
-»v
„
i*.
S y bb
8 z cc
45
22
cc
O ybb
O y b
Wisconsin Elec Power 3kb..1968 AO
Wisconsin Public Service 4s.. 1961
101
z
«
i,
51
70
-
*28
cc
111K
12K
15
b
z
D
1955 A
72
208
z
—
40
8
*
1955 A
6s debentures
88
107
3
41H
44 K
1
1945 j
Walworth Co 1st M 4s
Warner Bros Plct 6s debs
{♦Warren Bros Co deb 6s
97 k
64k
b
Walker
53 K
95 K
75
75
*105k
"97
*
*96" "99K
123 h
123 h
121K 125
107 k
107%
104
*11—1
27 k
30
107 x
*
1
72
108
cccl
aaa4
x
O
88 K
3
Olz
1980 A
4
1962 J
A
z
fTioft
Low
4
64
107
107 K
1939 MN zb
2
1939 F A z ccc2
8*2d gold 6fl
♦1st lien g term 4s
♦Det a Chic Ext 1st 5s
*83 K
..........
No
49
62K
»
Since
Jan. 1
110K
48
49
Range
as
0503
Hiah
110K
110K
3
Ask
A
Low
Cot.(Concl.)
SKBBer B...1968 M S x aa 2
Va Iron Coal a Coke 1st
g 58.1949 M 8 y ccc3
Va a Southwest 1st
J
gu 5b...2003 J
y bbb2
let eons 5s
1958 A O
ybb 2
Virginian Ry 3 kb series A...1966 M 8
x aaa2
{Wabash RR Co.—
36
1945 M 8 y b
Ajx
128 K
111K 116K
104 K 111K
Bid
Price
k
Va Elec a Pow
92
Union Electric (Mo) 3kb
1959 F
& Indus.
See
Range or
Friday's
Sale
Rating
66
Ujlgawa Elec Power s f 7s
:§*Unlon Elev Ry (Chic) 6a. 1945 A
Union Oil of Calif 6s flerlee A. 1942 F
139
....
67 k
46
95 h
-
aa
%
107
101
1
♦Tyrol Hydro-El Pow 7 KB—1955 MNz b
♦Guar sec • f 7
1952 F Az cccl
x
34
82
59 %
20 k
22
4
Trl-Cont Corp 5s conv deb A. 1953 /
J
Railroad
Last
Elig. <k
fel
91x
3
1946 j
30
8,3
BONDS
STOCK EXCHANGE
65
aaa2
Toronto Ham A Buff 1st g 4s.
k
65
"92""
J y b
2
O y cccl
J ybb 3
8
90
64
"64""
bbb3
x
r
vv
*76
D
99% 101K
103K 106 K
122
110M
Texas A Pacific 1st gold 6s_. 2000 J
Gen A ref 5s series B
1977 A
78
109 %
x
J
Gen refund sfg4s
1953 J
Texarkana A Ft 8 gu 5Kb A. 1950 F A
Texas Corp 3s deb
1959'A O
3s debentures
.1965 AT n
3367
Week's
Friday
Bank
82
63
z
Swift a Co 1st M 3Kb
195«» M N
J
J
Tenn Coal Iron A RR gen 5s. 195
Term Assn St L 1st cons 5s_. 1944 F A
95 K
21
J
3b debentures
106
34 h
J
Third Ave Ry 1st ref 4s
110K
101K 108 K
57
{♦Spokane Internat 1st g 5s. 1955
Gen A ref 5s series C
104
97 k 102 K
aaa4
gold 5s
102 k 108
115
119
101
x
con
104
57 k
D
Texas A N O
99 K
68
y
1951
2kb debenture
55
27 H
71
12 %
94
103K
k
So'western Bell Tel 3 Kb B_. 1964
1st A ref 3s series C
1968
Standard Oil N J deb 3s
67
o ybb
J y bbb2
1996
St Louis Dlv 1st g 4s
3k
J x bbb3
O y bb
O
5s_. 1994
Devel A gen 4s series A... 1956
Devel A gen 6fl
1956
Devel A gen 6 KB-—
1956
Mem Dlv
4
J y bb 2
/ ybbbl
So Pac RR 1st ref guar 4s__. 1955
1st 4s stamped
1955
Southern Ry
High
93 k 100
43
Y.
♦Ref a gen 5s series D
X bbb4
D ybb 3
1977 M S ybb 2
M 8 y b
1968
3
San Fran Term 1st 4s
II
"5
X
(Oregon Lines) A.
108""
107 k
iI6""
Southern Colo Power 6s A.. 1947
Southern Kraft Corp 4kb
1946
Southern Natural Gas—
1st 4kb
18
110
x
1st mtge pipe line 4 Ks
1951 A
8o Pac coll 4s(Oent Pac coll). 1949 J
103 k
110
1979
3s debentures
82
70
*117
x
ik
14 k
70
bbb3
>bbb2
6
Week Ended Dec. 6
26
.....
Simmons Co deb 4s_.
Jan. 1
No. Low
15
1H
High
2k
Shell Union OH 2Kb debs... 1954 J
Shlnyetsu El Pow 1st 6 Ks— 1952 j
n.
Since
Ask
A
Low
(Cont.)
Record—Concluded—Page
Week's
Last
108
14K
13 K
60
74 k
108
27K
21K
99 K
r Cash sale:
only transaction during current week,
a Deferred
delivery sale:
transaction during current week,
n Odd lot sale, not Included In year's range
only
105 K 109
*7
7K
9
f Negotiability Impaired by maturity,
108
108"
107 K 112K
tion
106H
106 k
106 %
100 K 106%
aaa3
110
1 The following Is a list of the
been called In their entirety:
t The price represented is the dollar quota¬
Interest
payable at exohange rate of
$4.8484.
aa
3
per
200-pound
of
unit
Accrued
bonds.
Union Pac RR—
1st A land
grant 4s_.—. 1947 J
J
114%
114k
114k
28
34-year 3 kb deb
1970 A
aa
3
100K
100
100 %
24
35-year 3 Kb debenture
Ref mtce 3 Kb ser A
1971 M At
x
aa
3
100 %
100 K
100 K
1980 J
D
x
aaa3
106
1955 A
Ox
106k
108K
United Biscuit
3k» debs
United Cigar-Whelan Sts 5s. 1952 A
United Drug Co (Del) 5s
x
Ox
a
3
O y b
4
1953 M S y bb 4
M 8 x aaa4
108 K
69 %
87hs
U N J RR A Canal gen 4s__. 1944
101K 106K
108K
58 K
77 K
104 K
70
86
70
115
92 K 100K
92 K 101
87 k
76K
*100
108
90K
110%
*
Friday's bid and asked price.
♦
debentures—
..May
Nov
,625s
,75s
_
1.25s
1941
MN
x
x
*99%
aa
*100
aa
x
aa
......'*100 k
x
aa
*100k
x
aa
*100 K
100
100 %
*100 k
100
io6K
102k
100
1944 MN
aa
1.60s
May
1945 MN
aa
Nov
1945 MN
x
May
1946 MN
x
aa
1.80s
i.Nov
1946 MN
x
aa
1947 MN
x
102 K
aa
1.75s
aa
—
May
1 R5e
Nov
1.90s
1.95s
1947 M N
101%
101%
101%
103
x
aa
1948 MN
x
aa
*102k
—
1948 MN
x
aa
100
101%
100 K 101K
100 K 102 K
102 K
100 K 102K
100 K 102 H
100
103
*102 k
*102 k
*102 k
*101H
1949 MN
x
aa
2.10s
1949 MN
x
aa
1950 MN
x
aa
2.20s
1950 M N
x
aa
2.25s
1951
MN
x
aa
2.30s
1951 MN
x
aa
'163""
2 35s
1952 MN
x
aa
Nov
1952 MN
x
aa
.......M ay
1953 MN
x
Nov
1953 MN
2 40s
—
2 60s..
...
103
100 K 102 K
103
K
104 k
103
103
100 K
100 K
103%
103 k
103 k
1.03 k
103 k
103 k
100 K
102
aa
*102 K
104k
x
aa
*103%
104 k
104k
104 k
May
1954 MN
x
aa
..Nov
1954 MN
x
aa
May
1955 MN
x
aa
*103 %
Un Steel Wks Corp 6 Kb A. .1951
.1951
♦3kb assented A
♦Sec 8 f 6 kb series C
104 k
....
z
bank eligible
not
b
36 K
35 h
10
20
35 k
1
35
1
20
35K
36 K
34 K
k
z
x
cccl
"92"
".35 "
35
bbb3
*
x
bbb2
104 k
104%
x
bbb3
104 %
104 k
x
aa
x aa
35
"l6
*111K
*111%
20 K
20
36
91
"22
84
36 K
35
104 %
17
96
93 H
104 X
105k
66
95
105K
109
109K
109
109
92
we
bellev
'
due either to rating status
or some
s
provision In the bond tending to make it speculative
Indicates Issues In default, in bankruptcy, or In process of reorganization.
The rating symbols In this column are based on the ratings assigned to each bond
by the four rating agencies.
The letters Indicate the quality and the numeral Immediately
following shows the number of agencies so rating the bonds.
In aU cases the symbols
represent the rating given by the majority.
Where all four agencies rate a bond
differently, then the highest single rating Is shown.
will
A great majority of the Issues bearing symbols
bearing ddd or lower are In default.
Transactions
ccc or
lower are in default.
All Issues
at
the
York
New
Stock
Exchange,
Daily, Weekly and Yearly
104
34 %
35%
z
1957 MN
are
103 K
100
18
Jtah Power A Light 1st 5s. .1944
Cons 8 f 4s series B
100 K
15
z
a
believe
we
103 K
103K
35 h
J tab Lt A Trac 1st A ref 5s .1944
Vandalla cons g 4s series A—1955 f
Indicates those bonds
103
35k
....
z
♦3K» assented C
i— .1951
♦Sink fund deb 6 Kb ser A .1947 J
.1947 J
♦3 Kb assented A
Jnlted Stockyds 4kb w w. .1951
y
103
33
z
.1951
k Bank Eligibility and Rating Column—x Indicates those bonds which
eligible for bank Investment.
103 K
100 K 103 H
101
104K
*103 %
2.65s
.....
Cash sale transacted during the current week and not included in the year's range.
99 %
*102
2 60s
2 65s
102 K
100 K 102 K
100 K 103
*102%
103
102 k
100 K 101 %
100K 102 K
j02k
101 %
2.15s
2.45s
102k
101%
*102
—
2.05s
No sales transacted during current week.
100K 100 K
1943 MN
...
under
100K 100K
100
100K
1 375S
2 00s
e
..'*100
......*100
have
Bonds selling flat.
100 K
aa
aa
1944 MN
—
..
1.625s
100K
1943 M N
—
1.125s
MN
1942 MN
,876s
1.00s
1941
1942 MN
,60s
which
{ Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
United States Steel Corp—Serial
New York Stock Exchange bond issues
Industrial Rayon 4kb 1948, Dec. 27 at 105.
National Acme 4kb 1946, Dec. 1 at 101k.
Stocks
Railroad <k
Number of
Shares
Week Ended
Dec. 6. 1940
State
United
Total
Miscell.
Municipal
States
Bond
Bonds
'
For'n Bonds
Bonds
Sales
335,580
Wednesday
—
Thursday
5,543,000
6,482,000
632,000
651,170
597,600
Tuesday..
$367,000
451,400
Monday
$3,356,000
478,580
Saturday.—..
7,150,000
7,147,000
900,000
107,000
138,000
7,424,000
8,188,000
760,000
31,000
7,938,000
$42,000
93,000
835,000
$3,765,000
6,268,000
535,640
8,144,000
772,000
112,000
9,028,000
3,049,970
Friday—
$37,822,000
$4,266,000
$523,000
$42,611,000
—
Total
Week Ended Dec. 6
Sales at
Jan. 1 to Dec. 6
New York Stock
Exchange
j
Stocks—No. of shares
1940
1939
1940
1939
3,049,970
3,816,005
191,917,481
248,678,671
$523,000
$900,000
6,288,000
31,566,000
$37,124,000
4,266,000
37,822,000
1,258,735,000
$307,920,000
236,898,000
1,369,994,000
$42,611,000
$38,754,000
$1,497,047,000
Bonds
Government
State and foreign....
Railroad and industrial
Total
Attention is directed to the new column incorporated
in this tabulation pertaining to bank eligibility
and rating of bonds.
201,188,000
GO 1—4 ©
oc
©
o°
New York Curb
3368
Dec.
Exchange—Weekly and Yearly Record
7,
1940
week's range unless they are the only transactions of the week and when selling outside
weekly range are shown in a footnote In the week In which they occur.
No account la taken of such sales In computing the range for the year
NOTICE—Cash and deterred delivery sales are disregarded In the
of the regular
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Saturday last (Nov. 30, 1940) and ending the present Friday (Dec. 6, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange Itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
In the following
the week
Par
for
of Prices
Lov)
High
Week
Price
Low
Shares
17
320
xl8
--1
1
Alnsworth Mfg common,_5
Air Associates Inc (N J)._l
Air Investors common,,,*
6%
x5%
ex
ex
13
May,
22%
July
22%
4%
Jan
Jan
1,700
900
1%*.1%
"360
'"""%""%
"\%
mm* —*
<•*
$6 preferred,, ,
-
,
May
3%
Apr
1% May
93
84%
108 X
Nov
Apr
Mar
98
July
111^
July
2
Feb
2
Aug
IX
Feb
X May
X
200
50
2
Nov
17 X
9
*
450
8
May
17
July
9
n%
17
21%
150
Aluminum Co common... *
iffx
155
157%
875
100
116%
116X U8X
1,000
25
21%
Aluminum Goods Mfg...*
Aluminium Ltd common.*
72%
72%
76
300
..100
95 X
95X
98
100
4
May
17 X
Nov
23
Sept
"33X
4%
"33X ~34%
4X
4%
"l50
200
10
68
68
X
42% May
90
Sept
20
11%
Feb
110%
Mar
109 X
May
Oct
1%
Apr
33 X
4
Dec
49%
7%
Apr
May
Apr
he
Nov
Nov
100
200
10
Dec
50
65
June
68
X
X.
2%
he
20%
80
X May
1,300
Jan
BrewBter Aeronautical... 1
Jan
Apr
Apr
'it
Jan
5,600
he
26
2,700
xl\X X12
28X
29%
114% 114%
3%
3%
9%
May
14%
25%
May
39 X
Jan
107%
114%
Dec
1,400
"22" """260
"2l"
Apr
100
300
350
29
he
35
5,600
18X
19%
1,050
12
13
4,800
July
2% May
22% May
26 X May
11
May
13 X June
11% May
4
Apr
Apr
31%
34%
Mar
Mar
22
Nov
20
Nov
16%
Jan
May
13 X May
29 X
Jan
65
12 X
73
25
~23~
"22 X "23"
he
he
*""166
31
200
32
31
"2,100
Amer Pneumatic Service
"60% "65"~
Amer Potash A Chemical.*
American
Republics
.10
Amer Seal-Kap common..2
"ex
Am Superpower Corp com *
1st $6 preferred.,I
*
"""l25
6%
3%
6,100
X
37,000
*""%
5%
3%
X
100
300
59
57
*
"~7X
7X
7%
1,000
American Thread 5% pf-.5
2%
2%
2%
800
Anchor Post Fence
2
2
2
300
1
1,100
May
X June
23
May
X June
60 X
Dec
4%
Aug
3% May
X Mar
48
June
25X
Apr
May
'he
Jan
Jan
36
Jan
%
109%
Apr
10 J*
May
6%
Mar
%
June
75
Jan
%
112X 112X
950
"l% "2"
112 X
"2,100
6
May
2X May
1
May
% May
17
2
Feb
May
Angostura-Wupperman ..1
Apex Elec Mfg Co com...*
Appalachian Eleo Power—
§Arcturus Radio Tube...l
15
Apr
May
115
Jan
108
he
Common cl A non-vot.
2
1%
2
6% pref erred........ 10
8%
8%
8X
1
2,800
1,300
"~~8X ""8X ~~9%
'""406
5X
5X
200
5
5X
1,900
......
Ashland Oil & Ref Co
Jan
3%
Feb
2%
Nov
Feb
X
Jan
1% May
IX May
6% May
87
May
8% Dec
2%
Apr
2%
Apr
8%
Apr
......
*
5
4
May
4
99
Jan
11%
Aug
6%
Mar
May
5%
Jan
6% May
8%
Feb
he
Jan
Associated Elec Industries
Amer deposit rcts._..£l
1
X
he
%
3,700
1%
1%
100
he
100
.1
$5 preferred
*
Assoc Laundries of Amer *
.....
X
X
"x ""%
V tc common
"too
Assoc Tel & Tel class A.
X
60
Atlanta Gas Lt 6% pref 100
2%
Atlantic Coast Line Co-.50
Atlantic Rayon Corp
Atlas Corp warrants
Atlas Drop Forge com
16
1,600
200
5,200
1,000
5
16%
*
15%
15%
200
Apr
%
Apr
Dec
he
Feb
2%
Apr
Oct
68
108
Apr
12
Oct
June
4X
Apr
June
1%
3%
5
Atlas Plywood Corp
Auburn Central Mfg
2%
16X
2X
Jan
Jan
July
100
Atlantic Coast Fisheries.
X
5X
May
1
Atlanta Birmingham &
Coast RR Co pref...100
Oct
Nov
May
he
1
23 X
Jan
Oct
he May
2
May
11X May
Feb
6
2%
Mar
5% Nov
19% May
1%
1
1
IX
400
*
3X
3X
3%
5%
400
17%
50
Sept
3%
Jan
%
Jan
% June
3X May
3% May
1%
6%
Jan
Feb
7%
Mar
1
5
Nov
he
{Austin Sliver Mines
Automatic Products
Automatic Voting Mach
.
_
Avery (B F) & Sons com_5
6% preferred w w
6% preferred x-w
5X
25
17X
100
15
Aug
20
Mar
14 X
Jan
18
Sept
%
25
July
Warrants
Aviation A Trans Corp
3%
1
4
7,000
35
3%
110
2%
Aug
1%
Feb
4%
Apr
Tobacco—
35
Purch warrants for
"28~"
27%
6%
com.
30
"34H
Baldwin Rubber Co com.l
Bardstown Distill Inc
33%
6%
"28"" ""760
1,300
2,650
6%
100
%
% alH
6,300
eeA
11
11
100
x7
x7%
300
17%
18%
8,700
com
Bath Iron Works Corp...!
For footnotes see page
20
3%
1,800
1%
600
55%
% 8ept
2% Aug
% Nov
2% June
3% May
8
May
36
Aim1
1% May
29
May
1% Apr
%
Apr
"l8X
3373.
53
47
5,000
12%
*
Am dep rets ord reg
British Celanese Ltd—
12%
100
7%
1%
Am dep rets ord reg_. 10s
16
British Col Power cl A...*
{Brown Co 6% pref
100
Brown Fence A Wire com.l
*
7%
7%
100
1%
1%
700
"ix ~~ix
"466
"38% "38%
"156
28
.500
16
Class A preferred
$6
preferred
Brown Rubber Co com___l
Buckeye Pipe Line
50
Buff Niagara A East Pow—
...25
20 x
$5 1st preferred
*
Bunker Hill A Sullivan 2.50
"12%
$1.60 preferred
20%
20%
98%
98%
50
12
12%
1,200
Vot trust ctfs.
"160
% Dec
% June
% May
Cables A Wireless Ltd—
Am dep 6
200
%
10%
700
1%
%% pref shs £1
11
11
Calamba Sugar Estate..20
Calllte Tungsten Corp
1
2
2%
17
Camden Fire Insur Assn..5
7% partlc preferred
8
May
3X May
9X May
11X
Oct
7%
18%
Jan
Dec
Feb
Apr
9%
25
Class A voting
5%
5%
July
4%
700
1
...1
he
»x»
City Products...*
8%
8%
%
200
Marconi
Carlb Syndicate
Carman A Co class A
25c
1,100
18%
♦
B
Carnation Co
*
common
"166
6
6
*
35
35%
900
9%
Carrier Corp common....1
9%
8%
5%
6%
1st partlc pref
Cent Hud G A E
»
3
129
5%
42%
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
13%
98
13%
400
90%
60
13%
69%
Jan
1,400
12%
106%
87%
Nov
10
93
190
Cent Pow A Lt 7% pfd 100
Cent States Elec
6%
7%
com
preferred
preferred
Conv preferred
May
2% June
20%
1
Cent A South West Utll 60c
98
>
325
49
103
112
112
"92%
6%
June
1% May
700
400
128% 130
5%
47%
102
com
3%
May
May
15
Catailn Corp of Amer
1
Celanese Corp of America
$7 div. preferred
%
1,800
he
2,900
1
...100
2%
2%
200
100
%
%
Co
Dec
%
May
he May
3%
...6
3%
100
$6
preferred....
60c preferred B
City Auto Stamping
100
95
May
69
71
200
65
June
10%
10%
100
6
May
350
7
Aug
5%
4,400
4
Jan
84%
2,240
49
7%
7%
5%
he June
5%
8
101%
99%
99
93
99%
100
May
4% May
45
May
85
May
75
May
7
x7
x7
300
4% May
83
..._♦
.*
July
Sept
June
108% 110
10%
83
$6 preferred BB
*
Cities Serv P A L $7 pref.*
$6 preferred
2%
4%
10
25
1
100
Dec
2%
25
Corp common
10
Cherry-Burrell common..5
Mfg
Jan
Nov
he May
50
..100
Jan
6% May
95% May
%
Dec
Conv pref opt ser '29.100
Chamberlln Metal Weather
Strip
May
6
Carter (J W) Co common. 1
Casco Products
...»
Castle (A M) common..10
7% 1st partlo pref...100
Celluloid Corp common_15
May
4% May
May
97% May
86
May
27
3,200
Carolina P A L $7 pref...*
•$6 preferred
....*
Nov
June
% May
6% May
% Nov
125
%
Canadian
Capital
5%
*
Nov
1%
Nov
May
Canadian Car A Fdy Ltd—
Can Colonial Airways
1
Canadian Indus Alcohol—
Chief Consol Mining
Chllds Co preferred
Mar
Sept
6%
Canada Cement Co Ltd..*
Cities Service common.. 10
%
Jan
50c
Cable Elec Prod com
Apr
Apr
July
50c
Burry Biscuit Corp..l2%c
Dec
July
Nov
May
90% May
9
May
% June
Burma Corp Am dep rets..
Chesebrough
7%
%
May
June
1%
5%
IX
Bruoe (E L) Co common..5
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
8% May
1%
30
...*
Apr
35
May
1% May
7% Dec
Brown Forman Distillers. 1
Apr
May
4% May
Jan
July
15
100
3%
4% May
July
7% June
£1
30%
18
May
10% May
May
10% July
10
May
30
Amer Tobacco-
Jan
Jan
20
Am dep rets ord bearer £1
18% May
53
M
'
5
Basic Dolomite Inc com__l
conv
Registered
British
May
he
Barlow & Seelig Mfg—
A
6%
35
1
Barium Stainless Steel..
$1.20
100
34
Baldwin Locomotlce—
7% preferred
preferred
3
Ayrshire Patoka Collieries 1
Babcock A Wilcox Co...
2~50d
30
2%
%
Charis
35
.10
common
7%
Class
{Associated Gas A Elec—
Common....,
2.600
4% May
British Amer Oil coupon..*
19X
18%
1
com
%
Nov
13,500
17 X
100
Art Metal Works
......._*
B
May
19
*
11%
"T% "1%
30
"2%
8% May
"x33~% "36%
28%
_*
5,800
11
"1%
♦
Nov
21X
Arkansas P & L $7 pref..
Aro Equipment Corp
Class
"n
100
37%
39%
325
$2.50 conv preferred...1
com
Preferred
Jan
"~3%
Amer Meter Co
2,600
June
28
Brlllo Mfg Co common
»
Class A..
.......*
Amer Laundry Mach
$7 preferred
*
Apr
Amer Hard Rubber Co.-50
$6 series preferred..
Bridgeport Machine
100
3%
8%
Bridgeport Gas Light Co.*
Mar
100
Amer Maracaibo Co
M»
3%
x5%
3X
1
IX
..1
Preferred....
he
*
»
33%
29 X
Class A
100
preferred
X June
"iiX
Axton-Flsher
100
25% June
22% June
Amer Fork & Hoe com...*
Class A
7
.500
American Gas A Elec...lO
Arkansas Nat Gas
7
Breeze Corp common
Jan
100
Bowman-Blltmore com...*
7% 1st preferred
Aug
% Aug
33% June
3% May
1% June
16% May
400
•
Bourjols Ino
2,500
he
6% preferred
.25
Amer Mfg Co common. 100
IX
12
""l50
X
31
20
Amer Lt A Trac com..-.25
IX
37
27%
18%
preferred
"fx
36
28%
34 X
preferred
700
25
Borne Scrymser Co
27X
he
10
conv
1,800
IX
27
Amer Export Lines com__l
32
"it
39
8X
May
2% May
%
*
Brill Corp class A
A..10
Amer General Corp com 10c
%
38X
7X
4%
200
Y,306
1
•
27%
Amer Foreign Pow warr...
4 % %
8%
14%
14X
Apr
Mar
%
8
Mar
Sept
10% July
36% June
100
14
1
(HO) Co com...*
7% 1st preferred
100
2d
June
%
900
*
common
Bliss (E W) common
Blue Ridge Corp com
27
1
Class Bn-v
X
"14% "14%
*
Blauner'e
Bohack
he
he
..,.25
July
Apr
May
*
Nov
11X
10c
...
Amer Cynamld class
$2.50 preferred
Birds boro Steel Foundry
A Machine Co com
Nov
May
Amer Cities Power A Lt—
Class A.
88
23
30
X
X
Bickfords Inc common...*
119%
X
Class A with warrants.25
50
hi
May
16X June
108
Class A common....10c
_.*
*
Arner Centrifugal Corp—1
30
"29"
*
Brazilian Tr Lt A Pow
Common class B
900
114
Berkey A Gay Furniture. 1
$3 opt conv pref
Blumenthal (S) A Co
American Capital—
$3 preferred.
S5.50 prior pref...
4X
4%
Feb
3% May
13% July
3
May
12,800
1,800
5%
"29"
Benson A Hedges com...*
Conv preferred
20 X
5X
19
105X 105X
100
X% Pf-100
Apr
he
100
Amer Box Board Co com.l
ClassB
1
Bellanca Aircraft com
192 X
American Beverage com..l
American Book Co
5%
19%
4%
com
Jan
138 X
5%
Aluminum Industries com-*
6% preferred
1
1
Corp
Purchase warrants
X
6% preferred
3% May
3% Nov
Bell Aircraft
Bell Tel of Canada
Oct
Loto
12%
Beech Aircraft Corp
Bell Tel of Pa 6
May
Range Since Jan. 1,1C40
Shares
20
Apr
June
com./,,*
Class A conv com
60 eonv pref
Apr
Allied Intl Investing......
$3 convpref..,—
$1
"it
90
High
Lose
Beaunlt Mills Ine com.. 10
30 X
82
Price
for
Week
Baumann—See "Ludwlg"
Beau Brummell Ties Inc..
Jan
111%
Alliance Investment
Allied Products (Mich)..10
of Prices
X May
z 58
92 X
Allegheny Ludlum Steel—
7% preferred 100,,-.100
Alles A Fisher Inc
Nov
14%
260
102'x 104"
104
93
:
, „
7 X
Jan
"160
Alabama Gt Southern. ,50
Alabama Power Co $7 pf-*
May
17 X
'
m
Mar
May
4
"166
—.._*
Con v preferred
7
10
6%
Week's Range
Sale
Par
Mfg—
Class A
Class B.
Last
High
20%
common-10
Acme Wire Co
Aero Supply
Week's Range
Bale
STOCKS
STOCKS
(Continued)
Range Since Jan. 1, 1940
Last
Sales
Friday
Bales
Friday
102
40
Volume
New York Curb Exchange—Continued—Page 2
151
Friday
STOCKS
Last
Sale
(Continued)
Par
Price
City A Suburban Homes 10
Clark Controller Co
Sales
WeeFt Range
High
1
100
*
com
250
H.
1,200
*4134
""266
30
4%
4%
2%
254
300
4
May
May
1
May
2
May
Sept
May
May
May
May
May
2%
2%
1,000
900
Cockshutt Plow Co com..*
preferred
6K
1,100
34
"i",000
3H
ZH
%
£1
Colorado Fuel A Iron warr.
Colt'
Patent Fire Arms.25
%
3%
Cohn A Roeenberger Inc.*
Colon Development ord
conv
12
3K
434
Clinch field Coal Corp..100
Club Alum Utensil Co...*
6%
Nov
*3834
•
Cleveland Tractor
5 34
1734
Clayton A Lambert Mfg. .4
Cleveland Elee Ilium
4
4K
81
81
82
150
67
May
May
Mar
7
Par
Apr
1734
Dec
*4
Mar
6
Oct
4834 Feb
734 Feb
254 Nov
334 May
Feb
6
834
Jan
234
Jan
434
Jan
734 May
88
May
100
Columbia Oil A Oas
1
5934
IK
5934
IK
155
60
IK
5,000
...
He
...
Commonw Distribution.. 1
1
S3 preferred.....
800
400
14
14
IK
Consol O E L P Bait com.*
34% series B pref
4% pref series C.
100
100
Consol Gas Utilities
1
Consol Mln A Smelt Ltd—5
Consol Retail Stores
14 K
800
200
1,200
IK
26
Dec
*31
IK
Jan
21% June
3834
May
34
n*
10H Sept
Cont
111
108
IK
26%
1,200
Cooper-Bessemer
com...*
5K
6
93 34
6% conv preferred
834
93%
110
K
1,300
8K
500
He
8
100
11
8K
500
32 K
5K
100
5K
K
8K
"xe
54
1,600
K
...5
Crocker Wheeler Eleo
*
Crort
6%
200
"l2% "ll"
3",500
1,800
1,600
K
300
130
70
54
6
Crown Cork Internet A..*
Crown Drug Co com
5H
4%
5K
"i%
K
1%
He
IK
134
4K
1%
4K
2
700
1,100
""k ""k
5K
"Ik "5%
""766
200
"10834
IK
IK
108 K 108 K
200
Oct
134 June
Apr
Apr
Feb
18
Curtis Mfg Co (Mo)
Class A
35
conv
Deooa Records common..l
Stores
..1
Dennlson Mfg ol A com..6
3K
18K
11K
27 34
5
18 K
11K
27K
5
100
334
18 K
11%
27K
50
400
30
5
800
26 prior pref
60
IK
33
8% debenture
100
Derby Oil A Ref Corp com*
A conv preferred
IK
K
"10"
1
20
w w
Detroit Paper Prod
100
.10
300
K
K
common.
1154
Aug
3H May
34
Jan
1% May
1%
Jan
334 July
wie May
Jan
34
Dec
Nov
5
July
134 May
May
108
1J4 Nov
634 Aug
234 May
16
July
300
1
Hi May
Duke Power Co
100
10
2%
100
74
Durham Hosiery cl B com *
Duro-Test Corp common. 1
Duval Texas Sulphur
1%
7K
10 K
3
25
200
4K
4
734
1534
34
134
34
Nov
134 June
Mar
554 June
334
Oct
Feb
Apr
234
Jan
112
28.90C
1,100
2,500
13
13
100
134
64
Jan
May
134 May
May
26
123*
May
834 May
8ie
Oct
6% preferred.......100
634% preferred.....100
7% preferred
....100
8% preferred...
.100
Empire Power part stock.*
page!3373j
June
334 May
42
76
50
67
June
84
84
10
57
84
8534
85
85
125
25
700
"26" "26"
"26"
'"166
6734 68
11134 11334
200
1754 May
28
Apr
June
1*54
Mar
554 May
33
May
954
Jan
5154 May
8454 May
954
Deo
8
Feb
Jan
134
Apr
Feb
Nov
3734 May
1234 Nov
1834 Nov
134 Nov
254 Nov
154 Apr
23
Nov
28
Apr
1034 Nov
1534 Sept
134 Apr
13 34
Jan
3634
Mar
20
Deo
70
Fox (Peter) Brewing Co_.fi
Franklin Co Distilling
1
Common
78
Jan
Apr
Apr
334 Sept
7934 May
4
6034
4034
1434
Nov
Nov
134
Apr
734
34
1034
21
254
May
5534 June
56
Nov
Apr
Apr
Apr
Jan
Jan
83
oonv
stock
General Alloys Cb
Gen Eleetrio Co Ltd—
Feb
General Investment com. 1
86 preferred
•
Warrants .............
Gen Outdoor Adv 6% pf 100
Gen Pub Serv 86 pref....*
89
Oct
Oct
91
June
91
Oct
2034 Nov
26
Jan
100
12
July
3134
50
12
49
75
Jan
54
J&D
Oot
Feb
154
2534
154
Jan
Nov
Apr
Common
1754
200
9
May
35
70
26
Feb
34
5554
5554
34
55%
Gilchrist Co
30
50
Feb
*m
"82*"
82
84
50
30
30
180
K
34
5934
34
5934
41
41
98 54
May
2554 May
54 May
54
Dec
83 preferred..........*
Gorham Mfg common..10
Grand Rapids Varnish...1
Gray Mfg Co
10
Oot
154
Nov
1554 Mar
1754 Nov
Apr
Tx« Apr
41
65
Apr
Mar
90
Mar
48
Apr
1
Apr
154
Jan
June
81
Apr
Aug
106
May
1054
Aug
41
Mar
55
50
82
9 9 34
625
88
May
May
May
87
Nov
"634 "~6%
99 K
"366
454 May
4054 July
4
•
Jan
154
8
20
...
preferred
July
98
•
Glen Alden Coal...
_•
Godohaux Sugars elaas ▲.*
Class B
•
90
Mar
65
4,300
Gladding McBean A Co..*
87
54 June
800
1
Gilbert (A C) common
Preferred
Aug
454
.....*
Georgia Power 86 pref...*
85 preferred
....*
154
Oct
54 May
100
100
com
Jan
Nov
78
July
1754
86 conv preferred......*
General Tire A Rubber—
83 preferred
29
Apr
Apr
3454 Nov
5454 Nov
35
1
6% preferred A
Gen Water QftE
*1154
2054
3254
May
80
May
8554 Feb
134
IK
Gen Rayon Co A stock...*;
General Shareholdings Corp I
834
"~5K
834
1934
534
94%
34
9434
34
....
.....
2,000
9
1934
534
9434
34
Oct
654 Apr
654 May
100
18
700
454
Oct
9154 Nov
10
Aug
*»•
300
Jan
Feb
25
...
10154
91
Feb
Mar
754
Apr
May
Apr
Apr
954 Nov
3254 Apr
U54 Apr
49
654
654
105
*ii
Apr
Feb
2894
154
Nov
Oct
"266
16
16
2954
2954
1
Oct
350
1534
11
June
18
Oot
31
Nov
8
Apr
100
18
June
5
434
5
200
4
June
454
5
300
454 Sept
1154
Jan
11454
Apr
Great Atl A Pae Tea—
Non-vot
com stock
Grocery Sts Prod
00m
*
__
He
934
He
TI60
4234
150
934
600
16
100
*11 Mar
3134 34
11034 11034
2,900
2554 June
9
25c
Guardian Investors
Jl«
1
25
3134
Gulf States UtO 85.50 pf.*
86 preferred......
*
11034
Gulf Oil Corp
90
June
36
654 May
154 Nov
102
June
10754 May
3
Gypsum Llme&Alabastine*
Hall Lamp Co
fi
834
2534
Hammermili Paper.....10
Hartford Eleo Light
25
Hartford Rayon v t 0....]
834
26
100
150
Nov
554 Feb
2054 May
62
"~K ""He
"560
"i% "154
Tioo
Hartman Tobacco Co....*
!
May
12354 May
54 Aug
10c
4234
7% 1st preferred. ...100
Greater N Y Brewery..,
Gt Northern Paper.....25
Greenfield Tap A Die
88
10034 10034
*
154
May
54 Sept
54 Nov
154
Jan
135
54
4954
1054
254
54
Jan
Nov
Apr
Apr
Jan
Jan
8954 Jan
11154
Jan
11534 Sept
354 Nov
14
Apr
4054 May
7054 Apr
154
54
254
July
854
Apr
Jan
Feb
Hat Corp of America—
534
6%
554
200
2
B non-vot common.... 1
2
100
20
100
1934
6 34
conv preferred..—50
Heel a Mining Co
Helena Rube ostein
26c
6 34
1,200
454
Jan
w w
26
3 34
200
1234
100
7054
225
60
1 734
1154
600
854
1334
854
14
100
100
900
Div arrear ctfs
50
1354 May
June
6
*654 May
954 May
1454 Feb
2954
Jan
254 Aug
.
120
3034
112
3034
112
3034
525
30
108
1834
1834
50
6334
1,500
6 34
100
634
Jan
20
11254
62
May
July
1354 May
4754 May
454 Feb
8
Oct
334
1334
Deo
Nov
92
May
2254
Apr
1154
Deo
12
Jan
14
Jan
1454
8654
354
Apr
Apr
120
9 34
950
1934
Apr
68
Jao
954 May
854 June
54
1054
1054
254
"134 "134
334
3054
654
"266
334
3034
2,000
3,200
2,500
334
28
654
734
July
154 Dec
154 June
2854 May
254 Mar
2154 May
454 Mar
Apr
Nov
454 May
6
Feb
Jan
3554
113
he June
854
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electrio Securities *
Hygrade Food Prod.....5
Hygrade Sylvanla Corp..*
5% conv preferred
Dec
May
May
8
70
Huasmann-Llgonler Co...
fHuylers of Del Ino—
Common............. 1
Illinois Iowa Power Co...*
Jan
Mar
June
3%
1734
"8%
Holophane Co oommon..*
100
Mar
1134
7054
Border's, Ino
*
Hormel (Geo A) A Co com*
Horn (A C) Co common..1
5% preferred
11
2754
27
334
1234
Hewitt Rubber common.
Horn A Hardart Baking..*
Horn A Hardart
•
Jan
354 May
2254 Sept
754
Jan
14
Apr
1254 Apr
24
...26
ex-warr
May
29
754 May
2354 May
Heller Co common......2
Preferred
May
154 May
11
May
4
May
7
Class A..
Preferred
454 May
16
Corp.........*
Hearn Dept Stores oom__5
Jan
Oct
11534
62
Amer dep rets ord reg.£l
Gen Fire proofing oom_.__*
Gen Gas A EI 6% pref B_*
20
8834
27
49
Hummel-Ross Fibre Corp
Dec
Nov
3134
Hubbell (Harvey) Ino_.__6
Humble Oil A Ref
•
634 May
8034
Oct
18
26
27
*
Oct
Jan
600
1254
100
5% preferred.......100
Gellman Mfg Co com
1
Oct
Jan
2034
100
854 May
4% oonv preferred... 100
Gamewell Co 86 oonv pf,
Gatlneau Power Co—
7534
334
100
1654 May
..._*
66
14
33
54 June
34
2434
54
19
%
..15
Haeeltlne
3234
July
2434
54
34
24%
1
Conv partio pref
Fruehanf Trailer Co
1
Fuller (Geo A) Co oom._.l
1234
Mar
925
Froedtert Grain A Malt—
Harvard Brewing Co
634 Mar
11334
Jan
934 Apr
734 Apr
2634 May
Jao
68
Apr
Goodman Mfg Co......50
Gorham Inc class A......*
434
1734
854
83%
Empire Dist £3 6% pf 100
Empire Gas A Fuel Co—
200
1254 May
654 May
Apr
1054
17
Goldfleld Consol Mines..1
28
83
475
954
954
Sept
1754
Oct
28
200
33
300
25
934
Nov
6
854
Jan
110
3%
3%
x24K
9
"9%
354
854 June
434
5634 June
2034 May
10734 Mar
May
May
May
May
May
May
Sept
July
700
100
1,300
8
67
51
58%
66
32
Feb
154 Nov
Mar
4K
56 K
64
134
Oct
34
834
1034
Oct
12
57%
Apr
Apr
4
May
834 Feb
134 Feb
2234 May
Jan
50
65 K
IK
Jan
34
134
2
1234
•
For footnotes see
634
103
May
May
254 May
preferred
*
Elec P A L 2d pref A.....*
Option warrants...
Electrographlo Corp
1
Elgin Nat Watch Co
16
Emerson Elec Mfg
4
55 preferred
Jan
14
Easy Washing Mach B_.
56
734
Apr
2434 May
13
57 preferred series A...*
56 preferred series B_.
2,100
734
1154
Hoe (R) A Co class A...10
Bollinger Consol G M
5
1,400
100
3 54
734
~24K
1054
3 34
Apr
Apr
June
1054
Mar
12
2
1054
Hey den Chemical.......10
Hires (Chas E) Co
1
36 K
12?*
1054
3K
Class B voting
....*
Ford Motor of Franca—
Amer dep rets...100 free
Jan
12
31
Oot
7h May
154
Ford Motor of CanadaClass A non-vot
.*
1234
34 K
Oct
22
334
634 May
12
254 Sept
Feb
Mar
June
100
34 K
Economy Grocery Stores.*
Eleo Bond A Share com..5
800
Henry Holt A Co part A..*
100
8
234
Jan
•i»
2694
654
1
Jan
575
®t*
254
19
3,200
Jan
Apr
500
•
350
34 May
Aug
22,400
134
134
334
Eastern Malleable Iron. .25
*16
2 0 34
11
134
234
834
59 K
Eastern States Corp
*16
19 34
High
Mar
134
34 May
5
July
K
Lout
£1
34 June
5834
3K
*16
1954
234
Fed Compress A W'h'se 25
600
59%
Range Since Jan. 1.1940
tor
Week
Share
854
*
fi
1,300
1
100
...
454% prior pref
6% preferred
.1
Metallurgical
Mfg Co
100
K
IK
7K
9K
*
Eagle Picher Lead
10
East Gas A Fuel Assoc—
Common
50
74
K
1%
400
Feb
Apr
Feb
67
25 K
Feb
234
1334
Dec
Sept
May
May
May
Feb
Mar
25
134
7734
K
534
109% 109%
2%
2K
Nov
8434
Dominion Tar A Chemical*
10
1
33
June
preferred....... 100
Dublllfr Condenser Corp.l
Nov
Feb
25% May
7%
Nov
634
June
4
Driver Harris Co
3334
32
May
434 May
Dominion Steel A Coal B 26
5H% preferred
—100
Draper Corp........
*
Nov
1154 May
21
13
Dominion Bridge Co Ltd
Jan
Jan
Apr
7K
98
Jan
Nov
Feb
Nov
100
134
734
1934
12
IK
Nov
19
*10
IK
12
105
x834 May
50
10 K
7K
IK
Am dep rets ord reg...£l
Dlvco-Twln Truck com.
Dobeckmun Co
Dec
6
100
10 K
12
Diamond Shoe common.
Distilled Llouors new..2 3i
Distillers Co Ltd—
May
Nov
1234 May
2154 Sept
.10
*
preferred
54
10
De Vllblss Co common.. 10
7%
55
1,100
2
2
..1
Detroit Steel Prod
ZH May
H May
'He Aug
1
""766
11234 Nov
234 May
3934
Jan
334
Jan
Dec
14
"10K
Feb
120
Nov
29
Detroit Gray Iron Fdy
1
Det Mich Stove Co com..l
Apr
34
100
100
8334
954
25
33
33
Feb
1134
Jan
May
May
6K May
23
May
1,400
»
Detroit Gasket A Mfg
6% preferred
1
Nov
K
3
Delay
Feb
154
334
7
4
320
45
4
18
Curtis Llght'g Inc com 2.50
5
Darby Petroleum com
6
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
1%
Oct
3% May
84
May
"260
IK
7% conv preferred
25
Crystal Oil Ref com
_.._*
54% pref -100
200
4%
IK
25o
$6 preferred
10
Cuban Atlantic Sugar....5
Cuban Tobacco com.....*
May
2% Sept
13
1
Brewing Co
Crowley, Mliner A Co...*
Crown Cent Petrol (Md).5
Jan
June
1,900
1
1
67
1
100
£1
Creole "etroleum
Cuneo Press 6
91K
32 K
50
Courtaulds Ltd
700
11
•
....
6K
H
8X
11
Cornucopia Gold Mines So
Corroon A Reynolds
1
Stt preferred A
1%
18
75
S3 prior preference....*
Copper Range Co
_...*
Coeden Petroleum com..
May
Sept
1% May
1
...1
Roll A Steel
Cook Paint A Varnish....*
4234 May
K Aug
1H May
67% May
20
600
of Prices
High
Ford Motor Co Ltd—
120
8%
Continental Oil of Mex
Fodders
Jaq
111%
111
"leS
400
IK
IK
IK
IK
69%
70%
118% 118%
1
preferred
100
Co0801 Royalty Oil.....10
Consol steel Corp com
*
ContQ <fc E7% prior pf 100
Fanny Farmer Candy
Fansteel
234
%
*
4
Fairchlld Aviation
1
Falrohlld Eng A Airplane. 1
Fatetaff Brewing
l
IK May
Conn Gas A Coke Secur—
Conn Telep A Elee Corp..l
Consol Biscuit Co
1
1
Fea
Compo Shoe Mach—
1946
Enquire Tno
7034
72,325
IK
2334
IK
22
IFMt*« Range
Low
Eureka Pipe Line com..50
Eversharp Inc com
1
Am dep rets ord ref
Community Pub Service 25
Community Water Serv..l
V tcextto
5
Equity Corp common..lOo
S3 conv preferred...... 1
Price
Sale
_
June
51
Commonwealth A Southern
Warrants
Emsco Derrick A Equip.
Fiat Amer dep rets
Fire Association (Phlla) 100
Florida P A L 37 pref....*
Columbia Gas A Elec—
6% preferred
Sale
High
Low
17%
%
Claude Neon lights Tnc._l
Last
(Continued)
Shares
6
6
STOCKS
Range Since Jan. 1.1940
for
Week
o/Prices
Low
3369
Friday
3
Jan
Feb
Feb
Feb
Jan
4754
Apr
654 May
8354 Apr
954 May
New York Curb
3370
reets Range
Last
j Sale
(Continued)
Par i
Price
614
Jan
5)4
1,500
5%
12?*
Jan
18?*
July
24?*
Feb
13
10
Mar
22
Apr
10%
Mar
21?*
Apr
X
13
90
10
12 X
3
May
Sept
1
Class B—
1
71
72
1,100
19
20
600
60
5%
514
5%
500
1X
1)4
1)4
800
Jan
50%
May
73%
Apr
Mid vale Co
17% June
23 X
Apr
Mid-West Abrasive
50c
.10
Midwest Piping
A Sup...*
Mining Corp of Canada..*
Minnesota Mln A Mfg
*
Minnesota P A L 7% pf 100
8H
8H
9%
8%
June
19?*
Feb
100
9%
June
19?*
Feb
May
5?*
May
Sept
1?<
Apr
8X
100
28
400
314
8%
500
50
4
"17)4
xl7 X
15
175*
15)4
""250
400
3)4
he
he
Moore
175*
IX May
X
3?*
May
May
2 H
Feb
May
955*
Apr
Sept
May
Apr
May
18
103
May
111
100
X
Deo
4 Ye
4t
200
Nov
Nat
"95"
"94"
"ieo
May
8
Dec
Oct
Nov
Apr
Jan
'he
Mar
9fi/
Mar
Mar
June
73W
1
May
2'
Jan
IX
June
25*
1?*
Jan
Jan
Apr
*i» June
8%
3H
Sept
Aug
July
15
10X
8?4
11
Jan
Apr
Nov
75
Sept
May
96
Nov
Oct
75
Apr
12?*
13 Ye
"2,600
3H
125*
4)4
500
4x May
36% Aug
9% July
2X May
z71
Lane Bryant 7% pref.. 100
Jan
13?*
Nov
rtX
Apr
44?*
Oct
25J*
4%
100
Jan
Mar
May
*
100
5%
*
Lehigh Coal A Nav......*
Leonard Oil Develop—.25
24
x2 Yi
lno..l
Ye
27X
6
9X
5%
3
Ye
27%
5)4
200
11,500
1,700
200
200
*
16)4
1)4
Locke Steel Chain.......5
Lone Star Gas Corp.....*
"9%
16)4
IX
17 X
1X
12
12?*
14
100
*
6?*
Mar
X
Feb
0?*
Apr
3?*
Oct
May
May
X
Jan
35?*
12?*
Jan
Apr
July
22 J*
Mar
X June
1X
Apr
May
14?*
Nov
N Y Merchandise
May
10 J*
May
N Y Pr A Lt 7% pref.. 100
$0 preferred
•
N Y ShlpbuUdlng Corp-r-
7X June
'
13
50
3,200
H
10
1,200
7X
8X
7%
53%
69X
-
14%
67X
I
115%
106?*
Apr
New York Transit Co
6
6?*
June
100?*
28?*
1
Mar
Apr
Apr
N Y Water Serv 0% pf.100
2
21
Jan
25
Jan
Common
20
Jan
25
Jan
6% 1st preferred
92
Ludwlg Bauman A Co com*
Conv 7% 1st pref
100
Conv 7% 1st pf v t c.lOO
1
Apr
1?*
Apr
39
Mar
Oct
10
Jan
214
100
Ye
May
29
Feb
Oct
17
Apr
X
5%
5%
5Ye
*
Memphis Nat Gas
5
4X
*
15%
3X
4%
16
3%
4%
4%
com
com
140
137
141
Feb
Niplralng Mines
Jan
Noma Electric
Apr
21?*
Jan
42
90
600
200
4X
100
"766
Sept
X July
4?* May
123
May
3?*
11
May
May
"x78~
3373.
iil"
100
Feb
8%
Mar
54
Sept
$0
54
15%
69%
IX
18?*
12%
2H
Nov
1%
July
1
May
12**
Jau
117?*
84?*
May
8
1,400
May
4?* May
X
100
30?*
Apr
7?*
Dec
13?*
Jan
Nov
70?*
May
25?*
Jan
110?* June
130?*
Apr
8?*
May
60
200
1,600
1,750
300
3?* June
10?* May
15%
A or
May
69%
Dec
July
1M
H
July
Feb
30
Jan
Apr
3?*
Apr
Sept
15
16?*
May
28?*
Jan
May
9%
Mar
103?* May
1)8?*
Jan
109
Jan
7
98
May
11
May
23?*
Dec
May
108?*
Dec
6?*
100
7%
Ayr
28?*
110
17,900
125
77
~2~2(j6
5?*
3?*
3?*
4,100
4
May
3
Dec
73
92
Mar
Nov
87
Apr
he
Nov
3?* May
June
99?*
60
May
Sept
71?* May
83?*
23?*
91?*
24
1,450
"51?* "52"
'""lio
91
9?*
Mar
X May
8?* May
1?*
Jan
5%
Jan
Dec
Mar
Apr
May
20?*
May
20 H
Jan
44%
May
52%
Nov
he
May
he
Nov
3H
Jan
Mar
Norlnd PubSer0% pf.100
108?* 108?*
Jan
7% preferred
Northern Pipe Line
118
Oct
July
X
Mar
118
20
95
May
110
May
10
97
May
119?*
Sept
0
Jan
May
9?*
7
May
15?*
400
12
May
23
100
20?* June
3,100
IX June
10
Engineering..*
Novadel-Agene Corp...."
Ogden Corp com
4
May
15
7h
2%
55*
Northern Sts Pow cl A..25
Jan
67
134
103?*
15
200
No Am Utility Securities.*
Nor Central Texas Oil...5
•
100
Feb
Feb
85
9,000
May
Apr
Feb
5?*
40
Yi
5%
18?*
Feb
300
7i«
prior preferred... 50
'n
1
62
8
1
Class B common
Jan
May
90
_.l
0%
Jan
0?*
60
200
Jan
29
88
"""600
Apr
Jan
17
X May
3X
...
Apr
98
""%
preferred
*
North Amer Rayon cl A..*
Northwest
Jan
49
800
%
Feb
Nov
Jan
523*
3%
2?*
89
Dec
1
30
30 %
May
9?*
1,200
Mar
50
Jaa
0
25
5
9?*
170?*
4
Aug
Apr
233*
May
Apr
Apr
Jan
May
X May
8?*
325
7%
2
3?*
%
preferred.IHoo
nx
Nor Amer Lt A Power—
750
Warrants............
For footnotes see page
Ye
3?*
Nineteen Hundred Corp B 1
Jan
May
Jan
64 H
Oct
May
653*
»
2X
1%
700
3
75?*
100
4X
100
Participating preferred.*
Merrltt Chapman A Scott *
9Ve
25
Merchants A Mfg cl A...1
03*% A
Clara A preferred
NHes-Bement-Pond
Dec
5
54
Mead Johnson & Co
5
common
Common
$4 pref with warr.
»
MoCord Rad A Mfg B
•
Mc Will lams Dredging...*
1,300
..100
June
2
100
30%
Ye
814
.
Niagara Share—
Class B
Jan
June
Class B opt warrants....
5% 2d preferred
Apr
0?*
24
500
Class A opt warrants....
Oct
9%
%
3J*
100
2
May Hosiery Mills—
Mercantile Stores
.....10
29?*
9%
...1
375
Niagara Hudson Power—
May
May
25
2Vs
108
100
May
June
30
*
Manlschewltz(The B) Co.*
Mapes Consol Mfg Co...*
Margay Oil Corp
...*
Master Electric Co
...
preferred
X
100
2%
31X
Feb
May
June
108?*
22?*
Founders shares
1
New York State El A Gas—
IX
20
6
2 Ye
Apr
0?*
40
0?*
Massey Harris common..*
3?*
105?* 106?*
600
2 Ye
Jan
July
3?* May
'""900
"""160
Jan
•
Feb
973*
115% 115%
Mar
1
1?* May
70?* June
200
10
2?*
Marlon Steam Shovel
May
13%
3%
7?<
10
8?*
18?*
May
May
Mass Utll Assoc v t o
47%
14%
Warrants
N Y A Honduras Rosarlo 10
1%
3%
preferred
May
N Y Auction Co com....*
0% pref class B
$5 conv
85
200
2
1?*
Manatl Sugar opt warr
Mangel Stores
Apr
20
48?*
44 %
Lynch Corp common
Jan
Feb
-
Nov
Louisiana P A L $0 pre!..*
July
Jan
17 X
1,200
121?* 122?*
5?*
5%
New Idea Inc common.. *
New Jersey Zlno
25
June
5,300
% May
Nov
18
May
114
4X
Jan
X
11?*
•
23%
■IX
4%
11?*
18?* June
New England Tel A Tel 100
New Haven Clock Co
*
5?*%
81?*
31
2%
X
24
Jan
May
3
~8%
100
New Mex A Ariz Land._.l
New Process Co
..1
Apr
83* May
110?*
350
1%
Jan
Mar
May
84?* May
8%
450
%
10
Nov
1,400
8
10
24X
4)4
26?*
2X
Ye
~8%
3% cum 4% non-cumlOO
New Engl Pow Assoc
*
Apr
X
Mar
June
May
50
88
7?*
Nestle Le Mur Co cl A...*
Nevada-California Elec—
Aug
21
13?*
17?*
June
300
10
2X
Nelson (Herman) Corp...6
Neptune Meter class A_._*
Nov
May
Apr
142
6?*
*
preferred
21%
Feb
11
1,200
25
8
30c
preferred
May
Nov
200
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred..*
$2
12
% May
4X
125?* July
0?* May
11?* May
11,600
2%
2X
27
*
%
100
3,100
23?*
Explor.l
10?*
11?*
UX
25
Louisiana Land A
50
43
11%
24 Ye
Loudon Packing..
200
43
26)4
100
6% May
-
2
Refining.*
2H
1%
200
13% 43%
9
9%
H
4X May
15
7% pref class A.....100
.*
800
20
"4 Ye "4%
National Tea 5 X % pref. 10
National Transit
12.50
Nat Tunnel A Mines
*
4%
X
Long Island LightingCommon
5
N Y City Omnibus—
Inc—
preferred........25
X
Apr
2?* May
2?* May
100
87X
♦
10 X
Feb
2X
*
Apr
15%
..1
Jan
11
"ux
Nat Mfg A Stores com...*
National P A L $0 pref...*
0%
Langendorf Utd Bakeries—
Class A..
»
Jan
76
43
National Steel Car Ltd
Jan
Apr
Jan
15
National Refining com
Nat Rubber Macb
1
2?*
7 J*
Jan
05*
12?*
May
139?*
10
9% June
Lane Wells Co common..1
May
30
»
Nat Union Radio
May
26
15
14
National Container (Del).l
National Fuel Gas
*
National Sugar
X
Jan
0
*12"
National City Lines com. 1
$3 conv preferred
60
6%
Apr
Sept
171
136
X
National Candy Co
112\?4
9?*
47?*
July
National Breweries com..*
Jan
11?*
May
15
1
Mar
11X June
Lakey Foundry A Mach._l
5?*
10?*
Mar
5
Apr
May
15?* May
*
Navarro OH Co
100
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lake Shores Mines Ltd... 1
3?*
4
100
•
Bellas Hess com
Dec
5?*
1?* June
200
136
15
Murray Ohio Mfg Co
•
Muskegon Piston Ring.2?*
Muskogee Co common
0% preferred
118?*
2,500
20?*
5?*
3?*
*
common
39%
27%
49
"94*
pref...100
4% conv 1st pref..
100
Kress (S H) special pref. 10
"130
169
(Mountain States Power—
120
8
Kresge Dept Stores—
100
:
10
Nov
10?*
4
165"
20?*
Cop com.5c
Nachman-Springfllled
Feb
22
169
Mountain Sts Tel A Tel 100
Oct
1
Nov
"900
(Tom) Dlst Stmp.l
June
100
*
"is
2%
Moody Investors part pf.*
'11
Oct
June
July
Dec
6?* May
Jan
900
Mtge Bank of Col Am shs._
12
13?*
May
0
Jan
Oct
Feb
55
1%
8 Ye
2%
Mountain Produoers
Apr
May
24?*
2%
A
Jan
he
1
7%
1
Mountain City
2?*
8 %
3
600
Monroe Loan 800
Mar
79
com..*
Klelnert(I B) Rubber Co. 10
Knott Corp common.....1
107?* June
30
3 Ye
Monogram Pictures oom.l
3% May
Kelln (D Emll) Co
May
Nov
Jan
X
185*
111
Klrki'd Lake G M Co Ltd. 1
94?*
Jan
13
200
70%
May
Mar
113
1)4
May
9?*
5%
he
IX
1%
43 J*
8X
13 X
97
100
May
""560
'
Mar
90
6
9?*
X
Nov
Jan
0?* May
$2.60
Mar
10
Ken-RadTube&LampA *
Kimberly-Clark 0% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products
1
100
13?*
Apr
5
May
80
7% pref-100
13?*
x
3?*
3%
%
111
"1,666
121
X
18?*
May
Oct
May
Montana Dakota Utll...10
12
7?*
97
Apr
Aug
37
Mar
Jan
Jan
250
Monarch Machine Tool..*
May
May
4%
150
Jan
uii
"""766
18
1165* 118?*
Montgomery Ward A
•
Montreal Lt Ht A Pow..*
102
33X
9?*
110?* 110?*
100
Jan
111
32X
4?*
19
Missouri Pub Serv com..*
Apr
100
33
July
Mar
June
%
5
90
July
111
10
100
2?*
400
Apr
"52" "50% "52"
45*
102
Kokenge com..*
400
Apr
June
May
"13
10%
X
4*900
9
1?*
5% June
23?*
2X
*
2%
1?*
0?*
Nov
"7?* "7?*
80
M
7?*
7?*
Sept
X
Apr
Nov
Mock Jud Voehringer—
Common
Nov
12
116 X
*
preferred...
Jan
1
8
July
Jan
100
$2 non cum div shares.*
0%
108?*
•u
1,300
6
18
1
274
?*
X
Mississippi River Power
700
Ye
Johnson Publishing Co..
common
6X May
——-
9
28
preferred.--..100
6% preferred
—100
7% preferred
100
0%
Jan
7,000
63*%
Lit Brothers
Apr
12%
8
Mills..*
$7 pref.*
Investors Royalty
1
Iron Fireman Mfg v t o
*
Irving Air Chute
1
Italian Superpower A....*
Jacobs (F L) Co
...1
Jean nett« Glass Co
*
Jersey Central Pow <fc Lt—
Llpton (Thos J)
2%
June
May
May
7,000
Interstate Hosiery
Line Material Co
June
5
Interstate Power
Le Tourneau (R G)
1
5%
5%
9%
Ye
•
$3.60 prior pref
...*
International Vitamin...1
Interstate Home Equip..1
B
*
Molybdenum Corp
*
1
Conv preferred
15%
Jan
%
$1 76 preferred
Class
Apr
Aug
May
3?*
Midland Steel Products—
X
10H
4%
1X
International Utility—
Lefcourt Realty com
Ap.
Jan
3)4
'~3X
*
Registered shares
*
International Products—*
Internat Safety Razor B.*
Coupon shares
Koppers Co 0%
5?*
Feb
1
3?*
3?*
5%
Midland OH Corp—
3
Indus A.."
Internat Paper A Pow wanInternational Petroleum—
Kobacker Stores Inc
3?*
?*
Midwest Oil Co
71
19
Internat Metal
Klrby Petroleum
1
...1
$2 conv preferred
Internat Industries I no—1
Kennedy's Inc....
t c
B v t 0
July
9
preferred..
100
of No Am. 10
International Cigar Macb •
Internat Hydro Elec—
7%
Kansas G A E
A
X
100
Yi
1
Insurance Co
Julian A
Class
Middle West Corp eom..fi
v
Jan
6?*
Middle States Petroleum
Feb
1
Feb
"""300
.....
1
he
X
Industrial Finance—
Jones A Laughlln Steel.
4?*
H
3?*
42?*
% May
1,700
TCx V'x ""206
•
Class
Oil—
Non-voting class A
Indian Ter Ilium
Class A....
July
800
3H
12%
Oct
Sept
4?*
10
Preferred
Micromatlc Hone Corp
Oct
71»
103
X
X
"16
High
Low
200
1?<
Michigan Steel Tube..2.50
3%
X
'it
Range Since Jan. 1,1940
for
Shares
35
Michigan Bumper Corp.,1
Jan
May
High
Low
•
12H
1940
Week
...15
Metropolitan Edison—
$0 preferred
5% June
Michigan Sugar Co
Om
7%
6% pf.100
Class B
Jan
0
3,000
0
preferred...-..-100
Pref 13.60 series
Jan
of Prices
25c
7)4 June
of Can.fi
of Great
Ireland....£1
V t o common
Metal Textile Corp
5)4
Indiana Service
7%
Mesabl Iron Co
Mar
Week's Range
X\
.....1
Nov
9
03 3*
6H
Imperial Tobacco
Imperial Tobacco
Indiana Pipe
Aug
June
6
Registered
Britain A
4
j
Price
Par
Partle preferred
coup.."
Imperial OH (Can)
Sale
High
66
350
A
Illuminating Shares
Low
Last
(Continued)
Week
Shares
8
8
*
*
Imperial Chemical Indus—
Am dep rets regis
£1
Co.—
Illinois Zlno
of Prices
High
Low
STOCKS
Range Since Jan. 1, 1940
for
7,
Sales
Friday
Sales
Friday
i
STOCKS
Dec.
Exchange—Continued—Page 3
9?*
21
313*
2?*
9?*
22
31?*
3
1,000
Apr
Jan
Nov
38?* May
2X
Aug
Volume
New York Curb
151
Friday
STOCKS
Last
{Continued)
Sale
Par
Price
Ohio Brass Co d B oom__*
Ohio Edison $6 prel
*
109 %
Ohio Oil 6% preferred..100
110
Ohio Power 0% pre!
Ohio P S 7% 1st pref
Oklahoma Nat Gas
S3 preferred
Low
High
21
2i*4
for
Week
109
15
17
May
24*4
6
21X
H4
95
May
94
June
40
115*4
6
Pacific G A E 0% 1st pf.25
34 X
30 X
21X
51
115
6,700
500
116*4
825
•
2?4
2%
300
1*4
May
2*4
*4
X
300
May
2
110*4 May
117
%
Sent
St Lawrence
1*4
Aug
May
116*4
Mar
Class A $2 oonv pref..50
June
109
Oct
8t Regis Paper 00m.....6
5X
Oct
6X
8*4
13% May
21%
Apr
Dec
39
May
51
Dec
100
May
117
Mar
4X
Dec
IX
July
"34 X
Feb
"506
13 X
28
30 X
31
107*4 107X
700
~~34
26 X
79
81X
8*4
Feb
3*4
Feb
15X May
34 X
Nov
May
Feb
May
31*4
108*4
95*4
May
0*4
Feb
May
80
100
30
72
Feb
June
20
Jan
Jan
Feb
3*4
5,500
6*4
6*4
36
54
Nov
18
Nov
30*4 May
May
33
X
X
100
25
30
800
111
185
180
89
3,500
91X
26
3X
'llT
•
3X
1
7
Conv $3 pref series A. 10
7
Oct
June1
60*4
3854
1,700
200
16X
400
IX
ox
May
Dec
June
Mar
8*4
Jan
8*4
Jan
120
Jan
31*4
6*4
Feb
May
15*4
Mar
20X May
9X
Jan
47*4
18*4
Apr
5
Feb
May
8*4
Apr
5% original preferred.26
6% preferred B
..25
5*4% pref series C...25
Nov
Deo
96
900
05
June
3
8
700
IX May
200
7
16
May
~~8X
"".500
X
600
8*4
106
Jan
8*4
81*4
Jan
24*4
1*4
Apr
X May
Feb
Jan
May
42
Mar
10
Feb
1,000
4X May
X July
2% May
May
1,300
4%
May
106
5*4
Jan
9*4
9*4
Feb
Apr
10 rl04*4
109
June
113*4
Mar
Standard OU (Ohio) com 25
$5 preferred
...100
Standard Pow A Lt
1
100*4 May
111
125
35
10
99
June
69*4 May
112%
100 X
47 X
20
104X June
113*4 May
100X 102X
1,375
3,875
200
x6%
500
58
May
13% May
11H
Jan
7H May
4% May
105*4
48%
29
10*4
7*4
102
10
94
June
12*
156
157
70
142
May
157*4
8
May
'.6
H
2,750
7X
7%
350
17*4
45
16X
*
15
45
950
80
•u
OH May
May
X June
*
X May
10 X
4X
4%
400
Ik
X,,
May
4%
Dec
600
Reliance Elec A Engrav_.5
*
~4H
Richmond Radiator
1
IX
1
4X
13
4%
3~200
13%
4%
200
300
1X
300
*4 June
10*4
*4
17*4
45
1*4
2*4
26*4
0
>k June
10
4*4
Rheem Mfg Co
Rice Stlx Dry Goods
May
4
July
12% June
3 X
Aug
IX May
Nov
Feb
Oct
6*4 June
X
Feb
34
Feb
13
Feb
Feb
Dec
Sept
Feb
Jan
Jan
Jan
*4
Feb
6*4
19*4
Apr
Mar
z5*4
Jan
18
Oct
2*4
Apr
Oct
*n
Jan
95
May
94
May
Rio Grande Valley Gas Co1
X
Rochester OAE10 % pf C100
Rome Cable Corp com...6
106 X 106%
50
pref
10 x
10*4
10x
100
...6
20
5
*
*
Ruseeks Fifth Ave
2 *4
For footnotes see page
July
Feb
May
ll«H
Feb
0
May
12 %
Jan
Jan
3*4
Mar
Aug
3*4
7*4
Feb
116*4
Root Petroleum Co——.1
conv
104*4
106*4
11
0% preferred D
100
Rochester Tel 0*4% prflOO
Roeser A Pendleton Inc..*
X
~z%
3373
100
5
X
62 X
3%
X
63
3X
400
100
300
1*4
IX
4X
X
42
2H
Aug
14*4
Apr
»i»
Dec
Oct
Jan
Feb
June
65
Mar
May
5
Mar
2*4 May
106*4 Mar
Jan
Jan
5
Apr
Jan
"3%
1*4
3*4
300
May
3*4 May
*4
Feb
1
1
Dec
2,000
28
May
44
Jan
23
50
21
Aug
35
Feb
47*4
47 *4
30*4
50
35
May
30
1,000
27
29*4
29*4
200
*4
47*4
100
40
23
"29*4
1
37
*4
500
May
24*4 June
*4
Dec
66
Mar
107
Feb
4*4
5*4
May
4*4
2*4
Oct
100
50
14*4
500
6
48
Oot
31*4
30*4
Nov
Mar
2
Jan
72
170*4
Apr
Mar
6*4
Jan
11*4
Apr
4*4 May
JaD
20
3*4
19*4
5*4
1*4
5*4
700
5
July
1*4
400
8
140
1*4
7*4
Dec
7*4
1*4
1*4
2*4
Jan
3*4
19*4
500
Dec
May
7*4
2*4
10
Apr
Mar
A or
Jan
hi
Jan
1
May
2*4
Mar
1
Nov
2
hi
Jan
*4
3
Jan
1,700
3*4
Dec
10*4
Mar
1,050
11*4
Dec
24
Mar
2*4
14*4
No"
Nov
11
Mai
3*4
11*4
11*4
12*4
10*4
12*4
10*4
12*4
10*4
200
19*4
18*4
31*4
19*4
35
2,900
35
3*4
12*4
2
2
110
100
110
100
1,100
100
*4
»!•
1,100
*4
*4
600
8*4
8*4
100
116
116
1
May
8*4 May
7*4 June
10*4 May
20*4 May
100*4 June
*4 June
*11 Aug
900
*4
20
26
26
100
Mar
0
May
hi May
19
May
1
16
Jan
15*4
*4
*4
*4
Jan
20*4 Feb
41*4 May
III
Oct
*4
*4
Jan
Jan
27*4
10*4
1*4
Apr
41
Dec
1*4
Jan
Oct
Feb
Feb
1*4
Jan
62
Feb
7*4
3X
8
300
15
Anr
May
Jan
May
9*4
May
9*4
Apr
700
5*4
Jan
*4
1*4
2*4
May
»i«
1*4
2
0
3*4
18ie
100
1*4
3*4
1*4
400
3*4
150
"\4%
14*4
"550
Aug
May
hi
14*4
11*4
1*4
1*4
41
"25*4
25*4
H*4
1*4
100
Mar
7*4
0*4
May
May
May
8
1*4
33*4
25*4
400
21
13
25*4
9*4
6
3*4
23
9*4
6
100
3*4
25*4
1,700
10
3,400
800
2*4
17
7*4
17
7*4
2*4
300
19
250
8
500
1,500
Apr
2
Jan
Dec
36
Jao
13
Jan
July
9*4
Jan
0
Jan
23
Dec
8*4
2
12*4
7
May
May
May
May
July
Oct
May
May
*4
77
15
Apr
May
10*4
76
Jan
Nov
13*4
2*4
5s
77
15
Jan
41
*4
£1
Jan
Feb
Feb
3*4
Tobacco Prod Exports...*
Tobacco Secur Tr—
2
3*4
4*4
X
Aug
48*4
Tishman Realty A Constr •
Tobacco A Allied Stocks..*
Oct
6
103
Texas P A L 7% pref.. 100
Texon Oil A Land Co
2
Feb
Jan
100
4,200
4*4
40
May
41
•
*
21
33
•
Thew 8hovel Co com....6
TUo Roofing Ino
1
May
»ii May
800
39*4 June
10*4 June
Swan Finch Oil Corp....15
Taggart Corp com
...1
Tampa Electric Co com..*
Ordinary reg
156
Apr
1*4
3*4
..*
5*4% conv pref
50
Superior Oil Co (Calif)..26
Superior Port Cement—
Def registered
Todd Shipyards Corp
Aug
July
1*4
Technicolor Inc common.*
4X
IX
99
Phos¬
Sterling Brewers Ino
1
Sterling Inc
...1
Stetson (J B) Co com....*
Stinnes (Hugo) Corp
6
Stroock (8) Co
.....*
Sullivan Machinery..
•
Sun Ray Drug Co...
1
SunrayOU
1
common
Oot
Apr
Mar
2*4
0% 1st preferred
60
6% 2d preferred
20
Sterling Aluminum Prod. 1
Class B
5*4
1*4
9*4
Jan
500
Stein (A) A Co common..*
Sterchl Bros Stores
1*4
Jan
*4 June
9*4 Mar
Feb
phate A Add Wks Inc.20
Starrett (The) Corp v t o.l
Steel Co of Canada—
Ordinary shares
Nov
Aug
1*4
1
Standard
Mar
25*4
1*4
Standard Steel Spring....6
Dec
Apr
Apr
Jan
1,200
1*4
1
Wholesale
15*4
19
11*4
*4
1
-
Nov
May
102
7X
50
...*
Standard Sliver Lead
Standard Tube clB
Reeves (Daniel) oommon. *
Relter Foster OU Corp..60
$1.20
Preferred
Standard Products Co
Nov
Jan
Apr
Jan
Mar
•11
Common class B......*
45*4
»
Rossla International
preferred-.20
May
110*4 110 x
112X 112*4
Apr
Apr
114*4
95
Standard Dredging Corp—
Common
.....1
107
May
May
50c
Royal Typewriter...
10
May
07
100
Mar
May
May
May
•
Conv preferred
Standard Invest $5*4 pref *
Standard Oil (Ky)
10
400
Railway A Util Invest A.l
Roosevelt Field Ino
Standard Brewing Co
Standard Cap A Seal com. 1
conv
18*4
Mar
200
Am dep rets ord reg..£l
Spenoer Shoe Corp
•
Stahl-Meyer Ino
•
$1.00
1*4
2*4
8*4
6*4
Jan
"260
..26
Oct
96 X
•
Voting trust ctfs
Preferred A
Southland Royalty Co...5
Spalding (A G) A Bros...l
5% 1st preferred......*
Spanish A Gen Corp—
103
95 X
X
Ut June
60
Jan
Apr
Apr
*4
Southern Pipe Line.....10
Southern Union Ga •.....♦
May
44
100
..1
Apr
July
95
Radio-Keith-Orphuem—
Option warrants
Ry A Light Secur com...*
Republic Aviation
Jan
IX
4*4
8X
4%
x6%
Reed Roller Bit Co
Feb
IX
July
32
Pyrene Manufacturing.. 10
Quaker Oats common....*
com
Jan
May
300
16
preferred
Dec
15
Aug
May
2X
1,900
Mar
June
4
96 X
24
7% preferred
...100
South New Engl Tel...100
Southern Phoepbate Co. 10
3
*4
0*4
59*4
*4
Southern Colo Pow ol A.26
Nov
ll
62*4 June
Jan
Jan
%
Southwest Pa Pipe Line. 10
Southern Calif Edison—
Jan
104
May
II
1*4
South Coast Corp com.._l
South Penn Oil
25
14*4
48%
conv
......1
2
Sept
10
1*4
8*4
1*4
1
June
May
24
Skinner Organ..........5
Solar Mfg Co
1
46*4
16
$3
Amer dep rets ord reg.£l
Sioux City G A E 7% pf 100
1
6
Jan
May
6*4
Singer Mfg Co
...100
Singer Mfg Co Ltd—
So no tone Corp
Boss Mfg 00m
*1
1
5*4 Sept
3*4 May
106
"256
Dec
28*4
73*4
47
Red Bank Oil Co
1,500
106*4 109
91*4
May
May
Puget Sound Pulp A Tim •
Pyle-Natlonal Co com
5
Raytheon Mfg
77
100
10
*
Raymond Concrete Pile—
Common
*
74
200
700
Public Service of Okla—
0% preferred
Quebec Power Co
1,500
12*4
4*4
12*4
1
May
100
Public Service of Indiana—
•
4*4
2*4
65
100
*
200
300
1
9
*
$5 prior preferred
$0 preferred
X
1*4
2*4
Jan
Aug
Nov
May
May
*4
Simplicity Pattern 00m.
Simpson's Ltd B stock...*
Apr
43
7X
Apr
Apr
Mar
X
1*4
Nov
400
8*4
1
40
2*4
"i%
192
'""840
"4*4
Nov
Oct
Jan
3*4 May
8*4 Nov
37
Simmons H'ware A Paint.*
10*4
72*4
*4
100
Feb
14X
X
4*4
Dec
Nov
8
64X
"8"
May
29*4 Mar
June
>4
35
47*4
Dec
X
X
*8
13*4
1*4
47*4
6% cum pref ser AAA 100
Sherwln-WlUlams of Can •
93 X
ul6
85
May
»u May
35
112
.
200
"i»
June
4*4
300
114
3%
600
550
4
44
200
May
113*4 June
29 X July
3X May
5,000
16X
IX
3X
Jan
2*4
Simmons-Boardman Pub—
$3 oonv pref
4 *4
38
"63"
Jan
34
47*4
Jan
May
"""36
X
$5
22*4 May
19
July
2*4
2
22
63 X
10
*
0% prior lien pref... 100
7% prior lien pref...100
Puget Sound P A L—
®16
50
Dec
63
4%
7
Dec
9*4 May
1 *4
Jan
Jan
47*4
47*4
74
Apr
125
$6 preferred
•
Public Servloe of Colorado
*
2*4
47*4
2X
7X
Producers Corp of Nev..20
$7 prior preferred
$0 preferred
Convertible stock.....5
$5.50 prior stock
25
Allotment certificates...
13X
63 X
*94 %
0% 1st preferred
100
Pratt A Lambert Co
*
Premier Gold Mining....!
0% 1st preferred
7% 1st preferred
16
12*4
Apr
Corp. of Canada..*
Prudential Investors
1
Shawlnlgan Wat A Pow..*
22*4
rl58*i
10 X
""306
10
Providence Gas
®1«
82
Jan
1
600
Common
Shattuek Denn Mining...5
25c
*
4*4
8*4
700
8*4
*
Oct
39
Potero Sugar common....6
Powdrell A Alexander
5
Prosperity Co class B
4
%
4*4
Apr
Apr
14
300
Selby Shoe Co
3
Jan
May
May
Oct
May
May
50
Prentice-Hall Inc com...*
Pressed Metals of Am
1
200
Nov
Feb
4*4
15*4
Aug
1,100
Selberllng Rubber 00m...*
May
97 X
OX
"l*4
......
Power
600
600
%
IX
11X
50
ns'x
3X
Dec
rjuly
May
1,000
Segal Lock A Hardware..1
Serrtck Corp
...1
Seton Leather common...*
175
36 X
...»
com
U*4
1*4
Sentry Safety Control....1
H
Pltney-Bowes Postage
Polaris Mining Co
11*4
Oct
X
103X
Phoenix Securities—
Pneumatic Scale
450
Mai
common.
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc com
.7.60
80
85
Sept
50
89
26
"Th
Phlla Elec Co $5 pref
*
Phlla Elec Pow 8% pref.26
Meter.....
Pitts Bess ALE RR
20
70
3
100
185
"67 X "55X ~67X
..»
Common
9
SUex Co common
X
X
113X 114
110*4 HI
20
Pierce Governor common.*
Pioneer Gold Mines Ltd..l
26
20
82
Mar
33
Phillips Packing Co
10
29
May
Pennsylvania Gas A Elec—
114
Dec
July
100
29
X
04
......*
Class A oommon
2*4
*4
Sherwln-WlUlams com..25
11,800
Pennsylvania Edison Co—
Philadelphia Co
26
12*4
29*4
2X
2 *4
1
.
12*4
%
Dec
May
Perfect Circle Co
Pharls Tire A Rubber
26
12*4
36*4
36
May
2X
14
5,700
»n
20
41
2X
13X
450
3*4
5
Selected Industries Ino—
27
2*4
82
4,400
*4
36*4
Jan
Jan
xll
1
Penn Cent Airlines com.l
2*4
May
2
May
48*4 May
he
*
Feb
50
50c
79
2*4
*
3*4
12*4
190
Pepperell Mfg Co..... 100
Securities Corp general
10*4
750
60
3
2*4
1
May
18
com
81*4
Warrants
0
53 X
53
2%
Scran ton Lace common..*
8cranton Spring Brook
Water Servloe $6 pref..*
Soul In Steel Co oom...._*
Aug
9
....
400
32X
Penn Water A Power Co.*
Savoy OU Co
5
Schlff Co oommon.......*
ScovUl Mfg
26
Feb
17*4
Pennsylvania Sugar
100
5*4
32 X
Penn Salt Mfg Co
preferred
Salt Dome OU Co
1
Samson United Corp com.l
Sanford Mills
*
10
36
4*4
Corp Ltd...*
2*4 June
3
Sept
8
May
•
*53 X
7%
Petrol
Seeman Bros Ino
3*4
Peninsular Telephone com*
Penn Pr A Lt $7 pref
•
$6 preferred..........*
High
Ryerson A Haynes com._l
May
May
$5 series pref
$2.80 series pref
Low
Ryan Consol
50
10
Parkereburg Rig A Reel-.l
Patchogue-Ply mouth Mills*
Penn-Mex Fuel
Range Since Jan. 1, 1940
Mar
20
3*4
Penn Traffic Co..
Pennroad Corp com
for
Week
Shares
Nov
4
'six
American shares
$1.40 preferred
High
111
700
Paramount Motors Corp
Class B
Week's Range
of Prices
Low
110*4
2 X
.
$1.30 1st preferred
Pan tepee Oil of Veneiuela—
Pender (D) Grocery A...*
Price
1
4*4
2
.
Parker Pen Co..
Sale
Par
Ryan Aeronautical Co
100
21X
4*4
...
25
6
50
*
1
Overseas Securities
Pacific Can Co oommon..*
5*4% 1st preferred
3371
Sales
May
90 "
60
Pacific Lighting $5 pref. *
Pacific P <fc L 7% pref.. 100
Pacific Public Service
Last
STOCKS
High
125
109*4 110
113 X
6
com.
1, 1940
{Continued)
Low
500
110
100
100
$6 Hi conv prior pref
Omar Inc
Range Since Jan.
Shares
275
4
Friday
104
100
0% 1st preferred
Oilstocks Ltd common
Exchange—Continued—Page
Sales
Week's Range
of Prices
55
Mar
36*4
16*4
114
3*4
24*4
Apr
15
Apr
1*4
69
10*4
*4
80
Oct
Apr
Jan
6*4
Apr
May
Jan
Feb
Mar
May
Jan
Apr
Nov
for
of Prices
Low
High
Sals
Par
Pries
BONDS
Week
180
95
May
109
Mar
Hanover (City)
114% 114%
10
104
May
116
Jan
♦Hanover (Prov)
°16
2%
*it
ht
1,900
7%
7%
""406
Trans Lux Corp
Transwestern
2
——1
Oil Co——10
Tri-Contlnental warrants
Apr
♦Maranhao 7s
3%
Feb
•u
Jan
Jan
Jan
Feb
$21
May
x8 %
10%
39%
Mtge Bk of Bogota 78.1947
♦Issue of May 1927
♦Issue of Oct 1927
3%
08.1931
Mtge Bk of Denmark 5s '72
r33
20
Jan
1%
Dec
7%
7%
100
0%
May
8
Jan
♦Parana (State) 7s
1,800
3%
May
0%
Apr
♦Rio de Janeiro
$7%
%
Nov
1%
Jan
ht
Nov
1
Jan
1%
Feb
7% May
2% Mar
4
Oct
♦Santiago
%
:
lUlen & Co ser A pref
Series B pref
*
Unexcelled Mfg Co——.10
Union Gas of Canada.—.*
Union Investment com—_♦
Un Stk Yds of Omaha.. 100
United Aircraft Prod
1
6,600
3,200
%
United Corp warrants
Apr
06
Apr
Mar
RAILROAD and INDUSTRIALS
1%
%
8%
Jan
Feb
BONDS
2%
113%
Jan
July
ru
Jan
6%
%*1
108% 109%
%
3ib
82%
%
10
%
Va
%
'n
23%
22%
24%
7,100
2,100
1,900
25
25
25
Va
109%
H
Option warrants
7% pref-100
United Lt A Pow com A—»
Common class B
—*
10 1st preferred
*
United MUk Products...*
United G A E
Dec
""ht
87% June
800
%
2,300
79
Dec
1%
Jan
1%
Jan
Apr
39
27
May
Feb
239
%
Apr
*65* ~60"
2",975
May
%
600
%
Va
Jan
5%
245%
1%
44%
200
45
44
Nov
64
May
7%
83%
39%
June
40
5%
5
'"%
1,100
1,300
3% May
3% May
8
May
"it
50
3%
1,890
29%
100
26
May
35%
Apr
2
2%
2,600
1
May
2%
Apr
3%
300
%
May
June
47
1%
71
May
0
%
Dec
Aug
V*
May
1,100
2% May
"iv$
6
"VA "T%
76%
76%
T606
50
""ht
10c
1
Utility A Ind Corp oom._6
Conv preferred
7
Valspar Corp com.
...1
$4 conv preferred——.6
Van Norman Mach Tool.6
1%
19
28%
28%
7% pref—100
Vogt Manufacturing
»
%
"97"
1%
Feb
% May
1%
Jan
June
65%
*11
2%
Apr
1%
Mar
Aug
May
May
July
10
H
Nov
1%
Jan
10
200
7
May
12
0%
July
5
May
100
74
Apr
3%
June
%
July
*
1%
Wayne Knitting Mills...6
Wellington Oil Co
1
Wentworth Mfg
1.26
1%
1%
*
Western Air Express
400
1
92
2%
"2% ""2% "1,266
1
Western Grocer oom
July
May
300
West Texas Utll 10 pref..*
West Va Coal A Coke
hi
12%
1%
...1
Walker Mining Co
20
Apr
32%
'
1,000
Apr
May
97
4%
Jan
May
21
*
Class B
29
May
h
Oct
May
May
1% May
3% May
3%
Oct
9%
0%
10
75
5%
Dec
Apr
Sept
Apr
Apr
Aug
May
Apr
1%
Feb
1%
15% May
4
55
10
55
55
31
May
Jan
Feb
3
Nov
77
14
9% May
Sept
Westmoreland Coal...—20
10
.10
Westmoreland Inc
Weyenberg Shoe Mfg
1
Wichita River Oil Corp..lu
6%
6%
6%
6%
100
•
Williams OU-O-Mat Ht—»
Wilson-Jones
2,100
""960
114% 114%
5%
5%
Wolverine Portl Cement. 10
Petroleum
"360
10
% May
May
5% May
98
May
300
3% May
4% May
4% Sept
7%
Wisconsin P & L 7% pf 100
Woodley
..1
Jan
July
"va "I"
»
Wolverine Tube com....2
6%
"'"a ""a
1
Co
3% May
3%
6%
Williams (R C) A Co
Wilson Products Inc
May
5%
5%
5%
200
4%
4%
4%
200
Apr
Apr
Oct
17% May
6
Wright Hargreaves Ltd..
FOREIGN
AND
5%
4%
3,000
$21
June
3% June
8%
20%
24
25% 1 24%
—.1951
8%
8%
$26
26
11,000
103% 108
y
b
..1955
'04
103%
Sept
$127% 129
105% 105%
44% 45%
45%
26%
"7",000
—1947
1947
11
30
12%
12%
13
12%
13
74,000
45,000
10
13
10
20%
28%
12%
12%
13
27.000
10
28%
12
1,000
10
16%
34%
75
12%
Danzig Port A Waterways
♦External 0%s
1952
$8
18
♦German Con Munlo 7s '47
25%
26%
26%
25%
1947
3373.
5,000
3,000
12%
18,000
10%
61
62%
24,000
53
106% 106%
3,000
10,000
3
109% 109%
y
bb
bb
2
2
$101% 104%
y
z
b
3
1950
Convertible 6s
Canada—
101
116% 117%
117
x
aa
3
v
aa
3
110% 111%
110% 111
x
aa
2
155
1968
1959
x
bbb3
y
1954
Canada Northern Pr 5s ...1953
Canadian Pac Ry 0s....._1942
Cent Power 5s ser D
1957
Cent States Elec 5s
1948
6%s
1954
Cent States PAL 5%s
1953
|*Ohlc Rys 5s ctfs
1927
Cincinnati St Ry 6 %s A ..1952
y
bb
bb
x
a
Birmingham Gas 5s
Broad River Pow 5s
103%
102% 104
$103% 105
a
y
bb
130%
51,000
32,000
2,000
21,000
9,000
110
103%
3,000
15,000
18,000
94,000
73,000
40,000
2,000
4,000
100%
83%
71%
102%
30%
30
y
b
81%
81
30%
82%
z
bb
39%
42
y
bb
92
92%
94
94
86
24,000
86%
84% 223,000
83% 45,000
1960
b
b
"84%
83%
.....1958 y
Debenture 6s
1909 y b
Cities Serv P A L 5%S
1962 yb
5%s
1949 y b
Community Pr A Lt 58—1957 y bb
Debenture 5s..
1951
83%
95%
95
99%
x
aaa4
x
aaa4
x
82%
82%
30,000
82% 83%
95% 141,000
93%
95%
95% 114,000
99% 100% 41,000
$129%
aaa4
x
aaa4
Cont'l Gas A El 5s
5s
b
1958 ybb
—1944 y b
y
4
4
2
x
a
x
y
bb
Edison El 111 (Boat) 3%s,.
x
93
y
161%
aaa4
0%s series A
Erie Lighting
5s
Federal Wat Serv 5%s
12%
0%
2
Jan
Florida Power 4s ser C
Florida Power A Lt 5a
29
Aug
28%
Jan
26%
15
Feb
Feb
Nov
Jan
Feb
26%
Nov
12%
Aug
26%
Dec
May
52
Jan
20
May
49
Mar
Mar
12
Nov
26%
50
77
93%
78%
95%
70
88
65%
85%
60
85
66
85
97
70%
75%
81
96%
101%
125% 135%
111%
4,000
124% 130
96% 37,000
90% 93% 147,000
1,000
52% 52%
101
101% 35,000
106
1,000
106
87% 133,000
7,000
107% 107%
125.000
89
86%
"87%
b
4
"88%
a
4
124%
x
bbb3
x
bbb2
1953
1967
y
b
1
47
x
a
3
1954
y
b
$109
109%
101% 102
101%
1901
1966
1954
y
cccl
x
bbb3
x
bbb3
1944 ybb 3
x a
2
A—-1909
1
General Pub Serv 6s
1953 y b
ybb 2
Gen Pub Utll 0%s A——I960
1 ccc2
♦General Rayon 6s A—.—1948
Gen Wat Wks A El 5a
1943 y bbb2
x a
1
Georgia Power ref 5s
1967
4
Georgia Pow A Lt 5s...
1978 y b
z b
1
♦Gesfruel 6s
...1953
Glen Alden Coal 4s
1905 ybb 3
y ccc4
Gobel (Adolf) 4%s
1941
x a
3
Grand Trunk West 4s
1950
x a
Gr Nor Pow 5s stpd
1950
x aa
Green Mount Pow 3%s—1963
y b
Grocery Store Prod 6s
1945
Guantanamo A West 6s
1958 y b
Guardian Investors 5s
1948 y c
z dd
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
83
37
105
4,000
103%
124% 124%
103
103%
12,000
105%
104% 105%
14,000
47
3,000
40
106
106
5,000
104% 105
49,000
100% 101%
7,000
77%
46.000
$100% 101
100% 101%
20",000
77
$65
100
100%
2l",000
106%
106% 107%
57,000
71
29
3,000
1,000
96,000
79%
78%
$60%
79%
*76%
76%
78%
"4",000
113
$110
106% 106%
"i",66o
27
29
27
27
101%
104
107
74%
88%
107% 112
70
89
110
125%
102% 100
101% 105%
23
89
49
102%
57
98% 106%
105%
100
97% 102
56
87%
102
83
101%
89
75
101
103% 107%
59
75
18
29
65%
79%
58
100
59
$25
01%
93
70
90
$56%
45
67%
100%
70
94
80
94
72
29
97
75
22%
$38
104%
104% 111%
106% 109%
9,000
Finland Residential Mtge
Feb
41%
64%
1,000
7,000
x
4
41
25%
129% 130
95%
bbb4
Eastern Gas A Fuel 4s
95% 103%
25%
111% 111%
111% 111%
111%
2
1955
Cudahy Packing 3%s
Delaware El Pow 5%s
104
03
!
y cc
y
102%
89
65
30%
94
155
90
6,666
29%
b
89% 117
138
95
102
bb
Conn Lt A Pr 7s A
95
102%
29%
y
92% 100
88
y cc
y
108%
103% 110
98,000
81%
80%
71%
x
1955
Conv deb 5s
155
101% 102%
102%
3
"80%
...I960
fls series B
Cities Service 5s__
111
104%
95% 105
5,000
101
1957
1900
1998
Jan
0
~i",666
91,000
102% 108
38%
02%
Baldwin Locom Works—
Tobacco
129
121
"16,606
F)—
Jan
18
24
108% 111%
13%
$12%
x aa
Nov
12
7% June
"2",000
105%
3
a
x
5%
7%
6%
14
28%
26
24
1953
8,000
Dec
20
2,000
$33
Danish 6%8__.......1955
For footnotes see page
bbb3
Gary Electric A Gas—
5s ex-warr stemped
25
$21
Jan 1947
♦Prov Banks 0s B_. 1951
♦Secured 0s—
x
114%
Cent Bk of German State A
Ext 5s
100% 111%
111%
Ercole MareUl Eleo Mfg—
Jan
%
1952
7,000
Mar
Week
Agricultural Mtge Bk (Col)
Apr 1940
♦20-year 7s
♦0 series A
90% 105%
106% 106%
103% 103%
Nov
Sales
BONDS
Bogota (see Mtge Bank of)
7s
1948
102% 105% 171,000
106%
9%
2
Mar
for
♦Cauca Valley
105%
3
Gatlneau Power 3%s
MUNICIPALITIES
♦20-year 7s
4
a
12%
Apr
Sept
Feb
Sept
GOVERNMENT
♦Baden 7s
bb
x
1950
1953
Banks 6s-5s stpd
5s
y
111
bbb3
5s without warrants
Bell Telep of
106%
107% 109%
2
2
1959
1950
-1905
Elec Power A Light 5s
2030
Elmlra Wat Lt A RR 58-1950
El Paso Eleo 5e A
1950
Empire Dlst El 5s
1952
11%
10%
7%
7%
7%
Woolworth (F W) Ltd—
Amer dep rets
104
$109%'109%
aa
aa
bbb3
5s with warrants
Cuban
«
7,000
106%
106%
99
98% 104%
x
(Bait) 3%s serN
1971
1st ref mtge 3s ser P
1909
Consol Gas (Bait City)—
Gen mtge 4%s
.....1954
Consol Gas Utll Co—
0s ser A stamped...
1943
2
102
7%
6%
103
106 %
106
2
109
104% 107%
Consol Gas El Lt A Power—
Western Tablet A Statlon'y
Common
aa
105
102% 103
103
1
x
Jan
Western Maryland Ry—
7% 1st preferred....100
x
x
Bethlehem Steel 6s
03
4
bbbl
bbbl
Birmingham Elec 4%s
80%
May
4%
Avery A Sons (B
Nov
2
Aug
3
Watt A Bond class A——*
y
x
5s series C
%
700
y
Since
6,000
25,000
90,000
104% 104%
104% 105%
106%
Apr
May
620
8%
1
2
23%
97
8%
1
a
Range
Jan.
9
$107% 108%
$105
105%
1
a
—.2024
1st 5s series B_.
Waco Aircraft Co.—..*
7% preferred
0%
Mar
90%
10
—1
Mar
May
Feb
300
a
x
x
x
62%
Mar
1%
450
30
%
2
1
38
for
Week
Price
1977 zdddl
3
%s...—A '65 y b
13
2,300
50
20
19
Venesuelan Petroleum...1
Va Pub Serv
1%
Assoo TAT deb 6
Mar
""500
1%
Sept
Sales
of Prices
Low
High
12
24
%
i%
i%
Apr
May
248%
""600
50
49
48%
Registered
♦Conv deb 5%s
May
4
1%
1
4%s
Debentures
Appalao Power Deb 0s
Arkansas Pr A Lt 5s
May
14% May
Utah Pow A Lt *7 pref...*
Oct
1903
1948
6s
1st mtge 4s
Atlantic City Elec 3%g
July
"12%
Am Pow A Lt deb
Atlanta Gas Lt 4%s
%
"n"
Mar
Weeks' Range
Appalachian Elec Pow—
Jan
1%
3%
16
~\2~
Feb
17%
2010
3%ssf debs
Jan
200
1,100
%
Sale
1950
1960
1970
2%ssf debs
3%ssf debs
6% May
10,500
4%
Oct
Co—
1940
.........1951
1st & ref 5s
1950
1st & ret 6e
1968
1st A ref 4 %s
1967
American Gas A Elec Co.—
Jan
%
4%
Power
Feb
%
4%
Mar
%
See k
Aug
2%
1%
Universal Products Co.—*
Wagner Baking v t e
Feb
hi
1
8
Universal Pictures com...1
Vultee Aircraft Co
Mar
1%
Universal Insurance
11
15
|Associated Gas A El Co—
♦Conv deb 4%s_.......1948 xdddl
♦Conv deb 4%s
1949 zdddl
♦Conv deb 6s
1950 xdddl
♦Debenture 5s...
1908 zdddl
59%
ht
Universal Corp v t o
Mar
10%
%
%
Last
Associated Elec 4%s
%
3
1%
10%
Jan
Sept
5
Friday
Apr
Feb
2%
2%
Jan
June
9%
3,000
Batik
Feb
%
500
*
Utility Equities com
S6.50 priority stock
Nov
28%
1
U 8 Rubber Reclaiming..*
U 8 Stores common
60c
1st S7 conv pref
*
United Stores common.60c
United WaU Paper
2
Universal Cooler class A—*
Utah Radio Products
Apr
Jan
Sept
3%
U 8 Radiator com
Utah-Idaho Sugar
Feb
57%
20
Class B
Feb
Nov
9%
7%
3
8
5%
7%
Plywood Corp—
1% conv preferred
Apr
Oct
76
6
"59 %
Mar
Mar
Elig. &
1st A ret 6a
Dec
4%
ord reg
100
Sharing.-26c
10
10% preferred
United Shoe Mach com.26
Preferred
26
United Specialties com—1
U S Foil Co class B
1
U 8 Graphite com..
6
U S and Int'l Securities..
S51st pref with warr—»
U 8 Lines pref
*
Mar
14%
40%
Rating
1st 5s
Nov
10% May
Am dep rets
United NJKR4 Canal
Alabama
Jan
20
50
70
United Profit
89
May
%
%
•
20%
Oct
15% May
Jan
11,300
82%
1
pref. non-voting.*
United Gas Corp com
Oct
June
Jan
10
Apr
Feb
Feb
Nov
Corp..—.*
S3 partlo pref
United Molasses Co—
3%
69% May
% May
100
12
12
13%
64%
26%
13
igi~,666
%
04%
Jan
5%
Jan
8% May
1,000
9%
9%
9%
*
S3 cum & Dart pref
*
Un Clgar-Whelan Sta„ lOo
United Chemicals com
United Elastic
5,000
3% *4%
Jan
Sept
11
36,000
$8
7s...—1949
Mai
15
20%
%
400
Apr
13%
7% June
1,000
1,000
16%
7%
300
1958
0%s.l959
♦Russian Govt 6%S—1919
♦5%s
1921
15%
4%
%
10%
June
8
20
r33
4%
1%
Nov
17,000
4,000
28
28
11%
$21
11%
♦Mtge Bk of Chile
1
*
Works.—1
Nov
20%
6% May
6%
11%
8%
11%
8%
8%
Jan
4% May
100
37%
1%
37%
37 %
1958
1951
May
Nov
»i«
27%
Jan
.—
$6%
1958
♦0%s stamped
Apr
♦Medellln 7s stamped.
x8%
Inc.,,
Corp.—1
—1
Udylite Corp
U 8
1%
2
Apr
12
$25%
preferred.——*
Tung-Sol Lamp
1st S7
hi
hi
Apr
Oct
% May
1,400
2,900
Apr
%
""ioo
1%
11
27
$26
7s...1939
0%s_1949
High
Low
$
Lima (City) Peru—
hi
6ie
1
Class A
Week
High
Low
Shares
1, 1940
Range Since Jan.
for
of Prices
Low
High
Price
*
TublM? Chatlllon
Week's Range
Sale
108%
108
6% pre! 100
7% preferred
—100
Tonopah-Belmont Dev. 10c
Tonopah Mining of Nev.l
Toledo Edison
Trunz Pork Stores
Last
(Continued)
Range Since Jan. 1,1940
Week's Range
Last
1940
7,
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
80c conv
Dec.
New York Curb Exchange—Continued—Page 5
3372
91
79
110%
99% 106%
52
63%
29%
53
23
42%
15%
3,000
26%
Nov
7% May
7% May
27
A St Ry
5%s
1938
z
cccl
$27%
..
$25%
..
Oct
Attention is directed to the new column
In this tabulation pertaining to
bank eligibility and rating
of bonds. See i.
E2F
Volume
New York Curb Exchange—Concluded—Page 6
151
Pank
Elig
BONDS
Friday
Last
<fc
Week's Range
of Prices
Rating
(Concluded)
Sale
See a
Price
Par
Houston Lt A Pr 334»
Sales
Low
High
1966
x
aa
♦Hungarian Ital Bk 734s.__1963
*
c
1
1949 y b
2
$71
1949 y b
2
72
72
3
for
Range
Week
6a series B
3
Idaho Power 334s
111 Pr A Lt 1st 6s ser A
1967
z
1953
z
1954
z
1st A ret
1956
z
bbb3
Be
C
ser
107
"l0554
8 fdeb 634s._.May
1957 y bb 3
Indiana Hydro Eleo 6s ....1958 y bbbl
Indiana Service 5s
1950 y b
2
1st Uen 4 ref 5e
1963 y b
♦Indianapolis Gas Be A
1952
Indianapolis Pow 4 J.t 33481970
81%
Iowa-Neb LAP Be
1
"68 k"
3
39
105%
1961 y bbb4
1958
aa
3
1952 y b
Italian Superpower 6s.....1963 y cc
1
Jacksonville Gas
z
11,000
11,000
93
17,000
57
60
1
35%
20
2634
12,000
5,000
3
2
$106
2022
z
a
2
Lake Sup DlstPow 334s...1966
z
a
4
5,000
10134
1734
4634
4634
5134
29
1946
z
cccl
z
bbb3
1957
z
a
4
1941
z
dd
1
$30
71
108
26
Metropolitan Ed 4s E
1971
z
aa
1965
s
aa
4s series G
108
1945
y
bb
1943
y
bb
1967
z
bbb2
Light 434®
Minn PAL 434a
1955 z bbb3
Mississippi Power 5s
39
1957
1961 z
Missouri Pub Serv 6s
2
aa
9,000
1,000
17,000
"2T666
96
23,000
2,000
31,00
9,000
11334 11334
2,000
109
108
3,000
101
1,000
20
95
Nebraska Power 4^8
-
aaa2
1981
z
z
aa
1948
x
bbb3
------
------
3
8534
8734 191 "066
12134 12134
8,000
6534
66
17,000
66
66
67
11,000
65
65
6634 34,000
$10934 111
97
5o"666
9534 9734
9734
9734
9834
55,000
1948 y bb
6s stamped
1942 y bb
3
♦Income 6s series A
1949 T bb
4
New
York
1950
y
bbb2
N Y State E 4 G 434s
1st mtge 334 s
1980
x
a
4
196<*
z
a
2004
x
x
aa
1953
y
b
Nippon El Pow 0%B
....1956 y bb
No Boat Ltg Prop 334s... 1947
Nor Cont'l Utll 634 s
1948
z
VN'western Pub Serv 6s...1957
x
Ohio Public
Serv
y
b
8834
93
334S....1968
4s
1962
10434
103
10234 103
10434 105
11,000
81
103
102 34
110 110
3,000
102
44
------
10,000
40
7,000
94
10434 105
4734
5234
11,000
2
x
aa
4
a
113
3
1955
x
z
bb
110
bbb3
1948
Okla Nat Gas 334s B
Okla Power 4 Water 5s
-----
4
3
7034
3
71
3
71
7034
1957 yb
3
71
3
7134
7034
7034
1934
1950 * ccc2
1953 y b
10334
7,000
10334 10334
17,000
1,000
1,000
10534 10534
$10634 10734
9534 97
357666
107
107
1
2834
I
1960 x bbb4
107
2
10634
120 34
1958 x a
.1979 y bb
1950
10234
6,000
11134 111,000
10354
2,000
4834 31,000
10434 36,000
1,000
10534
4734
17,000
7134
7134
7134
7134
7134
7134
20
39
23
62,000
13,000
41,000
21,000
87,000
48,000
2,000
57
81
64
98 34
64
9734
87
95*4
9634 10334
102
113 34
10334 10534
37
90
105
63
10534
10834
40
60
49
7434
7434
74J4
7454
7434
7434
2434
4934
48
48
48
49
1454
..1949
e4634
6,000
27
46 34
32
4,000
41
4634
8,000
10,000
18
3834
z
2734
2834
10634 107
10634 107 34
11834 12034
6,goo
14,000
9,000
47
46
2134
10134 107
104 3*
10854
109
12034
3
9834
9734
9834
22,000
8834 10334
4
6034
60
61
38,000
56
z
$734
$118
1
8
2434
$33
aaa4
1966 y bb
s
f 6s
cccl
z
b
26
634
114
4,000
2034
69
1234
11834
4534
2
8634
9234
cons
1950 y bb
"97"
1946 yb
9,000
15,000
lio'ooo
90
86
86
7,000
1,000
86
104
10134 10134
10234 104 34
10134
10134 102
10234
10234 10254
10134 10134
3
6s
92 34
85
11834 11934
3
s f
"moo
3334
2
16
3334
$10734 10734
9334
9734
J
z
..1945
1954 z cc
2
1951 z aa
4
65
5s..
1960 z aa
106
Wheeling Elec Co 5s
1941 x
5234
Wise Pow A Light 4s
1966 *
106 34
10734 113
S*York Rys Co 5s.._
♦Stamped 5s...
1947 y
10334
2,000
2,000
10034 104
45
31
Washington Water Pow 334s'64 z aa 2
West Penn Elec 5s
2030 * bbb3
101
I
113
4834
....
1946 *
West
35
10934 11034
10834 109
I
4,000
7,000
15,000
1,000
7,000
45
1940 *
10334
60,000
104 7m 1047sj
10254
11034
10334
4534
10134
10534
7034
7034
7034
..2022 y bbb2
West Penn TractloD
52
10534 109 %
127
13734
12
2634
43
91
1957 yb
♦6s Income debt
Wash Ry A Elec 4s
10654
11134 11534
10334
45
"Tooo
1.000
34
16
3434
73
8934
7434
9434
10434 110
78
9734
110
7234
11934
89,
9534 10134
23,000
85
62,000
11,000
2,000
9934 10434
10434
95
104
94
103
Waldorf-Astoria Hotel—
10434 110
2.000
103
16734
10134 10134
75
7434
86
8634
86 34
86 34
46
71
3
Deb
10534
10634 10634
11534 11534
45
34
104 %
2
1st ref 5e series B
1,000
"48
6s series A
..1952 x bbb3
Deb 6s series A.
..1973 yb
2
Utah Power A Light Co—
1st lien A gen 434s
1944 x bbb3
Deb 6s series A
....2022 z bb 2
Va Pub Service 534 A
1946 y bb 3
10034 103 34
97
8,000
25
91
3
534s
1959 * bbb3
Un Lt 4 Rys (Del)
534s... 1952 y bb 3
United Lt 4 Rys
(Me)—
9934
2,000
4
x
1945 * bbb4
Pub
let Hen A
10034
8,000
2
3
4
Light 4 Pow Co—
Debenture 6s
..1975 y b
Debenture 634s
1974 y b
7134
7134
103
bbb4
1945 y bb
Ogden Gas 1st 6s
Ohio Pow 1st mtge
aa
2
♦1st
No Amer Lt A Power—
6^8 series A
1968 z aa
y bb
Conv 6s 4th stp
United Elec N J 4s
United El Service 7s
110
102
3
1
52
51
10034 10034
10434
2934
1334
United
103
_
aaad
1954
1951
2022 y bb
Lt 68
Serv 6s
♦United Industrial 6
34s... 1941
105
4
N Y 4 Westch'r Ltg 4s
Debenture 6s
11034
City Rap Tr 5348...1952 yb
I^Ulen A Co—
7134
Penn A Ohio—
♦Ext 434 s stamped
10234
4
8734
3
75
1957 y bbb2
122 %
3
...1954 y bb
99
18
$37
10134
2025 y bb
Twin
110
62
New Orleans Pub Serv—
2
cc
91
10834 11134
120
12834
51
4
z
86 34
6s series A
28
115
aaa3
z
80
$2634
8654
102
22,000
9,000
10834
87
4
1961
Debenture 634s
12734 128
------
4
...I960 y b
Conv deb 6s
110 34 11134
$108
10134
8,000
2,000
10734
$137
2
Tide Water Power 5s
Tleti (L) see Leonard—
10234
11334
10834
6534
aaa2
x
1948 y b
New Eng Power 334s
New Eng Pow Assn 5s
26
10134
81
2934
1943 x bbb2
y b
2
7s2d stamped 4s
♦Ternl Hydro El 6
34s
Texas Elec Service 5s
Texas Power 4 Lt 5s
98
95
------
New Amsterdam Gas 6s... 1948
N E Gas4 El Assn 6s._...1947 y b
Be
11054
2
1956 y bb
10834
26
....
2022
6s series A
Nelsner Bros Realty 6s
Nevada-Calif Elec 5s
97
83
56,000
$2634
2
10434
86
102 34 10234
2030 y bbb2
70
10534
10834 11034
2
102
22,000
29
I
1951
♦7s2d stamped 4s
♦Ctffi of dep
97
10934 10934
86
101
161
Stlnnes (Hugo) Corp—
98
10534
9834 10434
10234 107
10434
104
102
90
2
111
5134
10434 108
89
1947 y b
9134 10134
8,000
1951
Inc 3s
6s gold debs
Standard Pow 4 Lt 6s
♦Starrett Corp Inc 5s
10434 10934
10,000
128
1,000
71,000
9934
1953 z b
Conv 6a
(stamped)..... 1948 yb
Debentures 6s
1951 yb
Debenture 6s
Deo 1 1966 yb
96
106
15,000
106
4
bb
y
10534 10934
10434 107 %
16034
9834
1970 x a
7134
"llooo
10334 104
------
81
4
z
99
6,000
2,000
9134
2634
14
106
3
Spalding (A G) 6s
1989 z b
Standard Gas 4 Electrlo—
6s (stamped)
1948 yb
10134
5734
$10734 10934
10434
10434 104 %
10434
5834
1960 y bb
Deb 6s series B
101
9934
23
99
2026 y bbb2
|*Nat Pub tterv 6s ctfs.. ,1978
10134
3
S'west
33
10334 10834
Nassau 4 Suffolk Ltg 6s...1945 z bb
Nat Pow 4 Lt 6s A
3
So'west Pow 4
12834
10)34
10534 10534
10334
bbb3
x
bb
61
9,000
2,000
159
Southeast PAL 6s
Sou Counties Gas 4
34s
Sou Indiana Ry 4s
53 34
7,000
2634
106
Shawlnlgan WAP 434s... 1967 x a
10334 106
------
1955 z bbb2
Miss Power 4 Lt 5s
Miss River Pow 1st 5s
108
57
------
1978 x bbb3
-
1st 4 rel 58
y
1952
Since
Jan. 1
106
1st 4 34s series D
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
42
6,000
1,000
$10934 11134
10134 10134
Mllw Gas
106
♦Schulte Real Est 6s
52
19
$10154 10534
9434
9534
2
Middle States Pet 834s
Midland Valley RR 6s
4
Scullln Steel
10234 10734
10434 10434
108
10854
bbb2
z
1947 y b
a
Scrlpp (E W) Co 534s
2934
7134
2634
Range
%
10934 10934
♦Ruhr Housing 6348
1958 z cccl
Safe Harbor Water 4 34s... 1979 z aa 3
San Joaquin L 4 P 6s
B...1952 z aaa2
♦Saxon Pub Wks 6s
1937 z cccl
10634
10634
10634 10934
104 34
30
71
1962
3
z
103
35
4
Memphis Comml Appeal
Deb 4 He
Mengel Co oonv 4 34s
y aa
1966
103
117
Mln 4 Smelt—
1948 y b
bbb4
534 s series A
51
1934
14,000
112
..1945
McCord Had 4 Mfg—
6s stam ped
x
1st 4 ref 5s
4334
4934
4734
7134
21
10,000
$12834 129
$109
110
$31
35
♦7s mtgesf
1949
10834 10854
22
23
13,000
6334
6834 303,000
3634
4034
55,000
10534 10534
18,000
10554 10534
11,000
10634 10634
1,000
2734 2734
3,000
35
36
14,000
aa
Mansfeld
2
ser C
1950 y bb
1st 4 ref 4348 ser D
1950 v bb
Queens Boro Gas 4 Elec—
9934
z
Louisiana Pow 4 Lt 5s
aa
Puget Sound P 4 L 5348...1949
7334
1966
Long island Ltg 6s
x
4s series A
7434
56
1942 * b
♦Leonard Tleti 7 34s
1964
6% perpetual certificates
Pub 8erv of Oklahoma—
9634 10634
10134
67,000
74J4
7334
8034
8334
10854 10834
71
20%
for
Week
Public Service of N J—
10734
98 34 107
—
5s stamped
Kansas Eleo Pow 334s
Kansas Gas 4 E ec 6s
1
87
101%
10034 10134
24
26
1957 y bbb4
5s series B
27,000
101 %
20
1
1952 y ccc2
Iowa Pow 4 Lt 434s
Isarco Hydro Eleo 7s
2
♦Ruhr Gas Corp 634s
1
1957 y b
Debenture 6s
10534 106
101
7434
108%
a
b
1st mtge 3348
8 f debs 4s
Range
of Prices
High
Low
z
10534 10934
72
1
International Power 8eo—
6 34s series C
1956 y b
♦7s series E
1957 y b
♦7s series F
1952 y b
Interstate Power Be
100 34
2
bb
z
10134
21,000
Price
z
79
10754 107%
107
107%
bbb3
aa
66
4,000
1,000
17,000
Sale
See a
Corp(Can)4348B...1959
Sales
Week's
Rating
♦Prussian Electric 6s
1954
Public Service Co of Colo—
81
106 34 107
bbb3
1st A ret 534s ser B
Power
106H 11134
64
Last
BONDS
(Concluded)
Jan. 1,
$11034 111*
$3
30
Friday
Elig. &
Since
$
74
Hy grade Food 6a A
3373
Bank
Newspaper Un 6s... 1944
y
1937 z
2
bb
2
aaa2
bbb3
bb 1
bb 2
434
5
10834 109
111
$109
10634 10634
11634 11634
5734 5834
105
$101
10734 10734
10734
$9734
9834
"99
99
9834
10334 11034
10334 10934
50,000
10,000
"I ~66o
3,000
8,000
4
1034
107
109 34
10734 10934
10434 10834
10734 117
43
6034
102
"moo
105
102 34
10734
90
"moo
100
94
101
10434 109
10034 105
Paciilc Gas A Elec Co—
aaa2
...1941
z
Pacific Ltg 4 Pow 6s
1942
x
aaa4
Pacific Pow A Ltg 6s
Park Lexington 3s
1955
1964
y
bbbl
Penn Cent LAP 4348
1st 5s
1977
x
bbb2
1979
x
bbb2
Penn Electric 4s F
1971
x
aa
1962
z
aa
1950 y
bb
1st 6s series B
6s series H
z
97
ccc2
$37
6s series A
Deb 634s series B
1959
y
bb
Penn Pub Serv 6s C
1947
x
aa
1954
x
10514
10534
aa
6s series D
10534 108
10534 10734
197660
108
43 34
6,000
9634 10534
10734
100
10634
10434 10834
36,000
13,000
10434 10934
10134 10834
101
"67666
106
$10734 108
108
10534 11034
10634 112
86
9734
39
3934
105
10534
$10534 106
10534 106
10734 10834
Penn Ohio Edison—
12,000
"17666
105
▲
I
108 34
10834
♦
*
z
bbb2
x
bbb2
1972
1962
x
aa
y
bb
1981
...1948 y bb
♦Pomeranian
Elec
6s
1953
z
b
♦Portland Gas 4 Coke 6s. .1940 y bb
z bb
Stamped
Potomac Edison 5s E
434s series F
Potrero Sug 7s etpd
1956
x
10334
10334 104
68,000
11134 113
34,000
102
102
103
99
103
x
a
1947
y
ccc2
102 34
30
53,000
107
107
8,000
4,000
13,000
103
103 34
12,000
2634
20,000
9334
85
2,000
30
10334
2614
26
93
34
$8334
a
...1961
91
103
104
112
♦Pledm't Hydro El 6348..I960 yb
Pittsburgh Coal 6s
...1949 y bb
Pittsburgh Steel 6s
a
Interest.
1961
4s series B
4s series D_.
Phlla Elec Pow 534 a
Phlla Rapid Transit 6s
No par value,
Deferred delivery sales not Included In year's range,
d Exn Under the rule sales not Included In
year's range,
r Cash sales not In¬
cluded In year's range,
x Ex-dlvldend.
Peoples Gas L A Coke—
109
10934
109
10934 10934
.50
.50
95
103J4
104
92
24
6,000
1,000
♦
105
10434
13
27
7834
In
receivership.
'
f Called for redemption:
Northwestern Pub. Serv. Be 1957. Jan. 1, 1941 at 104.
94
90
No sales being transacted during ourrent week.
Bonds being traded flat.
I Reported
4834
107
75
137666
t Friday's bid and asked price.
11034 115
e
Cash sales transacted during the
current week and not Inoluded In
weekly or
yearly range:
No Sales.
10634 10934
10734 111
45
5334
V
Under-the-rule sales transacted
during the current week and not Included lb
weekly or ypsrlv ranee*
Stlnnes
v
(H) 4s, 1940, Dec. 6 at 4834.
Deferred delivery sales transacted during the current week and not Included In
weekly
or
yearly range:
No sales.
Used Above—"cod," certificates of deposit; "cons," consolidated
"cum,'* cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock
v t c." voting trust
certificates; "w 1," when Issued; "w w," with warrants: "x-w
Abbreviations
'
without warrants
a
Bank
Eligibility and
Rating
Column—z Indicates
those
bonds which we
believe eligible for bank Investment.
y
Indicates those bonds
status or some
z
we
believe
are
not
bank
eligible due either to rating
provision In the bond tending to make lt speculative.
Indicates Issues In default. In bankruptcy, or In process of reorganization.
The
rating symbols
In this column are based
on
the ratings assigned
to each
bond by the four rating agencies.
The letters Indicate the quality and the numeral
Immediately following shows the number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all four
agencies rate a bond differently, then the highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are
ssues
Attention is directed to the
new
column in this
bearing ddd or lower are In default
tabulation pertaining to bank eligibility and rating of bonds.
Allln default,
/
See note i above.
The Commercial &
3374
Dec.
Financial Chronicle
7, 1940
Other Stock Exchanges
Baltimore Stock Exchange
Dec. 6, both inclusive,
Nov. 30 to
Last
Week's Range
Sals
Stocks—
Range Since Jan. 1,1940
for
Week
of Prices
High
Vm\ H.Davis & <90.
High
Low
Shares
Low
—*
v t c •
17 %
16%
17 K
194
11
May
21%
Jan
36c
35c
37c
193
23c
July
55c
Jan
t e
100
Consol Gas E L A Pow_—*
2.00
2.00
2.20
297
2.60
Apr
70%
350
69
2
108
Arundel Corp
Bait Transit Co com
1st pref ▼
70
70H
100
118
118
com—1
Fast'n Sugars As com v t c 1
6
4%% pref B
%
5%
Davison Chemical
SECURITIES
Listed and Unlisted
Sales
Piict
Par
CHICAGO
compiled from official sales lists
Friday
100
6%
6
300
1.35 May
83%
Apr
Sept
119%
8
14
Trading Dept.
Apr
Nov
J.
Municipal Dept. OGO. 631
OGO. 406-406
CHICAGO
La Salle St.,
S.
10
Apr
31%
Principal Exchanges
Teletype
Bell System
Feb
Sept
May
5%
5%
Members
Apr
Eastern Sugars Assoc—
Fidelity & Guar Fire
Houston OU pref
50
119% 120
29%
29%
18%
18%
18%
16
May
94
17
17
1
20
10
100
Preferred v t c
Fidelity & Deposit
101
June
26
475
26% June
14% June
130
19%
25
19%
20
75
Monon W Pen P
28%
28%
85
26% June
29%
50
1.15 June
4%
59
38% June
12% June
75%
17%
Transp..*
87% pf 20
Mt Vern-Woodb M comlOO
Preferred.
100
New Amsterdam Casualtyl
Nor Arner OH Co com
1
Northern Central Ry—50
Penna Water & Pow com.*
D 8 Fidelity A Guar
2
4
4
74%
73
Aug
17%
1.05
589
1.10
17
17 H
9%
3,000
1.00
Sept
10
85%
54%
July
Oct
96
96
55
56
85
22
21%
22
891
34
34
35
1975
1976
1975
Bait Transit 4s flat
A 5s flat
B 5s..-,-.
40
39%
100
100
Price
Par
(Continued)
Mar
Nov
Nov
AmerlcanPub Serv pref 100
Apr
91
Amer Tel A Tel Co cap. 100
167%
4%
16%
72%
Jan
14% May
23%
Jan
23
36%
Nov
common...6
—1
Athey Truss Wheel cap—4
Aviation Corp (Del)
3
Aviation A Transbort.cap.l
Backstay Welt Co com—*
Barber Co (W H)[com
1
Nov
Bastlan-Blesslng Co com.*
1.45
Jan
Nov
96
May
30
May
90
June
42%
101
Oct
Armour A Co
Range Since Jan. 1,1940
Week
190
34%
33%
93
89%
165% 167%
5%
4%
1%
1%
3%
160
73
May
100
Jan
146
May
176%
Mar
2,000
4
May
7%
Apr
1%
Apr
750
%
Jan
3%
200
3%
4%
3%
5%
4%
500
4
Nov
Aug
Jan
2% May
8%
4%
Apr
1,500
50
3%
7
7%
Feb
18%
com..-.10
200
16%
17%
650
4% May
15% May
12% May
10%
11
100
7% May
12
May
5
250
3% May
24% May
6
Sept
6
5%
Range Since Jan. 1, 1940
Last
Par
Week's Range
for
Sale
Stocks—
sales lists
Sales
Friday
of Prices
Low
High
Week
Price
31%
32%
525
7%
5%
8%
350
5%
20
300
20%
17%
2,250
7%
250
10%
350
Brown Fence A Wire A
Shares
5%
1
Bliss A Laughlln Inc com.6
Borg Warner Corp—
Common.
—5
Brach (E J) A Sons cap—.*
Binks Mfg Co cap—
both inclusive, compiled from official
High
Low
19
Service Co
6% non-cum pref--—.50
—50
1st pref
100
Amer Tel A Tel
1%
167%
*
100
Boston A Albany
Boston Elevated
(new).25
100
Boston Herald Traveler..*
Boston
A
Class
Class
Class
Class
Class
Class
200
47%
18%
10
88%
30%
45%
90%
32%
47%
19%
18%
211
3,682
583
30
2
Jan
20
July
144% May
7
20
10
88%
31%
*i«
175%
Jan
80
July
8
May
%
103
Mar
Jan
Mar
12%
Apr
93
Nov
36%
Sept
50%
Mar
20%
Apr
July
2%
Jan
4%
Dec
10%
Jan
1%
Nov
66%
May
30% Dec
38% May
16% May
stamped.-.100
125
1
2,892
1,088
100
4%
4%
5%
st—.100
A 1st pref
100
B 1st pref st—-100
B 1st pref
100
C 1st pref st
100
C 1st pref
100
D 1st pref st
100
D 1st pref
100
1%
1%
1%
:v. i%
1%
1%
1%
1%
i%
i%
i%
i%
i%
i%
i%
40
preferred
1%
1%
1%
"l%
9
*
5%
Preferred B
.100
11%
Adjustment
100
1%
*
5%
34%
9
Nov
19%
Jan
100
75c
Sept
1%
Apr
3%
•
8%
6%
Nov
45
3
1%
Aug
3%
Nov
59%
155
26
May
60
Nov
165
12%
May
40
Nov
76c
445
lc
4c June
73
60
54
May
73
11
11%
1%
25
7
May
60
1%
Nov
17%
2%
5%
6,310
2%
1%
17
1
%
Mergenthaler Linotype..*
25%
4%
2%
4%
N arraganse ttRacg Assnl ncl
National Tunnel A Mines.*
2%
23
23
Dec
Jan
Jan
%
70
% May
% June
Dec
1%
May
5%
Jan
50
51
May
80
NOV
Cudahy Packing 7% prflOO
Cunningham Dg Sts cm2 %
74%
18
1%
500
12
May
19
Feb
17%
1%
11%
1%
20%
4%
10%
Curtis Lighting Inc com2 %
Dayton Rubber Mfg com.l
Dexter Co
comlO
...»
5
(The) com
Dixie-Vortex Co
Dodge Mfg Corp com
100
95
10
4%
\
50
*
Eversharp Inc com
1
Fairbanks Morse
»
42%
42%
5
Fltz Simons AC DAD com*
6%
6%
6%
24%
250
Jan
Four-Wheel Drive Auto.10
6
425
108
Apr
Fox (Peter) Brewing com
%
Feb
Fuller Mfg Co com
985
35o
Aug
92c
May
26c
150
19c
Sept
60c
Apr
12%
22%
1%
134
7% May
16%
679
14% May
25%
Apr
Nov
5
1
Nov
3,600
Dec
Nov
18
Jan
May
*u
Nov
May
2%
155
Mar
3
6%
24%
4%
24
4%
100
700
400
Jan
Jan
14%
Aug
21
38%
Jan
Mar
9% May
350
Dec
Jan
9
4
200
600
Apr
23%
5%
14%
3%
33%
1%
May
com
19%
2%
1% May
13% May
18
450
31%
1%
33%
2
Mar
May
10%
14%
3%
Elec Household Utll Corp .6
Elgin Natl Watch Co.—15
1%
9
17
*
Eddy Paper Co (The)
50
100
11%
1%
20%
14
*
com
1
11%
21%
5% May
74%
4%
23
25c
Pennsylvania RR
60
Qulncy Mining Co.
1%
8%
25
Reece Button Hole
Reece Folding Mach Co. 10
Shawmut Assn T C
*
Stone A Webster
•
7%
1%
9%
7%
9
•
May
11% May
4%
33%
Apr
Dec
2% May
1% Dec
29% June
6%
Oct
3% June
12% Feb
3
Apr
49%
Apr
11%
Feb
8
26%
6
May
Oct
Nov
Apr
Feb
1%
10%
1,225
7%
740
370
1
1%
12
Feb
Great Lakes DAD com..*
12%
Jan
Hall Printing Co com
July
7% May
5% May
22% May
25%
Jan
69%
$1,300
67%
18%
7,500
17%
July
Nov
1948
101
104
1948
103
104%
13%
14%
1,450
9
May
16%
Apr
18
18%
200
14
Jan
19%
Apr
Nov
74%
Aug
23%
Aug
1,250
87
June
104
500
86
June
104%
Nov
Hupp Motor Car com
Range Since Jan. 1, 1940
Stocks-
Par
of Prices
Low
High
Week
Price
Shares
Jar via (W B) Co (new) capl
Abbott Laboratories com *
52%
54%
260
25
53%
53%
10.
10
270
3%
3%
400
12%
12%
150
10
Adams (J D) Mfg com
*
Advanced Alum Castings.5
12%
Aetna Ball Bearing com—1
11%
Allied Laboratories com..*
12
200
50%
34%
7%
2%
8
10
May
70%
Jan
May
May
58%
Nov
4%
100
3%
May
May
Oct
11
4%
14
Apr
..100
"48%
5
2%
16%
21%
10
25
A
For footnotes see page
10
com
LlbbyMcNelllALlbby
3377
j
16%
21%
100
50
May
7
7%
6%
May
28
28%
3%
600
21%
410
89
231
55%
12%
372
350
9
May
17
Jan
22
400
17
July
23%
Apr
4%
250
4
May
6%
Feb
101% 101%
3%
3%
290
100
Jan
101%
Sept
19%
4%
Oct
8% May
11% May
7%
com 7
Lion OU Ref Co cap
20%
Feb
17%
Nov
Loudon Packing com
Marshall
21%
Nov
Masonite Corp com
com
6%
6%
•
Dec
650
300
3% May
3%
23%
Dec
94
Nov
62%
6%
104
Oct
Jan
Apr
Dec
90
May
48%
80
38
May
49%
2%
1,050
3%
Jan
4%
Mar
4
250
2% June
2% July
25
10
23% May
Mar
Sept
7%
250
5
June
8
300
5
May
9
1%
350
1
Nov
11%
120
9
May
11%
16%
17
1%
1%
5
23%
23%
23%
•
15%
15%
16
26%
26%
155
500
11% May
Jan
1%
20% July
Jan
30
6%
1%
11%
*
Jan
28%
*
18% May
1% June
20% Nov
66% May
38% June
Jan
5%
13%
20
104
17
Liquid Carbonic com
Field
47%
2%
25
Lincoln Printing Co com..*
Lynch Corp com
Common
2
762
3%
Feb
Allied Products Corp—
Class
28
300
103
Ky Utll Jr cumul pref...50
Le Rol Co
Feb
%
12
22
Cumulative preferred..*
Acme Steel Co com
7u May
Apr
3%
54%
International Harvest com*
Leath A Co com
High
Low
1
Mar
3%
7
Indianapolis Pr A Lt com.*
Inland Steel Oo cap
Kerlyn Oil Co com A
15%
86%
28%
Ken-Rad Tube A L'pcm A*
42
July
10% May
20%
Tndep Pneumatic Tool cap*
Indiana Steel Prod oom.._l
Preferred
34%
%
3%
6% preferred
Sales
Sale
40
190
3%
1
Illinois Brick Co cap
10
Illinois Central RR com 100
1
9
Kellogg Swtcbd A Sp—
6, both inclusive, compiled from official sales lists
for
x8%
Hubbell Harvey Inc com.5
Katz Drug Co com
Chicago Stock Exchange
Week's Range
Jan
14%
Nov
Last
200
Apr
Houdallle-Hershey cl B___*
Jefferson Electrlo Co com.*
Friday
Feb
10%
June
Oct
Eastern Mass St Ry—
6a
20%
7
46
Nov
18%
9% May
16
14
Sept
68%
260
1,650
40
1%
1960
1970
10
Apr
Feb
Sept
12%
27%
13
Bonds—
4%
14
10%
"16%
Apr
25
39
Boston A Maine RR—
4%%
9% May
14
9%
July
12% May
16%
39
1
30
159
332
200
16
17%
10%
17%
3
"17%
*
5% May
9%
1%
3%
6%
Horders Inc com
75c
1
Apr
Sept
May
Hlbb Spen Bartlett com.25
35c May
9
7%
2%
38
Heln-Werner Mtr Prts cm 3
300
*
3% May
200
1,650
Oct
50c
*
Apr
220
4
Jan
39% June
Waldorf System
56%
4%
13%
49%
4%
Mar
30
May
Dec
35
1,448
55
350
84%
33%
59%
44%
Warren Brothers..
General Outdoor Adv cm.*
Goodyear T A Rub oom._*
Gossard (H W) com
*
30
46c
50
Gen Motors Corp com..10
Gillette Safety Razor com »
55%
44
34%
49
•
General Foods com
Jan
29%
34%
cum pref
25
Utah Metal A Tunnel Co.l
33%
Jan
57%
49% Apr
Jan
59%
6%
36% May
33%
Feb
35
200
18
199
287
1%
30
35
14% May
54%
9%
*
United Shoe Mach Corp.25
17
53%
July
1
7%
100
Gardner Denver Co com..*
5
17%
Oct
100
155
5
Torrlngton Co (The)
Union Twist Drill Co
Nov. 30 to Dec.
50
%
15
12%
21%
2.60
Pacific Mills Co
B
1%
430
*
Jan
Jan
%
1,860
General Amer Transp com 5
North Butte....
4%%
%
5%
2%
....100
Apr
3%
8
May
1%
19%
Nov
40c
Apr
83
24%
27%
25c
38
May
May
Nov
36c
May
May
May
37c
30
2 5%
1
6
860
137
150
Mar
5%
%
26%
4%
June
40
May
3%
2
Mar
*82
8,200
6%
13% June
8%
2.75
*31
tterias
28%
Jan
Feb
2% May
4
10
25
121% 122%
91
500
335
July
*32
53% May
2,200
2%
36%
200
May
121%
320
5%
220
15
Jan
76%
5%
25
4%
Apr
15%
30
565
84
20%
Nov
23
Feb
June
19%
3
60c
37
55
15
com
23% May
2% Sept
12
Jan
25% June
150
26
Crane Co
25
253
Nov
1%
1%
"5%
shvtcA.__50
shs v t e B»
Vtc pref part shares.-50
Container Corp of Amer.20
250
Feb
21%
Jan
Jan
77
Sept
1%
1
Com part
377
Feb
15% May
% May
12,500
1,900
37
%
v
Consumers Co—
3%
N Y N H A Hart RR..100
A
com.
Consolidated Oil Corp...*
26%
New Eng Gas A Elec pref.*
New England Tel A Tel 100
1st Mtge A
28%
..—..26
Capital.
Consolidated Biscuit
Deere A Co com.
4%
Oct
850
1%
Commonwealth Edison—
Decker A Cohn (Alf)
5
11%
28
5%
Coleman L'p & Stove com *
Apr
4%
4% May
75%
5%
2%
35%
Apr
Jan
60
71
7%
Mar
20
7%
28%
26%
Mar
Mar
70
Aug
6%
%
27%
16% May
12%
2,300
27%
275
24
17
4%
100
Jan
Apr
16
;
21
3%
4
23%
26%
2%
Maine Central pref....100
Old Colony RR—
Common
May
3% May
36%
Intl Buttn Hole Mch Co.10
Mass UtUltles Assoc
4%
150
58%
34%
3
Common...
170
7%
5%
Feb
71%
Employers Group Assn...*
General Capital Corp
*
Gillette Safety Razor
120
Nov
20%
%
Mar
85c
%
8%
%
3%
Apr
Jan
20%
Club Alum Utensil com...*
Apr
Nov
July
l
Convertible preferred..*
Chrysler Corp common..5
Cities Service Co com
10
Apr
Nov
95%
%
*
Chain Belt Co com
Mar
70c
59%
...
Cent States Pow A Lt pref *
May
9%
5
7%
2%
3
19%
24
May
42%
40
*
2%
16
71
4%
50c
Common..
1% May
1% Nov
1%
Dec
11% June
10% May
14% May
Jan
50
%
1%
50
:
75
%
5%
32
Dec
Apr
Jan
50
%
Chicago Flex Shaft com..5
io
23%
50
6%
60
-
17% June
350
14%
*
May
3% May
2%
12%
12%
3
3
4%% prior pref.—..100
.—.100
Eastern Mass St Ry
100
1st pref
_■
100
Eastern 88 Lines
Nov
Mar
22
...1
Common
Conv preferred
Common part
*
Common
Dec
1%
211
6%
6
Copper Range
25
East Gas A Fuel Assn—
6% preferred
1
1%
10
Feb
4%
7%
700
5%
19%
Central A 8 W—
Chicago Corp common
85c
"12%
Calumet A Hecla
20
5% June
2% July
4% May
11%
750
350
3
Central 111 Secur Corp—
2% May
9
Boston Pere Prop Trusts.*
Boston A Providence... 100
Brown-Durrel Co
1
Feb
90
14%
*
Capital
Castle & Co (A M) com__10
Cent 111 Pub 8er $6 pref—*
Apr
Nov
Apr
22
5% cumul conv pref..30
Mar
20
50
Campbell-W A Can Fdy—
Preferred
»!•
Class A 1st pref
Class
2,383
*16
*18
Apr
Jan
1%
14
Maine—
Common
Prior
326
101% 101%
Blgelow-San Carp pref-100
Bird & Son Inc
79
1%
20
165% 167%
cl A-l
Assoc Gas A Elec Co
Boston Edison Co
1%
18
20
5%
36%
11%
5%
Jan
89%
3
Oct
25%
22%
90
L) com——5
1
Butler Brothers
..10
Bruce Co (E
Oct
3% May
13% May
Oct
23%
19%
prf*
7%
19
13% May
14% June
7% Dec
250
20%
17%
7%
10%
2%
5%
19%
20%
Burd Piston Ring com
Amer Pneumatic
Apr
17
Bendlx Aviation com..—5
Nov. 30 to Dec. 6,
Jan
41%
772
Berghoff Brewing Corp.—1
Exchange
22% May
17
5%
Belmont Radio Corp...—*
Boston Stock
High
Low
Shares
3%
Asbestos Mfg Co
Belden Mfg Co
of Prices
High
Low
Allte-Chalmers Mfg. Co..*
Bonds—
$18,500
1,900
1,000
Sale
Stocks
for
Week's Range
Last
Feb
Apr
Apr
Merch & Miners
Sales
Friday
Jan
32%
Apr
3%
14%
Apr
18%
Mar
Apr
2%
Apr
Apr
1,200
8%
May
28%
16%
Nov
20
26%
Dec
32%
Apr
50
Volume
The Commercial & Financial Chronicle
151
Friday
Sales
Last
Par
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Week
Price
McCord Rad & Mfg A...*
Merch <fe
Class A
Low
High
Range Since Jan. 1,194u
Shares
Low
8%
8%
110
3%
1
com
mzx
1,100
3X
Apr
4
400
3%
Jan
5%
5% May
1% Mar
5%
Middle West Corp cap
5
Midland United
copy pf A*
5%
"*5%
5%
6
4%
3%
4%
3% May
2,700
750
*
250
*i»
Midland Util—
7% prior Hen
Miller A Hart Ino
conv
Minneapolis Brew
com
Montgomery Ward
Dec
Jan
Aug
% June
Jan
3%
3%
3%
200
3 % June
6%
9%
9%
340
3%
Jan
10%
Nov
7
Dec
11%
26%
Nov
7
'26"
800
7%
25
26
IX
400
17% May
100
1
May
1%
808
32
May
55%
200
7
May
10
11%
90
10 %
29
100
33%
34%
385
4%
350
3
9
4%
4%
Northern 111 Finance com.*
Northern Paper Mills com*
10
,10
8%
"12
May
20% May
40
7%
13 %
12
13%
10%
Nunn-Bush Shoe com..2%
Omnibus Corp com.
..6
Parker Pen Co (The) com 10
7H
13%
10X
10%
130
10%
10%
10X
...5
50
50
Perfect Circle (The) Co..*
26%
Poor <fc Co cl B._
...*
7%
1
667
38%
26%
7%
21%
37%
cap
311
102
com
J2X
12% 12%
101% 104
157
156
9
9
22
22
Jan
12%
Jan
14%
12%
Jan
25
Jan
22%
12% Sept
% Dec
15
May
350
22%
100
Peoples G Lt&Coke
^%
100
14%
%
%
Feb
12
7% May
200
14%
14%
for
Week
Apr
of Prices
Low
High
15% May
8% May
9% Aug
8% May
50
%
10
Week's Range
Sale
5% May
June
Peabody Coal—
Penn Gas & Elec cl A com.*
Penn RR capital
50
Last
12
Jan
1,950
9%
11%
23
N'west Util—
Penn Elec Switch cl A
Friday
36
Nov
Apr
Nov
Nov
Feb
460
"34
100
11%
12%
30
Oct
29
Northwest Bancorp com..*
A. T. & T. CLEV. 665 & 566
Jan
xll%
Noblitt Sparks Ind Inc cp-5
North American Car com20
Jan
Jan
(Concluded)
Par
City Ice & Fuel
Mar
Mar
2%
25%
43%
Nov
29
Mar
Jan
Nov
20
23 % May
100
5% May
12%
Jan
6% May
Jan
Price
Sales
*
a
Preferred
100
Cleve Cliffs Iron pref....*
c CI Graphite Bronze com-1
Cleveland Ry
100
Cliffs Corp com
5
Colonial Finance
Dow Chemical pref
1
12
26
25
26
16%
16%
17
1,520
12
12
186
10%
May
13
Apr
111% 113
125
111%
Dec
May
117
Apr
37
Apr
c
Glldden Co com...
al6
al7
"42"
100
95
June
220
141
June
157
Feb
Oct
100
8
Aug
12
Jan
23
300
30%
Apr
9%
74%
1%
9%
76%
20% June
6
May
10%
Nov
596
62
88
30
28
28
10
24
Aug
31
Apr
Sivyer Steel Castings com-*
18
18
50
10% June
19
Nov
x32
34
600
20 % May
34
Dec
7
285
6
May
11
Jan
National Refining (new)..*
Prior pref 6%
-...*
66
30
65
June
80
Feb
National Tile
Sangamo Electric
*
com
Schwitzer Cummins cap__l
Sears Roebuck A Co cap..*
9%
Serrick Corp class B.....1
1X
50
1,150
IX May
Slgnode Steel Strap-
I
Preferred
Sou Bend Lathe Wks cap.5
Spiegel Inc common
2
St L Natl Stkyds cap.....*
Standard Dredge com
Preferred
6%
6%
66
66
,-2
1
....
20
12%
Standard Gas & Elec com.*
Standard Oil of Ind
26 %
May
May
1
Dec
2%
Jan
20% May
28%
Apr
31
26%
7%
880
375
2%
1,750
15%
Jan
38%
Nov
1,050
17
June
32%
Feb
21
21%
38%
1,900
17 X May
33
May
25%
Mar
3814
20%
38%
5%
600
"11%
5%
11%
11%
M 50
United States Steel com.
68 X
408
2%
4
10
60% June
450
67%
69
12% May
50% June
41 % May
103% May
X May
70
2,100
Utah Radio Products coml
118
1
550
....5
X
100
1%
21%
X
1%
21%
20%
20%
50
19% 21%
Xl03% 105%
6%
6%
6%
119
14% June
230
76% June
4
May
88% June
1%
com
■
•
Wayne Pump Co cap
1
Westn Union Teleg cm.100
Westnghs El A Mfg com.50
Wiebolt Stores Inc com...*
Cumul prior pref
*
91
Williams OU-O-Matic com *
5%
4%
4%
80
Yates- Amer Mach cap
5
Zenith Radio Corp com..*
10
1
%
5%
Woodall Indust com
Wrlgley (Wm Jr) Co cap.*
200
91
Wisconsin Bank shares cm*
2
550
250
14% May
250
5%
4%
80%
4
3%
X
Jan
1% May
16% May
%
Aug
1,800
3% May
50
3% May
72% May
1% June
100
1,500
Apr
88
Jan
23%
87%
75%
Apr
Jan
Nov
130
Nov
1%
Utility A Ind Corp—
Convertible pref
Apr,
Apr
5%
16%
June
794
16%
70%
Feb
47%
; Jan
72
128% 128%
9
Feb
70%
15%
69%
100
Common
Mar
18
70%
Walgreen Co
Mar
14
7%
36%
25
pref
8
17%
Union Carb A Carbon cap *
United Air Lines Tr cap..,5
U S Gypsum Co com
20
cum
: 1
34
~36%
Thompson (John R) com 25
Trane Co (The) com
25
7%
Mar
17 H
Sunstrand Mach T'l com.6
Swift International cap..15
Swift A Co
25
Texas Corp capital
2%
100
1
25%
6
Apr
550
12%
1
26
Stewart Warner
•2 ■:]
May
*
Industrial Rayon com..*
Interlake Steamship
*
Kelley Island Lime & Tr_*
Leland Electric
...*
c
43%
13%
c
c
30
Nov
12% May
17%
21%
Jan
16% May
41
Jan
11
May
19%
Apr
175
10
May
20%
30
75
39
July
10
*
32%
5
29
Jan
44
Apr
105
.
12
May
16
May
May
14
Nov
35
May
13% May
23% May
20%
Nov
42
a68
Van Dorn Iron Works
*
Warren Refining
2
%
Weinberger Drug Stores..*
Youngstown Sheet & Tube*
a~40%
"I
4%
100
4%
Jan
246
13%
Jan
679
2
50
30
215
10
Dec
17
11
220
37
1,904
15
a4%
32%
100
3
15
475
50
a67% a69%
4%
4%
;.v
%
%
9
127
249
10
V
9
50
155
a40%
Feb
May
5% June
10%
Oct
14
May
90
w
a22%
a40
July
9% May
78
15%
16%
950
115% 115%
$4,000
8%
May
Cincinnati Stock
Nov. 30 to Dec. 6, both
Last
% Jan
2%
Apr
23% May
24%
Jan
28%
Jan
117%
Jan
8
24%
Nov
May
40%
Mar
3% May
25% May
2%
Oct
12
July
42
May
3
May
%
Oct
7% May
26% June
8%
Jan
38%
5%
15%
76%
Apr
31
Sale
Par
Low
High
1%
5%
6%
93%
4%
18%
r'1% fJan
Feb
10%
•
48% FJan
Established
Apr
Apr
639 South
1921
Spring Street, Los Angeles
Oct
17%
131
'
STOCKS—BONDS
MEMBER
Los Angeles Stock Exchange
Apt
'
Apr
Bell
24
Los Angeles Stock
Range Since Jan. 1, 1940
24
5
Cintl Gas & Elec pref.. 100
Cincinnati Street Ry
50
Cincinnati Telephone
107
3%
50
97
170
12%
100
4%
106
21%
4%
10%
21%
"20%
27%
20%
*
*
...
.1
Ho bart class A
*
Kahn
36%
_*
1st preferred
Kroger
13%
100
104
28%
Little Miami gtd..
National Pumps
102
1
-v.
»•" ";1
50
13
103% 104
28%
28%
102% 102%
*
230
Mar
June
1%
85%
11%
3%
14%
7%
12%
22%
29%
al9%
a
Chrysler Corp
a76
Jan
Jan
Class B
Rapid Electroplate
Wurlitzer
10
38%
Mar
June
43
Mar
General Paint Corp com..*
a49% a49%
«5%
a5%
271
29
a49%
a5%
12
June
15
Feb
a32
a32
99
June
107
Mar
Gladding McBean & Co..*
4%
4%
34%
102%
1%
3%
71%
Apr
Globe Grain & Millg Co.25
1%
1%
Nov
Goodyear Tire A Rubber.*
al7%
25
14
Mar
Mar
Hancock Oil Co A com...*
29
29
30
516
27
Lincoln Petroleum Co.-10c
a
13c
al3c
al3c
412
Apr
Lockheed Aircraft Corp..l
30%
30%
30%
Apr
Los Angeles Investment. 10
5
5
5%
1,146
Menasco Mfg Co
2%
2%
2%
92% June
200
5%
July
4% May
May
1% May
8%
104%
Feb
Nov
250
2%
Feb
40
8% June
17%
5%
Mar
..10
Columbia Gas
7
General Motors
Nov
52% June
103
4%
6
7%
437
25
"l5%
15%
15%
194
4%
49%
4%
49%
4%
907
49%
189
..10
Dec
%
1
175
-.*
Amer Rolling Mill
Jan
Sept
9% May
4% May
37% May
23
Jan
13
Mar
18%
7%
56%
Nov
Nov. 30 to Dec.
*
1
Nordon Corp Ltd
1
Occidental Petroleum Crpl
Pacific Clay Products
*
Pacific Fin Corp com...10
Pacific Gas & Elec com..25
6% 1st pref...
25
Warrants
Last
Week's Range
Sale
Par
of Prices
Price
Low
High
for
Range Since Jan. 1, 1940
Week
Shares
High
..5
8%
..1
a51%
-3
«
W
•
-
For footnotes see page 3377
-
-
4%
4%
8%
8%
a51% a51%
4%
4%
465
300
51
210
4
May
6%
Jan
45% May
4%
Nov
4%
8%
66%
7
Dec
6%
4%
Apr
Sept
Feb
11
171
9%
May
13%
Apr
27%
27%
296
26%
Mar
34
100
29
May
May
34%
34
34%
Nov
80
37
Nov
49%
Jan
6
12
Jan
11
27%
34
30
11
a36% a37%
al6% al6%
1%
1%
30
30
14c
al4c
al4c
8%
8%
700
9%
a
70c
20
500
3,580
70c 100,000
160
1,045
30
30
30
alO
alO
alO
*
26%
1
3%
So Calif Edison Co Ltd..25
26%
Apr
Mar
41%
Sept
9%
Orig pgd
23% June
3% May
1%
Jan
Aug
30c
4%
Apr
Feb
Apr
25o
5%
9%
Solar Aircraft Co
50c
40
Jan
July
70c
—
24%
May
3%
4%
Signal Oil & Gas Co A
June
7o
Apr
465
9%
Security Co units ben int.*
15
Apr
Aug
5,000
4%
Shell Union Oil Corp
Low
6%
14%
7c
Ryan Aeronautical Co—1
Sales
32%
7c
6c
Roberts Public Markets..2
Friday
Aug
3% May
1%
Oct
4%
al6%
1%
6, both inclusive, compiled from official sales lists
160
30
7c
Puget Sound Pulp & Tlmb*
1
200
4%
Republic Petroleum com.l
.50
610
Jan
Apr
6% June
7c
Apr
Richfield OH Corp com...*
al7% a!7%
7c
Apr
Rice Ranch Oil Co
50
4%
1%
66
Nov
4%
a 37%
Exchange
a32
4% June
43c
2,280
3,500
Pacific Lighting Corp com *
5%% pref
Cleveland Stock
Mar
General Motors com
Feb
4%
10%
7
May
8% May
Sept
Preferred
Jan
Jan
Nov
July
50
Feb
7%
17%
Nov
Feb
10
17
26
Apr
Nov
90%
20c
3
50
16
6%
May
21
18
Preferred.
Western Bank
17
12c
3
*
3% May
298
5
10
57%
1,017
1,205
1,000
23% May
10
55
6%
20c
55
6%
6%
104% 104%
1%
1%
15
15%
4%
4%
a76%
5%
9%
100
*
80
20c
5
....._..*
19% al9%
1% May
3% June
15% May
6%
3% May
Apr
275
9%
21
Sabtn-Robbins pref....100
10c
599
5%
20c
5
US Printing
500
2
5%
9%
355
454
*
alOc
1%
5%
Consolidated Steel Corp..*
Preferred
clOc
2
1
21
54%
High
July
4
*
Randall class A
alOc
2
Electrical Prods Corp
17%
94
Low
200
Exeter Oil Co A com
.
%
1%
55%
%
1%
*
5
2
1%
a76
Mar
Mar
54
10
2
50c
Barnhart-Morrow Cons..l
100%
May
Aircraft Accessories
Blue Diamond Corp
2
Broadway Dept Store Inc-*
Calif Pack Corp com
*
Nov
_*
Preferred
Procter A Gamble
Range Since Jan. 1, 1940
for
Shares
Apr
20
35
High
Week
Dec
25
57
Low
Feb
4%
Jan
Price
Apr
2%
110
May
13%
15
6
Sept
Par
of Prices
Nov
29%
May
May
May
6% May
Sales
Week's Range i
Sale
20
Oct
1%
100
Last
.
High
June
13%
12
350
10%
22%
27%
20%
36%
13%
Exchange
Friday
;■.1.
Low
128
393
97
10
Formica Insulation
Gibson Art
Hilton-Davis
1%
1%
106% 107%
3%
3%
12%
*
...
18
96%
Cintl Union Stock Yards
Crosley Corp
Eagle-Picher
261
System Teletype LA 23-24
Nov. 30 to Dec. 6, both inclusive, compiled from official sales lists
Shares
19%
Carthage Mills
Cintl Ball Crank
July
Akin-Lambert Company
Jan
Nov
Stocks—
Amer Laundry Machine .20
Mar
Nov
5
California Securities
Apr
Week
of Prices
Price
Feb
Detroit Stock Exchange—See page 3341.
Exchange
for
Dec
Oct
95
Sales
Week's Range
Oct
Jan
inclusive, compiled from official sales lists
Friday
Stocks—
110% May
Nov
8%
Apr
23%
Oct
3%
Apr
41% July
1%
Jan
18%
Jan
30%
Feb
24% May
8% May
14% Mar
June
%
'
30
3
*
150
230
25
15
Union Metal Mfg
Apr
Jan
£ 45
36%
a3%
32%
Apr
Nov
16% May
34% May
30
a22
"36%
24%
306
205
al4
11
*
...*
Apr
42%
3
Jan
22
Telephone VAndlke 1071
15%
Bonds—
Commonwealth Ed 3%s'58
Stocks—
12% May
13%
Feb
200
a21% a21%
a6% a7
a6%
Nov
14%
20
30
May
100
a39% a42
7%
7%
21% 22
2%
2%
30% 30%
%
%
al3%
Apr
36
2
10
a42
43%
20
160
al6
26
Republic Steel com.....*
U S Steel com
22
32
Thompson Prod Inc.....*
Troxel Mfg
1
c
60
20
*
Seiberling Rubber.
17%
Jan
12% May
14
_.*
Rlchman Bros.
26
35
*
Patterson-Sargent
300
14
N Y Central RR com...*
Ohio Oil com
Nov
20
..*
Ohio Brass B
Feb
74
35
*
Nineteen Hundred A
98
20
Miller Wholesale Drug...*
National Acme
1
c
Sept
May
May
"35"
McKee (A G) B...
*
Medusa Portland Cement-*
Midland Steel Prod
85
46
260
a32% a33%
14%
14%
14%
14%
al7
al7%
21% 22
42
42%
3%
3%
a23% a24%
41
43%
13% 13%
*
Goodrich (B F)
*
Goodyear Tire & Rubber.*
Great Lakes Towing...100
114
1,523
a32% a33%
15%
15%
15%
9
common
Jan
74
33
a33%
157
Quaker Oats Co
14%
33
*
14%
123%
High
Oct
72
Firestone T & R com..10
General Elec com
*
Halle Bros pref
Haroauer Co
8%
94%
c
c
Low
10
a9%
94%
33
*
Faultless Rubber
9%
Range Since Jan. 1, 1940
Shares
94%
72%
100
Eaton Mfg
%
15%
May
Stocks
1,050
110
Preferred
....100
Reliance Mfg Co com...10
Bidding, Cleveland
Telephone: CHerry 6050
Apr
37% MX
37 H
Union Commerco
Apr
IX
10
.*
com
com
GILLIS !<J RUSSELL co.
Jan
9%
1
7% preferred
Members Cleveland Stock Exchange
Jan
Nov
pf*
Nachman Springfilled com*
Natl Cylinder Gas com
1
National Standard com.10
Pressed Steel Car
8%
100
Modlne Mfg com
__*
Monroe Chemical Co com*
Class B
Ohio Listed and Unlisted Securities
9%
6%
oom.l
Common.
High
8%
Mtrs Sec—
Mlckelberry's Food
3375
25
a46%
6% pref B
25
6%% preferred C
25
29%
29%
39
62
26%
100
4
3%
26%
26%
a46% a47%
29%
29%
29%
29%
1,950
26%
3c May
7c
Dec
1%
30
Oct
7c
May
Dec
28% May
Jan
2%
40%
Apr
Feb
17c
May
May
9%
Nov
May
14c
6
May
1.50
Jan
7%
Jan
3% May
10%
Aug
%
26
8%
May
May
20% May
2%
7
33%
Apr
Mar
9%
Sept
31
Mar
1,050
May
23% May
30%
8
38% May
48
Nov
27%
24%
May
31%
Nov
May
29%
Jan
1,071
753
4%
Apr
Apr
idles
Friday
Sales
Friday
of Prices
Low
High
Low
Shares
284
30
May
34 X
Oct
Pittsburgh Coal Co cm. 100
6
34 X
365
7
May
15 X
Jan
Pittsburgh Oil & Gas
1,594
Oct
26 X
Jan
5
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt.*
Ruud Mfg Co
5
San Toy Mining Co—. .1
Shamrock OU & Gs Co cm-1
United Engineering & Fdy5
Vanadium-Alloys Stl Crp.*
Westinghouse Air Brake._*
Westinghouse EI & Mfg.50
■IX
8X
17%
17X
8X
17X
25
25
25%
200
11
11
11
125
8
8..
May
36
Jan
7X June
11
Nov
21
2,847
May
7
Mar
Aug
4X
4
5
4X
al7H al7K
13X
12X
a8X
a8X
8X
7X
8%
8X
a5X
a 5X
4H
al7%
12%
a8%
16 X
18
Sept
17X
12
1,793
17 H
May
Jan
15K
Aug
25
6X
720
4X
Jan
200
ex
July
Jan
OX
6
14
Apr
Sept
4X
Aug
2
2
500
ix
Sept
3X
Jan
IK
IX
IX
269
ix
Oct
3
Feb
5C
Dec
14 He
May
2,000
5C
5c
3
1,000
3c
3c
1.40
1.40
1.50
200
2 He
2Kc
2Xc
4,000
a6X
a7X
a6%
Std SanL.
Refining. 043 X a43X a44X
..100 al 67% al65Xal67X
o2 7
a27%
Anaconda Copper.. ...60 o2 7
a4%
o5
a4X
Armour A Co (111)
5
a 16X al7X
Atchsn Topk A H Fe RylOO a\6%
22 H
22X 22X
Atlantic Refg Co (The)..25
4X
4X
4K
Aviation Corp (Del)
3
110
Amer Rad &
Dec
2.25
Jan
3c
5K
May
Jan
10
47X
Jan
May
174 X
100
19
Jul*
31 X
105
4
June
7X
306
15
May
24 X
Apr
20X June
4%
Aug
22 X
8%
Apr
13
May
Nov
100
200
a\6X a\6X
a32X a32X
a85X a85H
a20H a20%
o48H a49K
50
25X June
50
68 X
90
130
alOK
40
OX
al»!«
90
X
Dec
a20
40
17 X
Borg-Warner Corn
...5
Caterpillar Tractor Co
a20%
a49K
al0%
a20
51X
16%
Oct
Aug
20 X
May
11H
29 X
May
37
Nov
47 X
;
Sept
20 X
Apr
40
20X
June
38 X
Jan
4X
1X
200
24 X
Dec
July
100
22
ix
34 X
a29% a30%
a37X a38
al3K al4
16X
16X
a37H
al3%
16 X
10
21H
June
35 X
38 X
Oct
47 X
May
18%
23 X
90
105
2H
7%
Mar
Dec
337
5X
May
31
19X
July
25%
Jan
June
7X
Apr
May
24%
Nov
June
87 X
Apr
7H May
12%
Apr
Jan
5
5
5
118
4%
■V 410
14 X
22X
22 X
22X
71
a74X a76X
8X
8X
a76X
8%
155
6
May
30
June
43%
Feb
May
12%
Feb
60
a8
a8
a8
7%
145
a6%
a6X
a32X c34
a6X
a33%
68X
773
5X
....1
25
a20K
a20X a20X
50
18
25
a38K
a37X a38X
90
33 H
10
Union Carbide A Carbon.*
a9K
a9%
a70X a72X
alH
al%
a43% a43%
5
30
IK May
2%
Jan
10
34
Aug
51%
Apr
23aX a23X
135
18
Aug
38 X
Feb
68 X
3X
388
46
May
76 %
Nov
May
4%
3%
Apr
a9%
a70X
United Corp (The) (Del).*
alX
U S Rubber Co
6
...10
a43%
a23X
U S Steel Corp
•
68X
3X
Willys-Overland Motors.. 1
3X
2
5
2
15
63X
23%
Feb
Oct
47%
Apr
11
Jan
82X
Feb
June
2X
165
IX
200
2
June
8M June
Mar
Apr
Philadelphia Stock Exchange
Nov. 30 to Dec, 6,
both inclusive, compiled from
Fridai
for
of Prices
Low
High
Week
Price
11%
*
American Stores.
American Tel & Tel... 100
Bell Tel Co of Pa pref. 100
12
Oct
20
44
May
56 %
30 %
665
28
May
36 K
26
26
100
16 K
159
15%
26
10% May
16
Oct
50
8%
June
15%
204
113%
Apr
125%
Jan
*
4%
4%
6%
7%
110
76 K
May
3
10
*
75
3% May
55% June
May
Apr
14K
14K
76
12
Jan
20
25K
25K
65
25%
Oct
34
1.50
1.50
275
40c
Aug
2.00
Jan
12K
250
11K
Nov
19 K
May
12
mmm'
mmm
mm
4
6K
25
Sept
Jan
121K
Aug
113
130
3K
7
3K
7
mmm'
July
2K
15
18
17
120
mm~mm~
m
July
19K
30
17
120
Apr
Apr
June
10K
Apr
Dec
45
7X
7K
120
7K
Dec
12 X
Apr
8
8
228
6K
July
8%
Nov
5
100
8c
8c
265
8c
Dec
25c
Apr
100
Huttig 8 & D com...
Hydraulic Pr Brick com
Preferred
60c
60c
50
50c
Nov
30
377
25K
7
200
"20
29%
Laclede-Chrlsty Cl Pr com*
com......20
19K
5
7
6K
15c
Laclede Steel
Lemp Brew com
25
Natl Candy 2nd pref—100
RIce-Stlx Dry Goods com.*
St Louis PS com class A.. 1
Scruggs-V-B Inc com
5
Scullin Steel com.
*
Securities Inv com ....... *
Sterling Alum com..
1
Wagner Electric com
15
5
15c
Dec
28 K
May
13c
Aug
235
14c
Dec
15 K
May
14
100
14
Dec
15
98
10
July
15
Dec
99
99
6
85
June
99
June
9
Dec
4X
4K
4%
660
3K May
6K
Jan
1.50
1.50
1.50
19
80c June
1.61
Nov
9K
9K
35
6
June
UK
5K
May
14
Nov
Sept
36 X
Mar
9K
12
mm
12
130
35
12
m'rnmm
35
30
33
Oct
8K
325
5K
Jan
9
Apr
27
28 K
200
21K
May
30
Apr
74
74
74
8500
67
79
Nov
68 K
68 K
68 K
3,500
55
May
69%
Nov
11X
11%
2,000
8
May
12K
Jan
7K
8X
27X
1941
Scullin Steel 3s
Feb
4.50
40
14 %
mm
mmmm
Dec
Nov
13 K
••
15
Mo Port Cement com
7
20
14c
Jan
36 K
20
225
40
2.00 May
May
Aug
50c
15c
Apr
June
4%
15
19 K
19K
39
40
McQuay-Norris com..:
*
Meyer Blanke com
*
Midwest Pip & Sply com.* >:14
20
115
21
20
30
*
International Shoe com
Apr
Budd Wheel Co
29
5s..1959
.....1964
Jan
Apr
14 X
11%
11%
165% 166%
Budd (E G) Mfg Co.
Apr
Apr
Jan
mm
m
mmmmmm
Hussmann-Llgonler com..*
Income
9% June
146% May
10%
10%
119% 121
10
Barber Co.....
Shares
Aug
14
46
49 K
mmmmmm
mm m
Griesedleck-West Br com.*
St Louis Pub Serv
High
Low
238
15
pref..50
Bankers Sec Corp
1, 1940
Range Since J an
Week's Range
Sale
Par
Shares
13K
Bonds—
Last
Stocks—
official sales lists
Sales
High
Low
30
mmm m-m
m
4
1
Falstaff Brew com
Week
13
30
*
Emerson Elec com
1, 1940
Range Since Jan.
for
Range
49K
1
Chic & Sou Air L pref
10
Cocoa-Cola Bottling com.l
Collins-Morris Shoe com__l
Columbia Brew com.....5
Ely & Walker D Gds com25
1st pref
100
Nov
9
from official sales lists
Sales
13
Burkart Mfg com
Nov
4
10
America
*
Republic Steel Corp.....*
Sears Roebuck A Co.....*
Socony-Vacuum Oil Co..15
STL 593
Stock Exchange
of Prices
High
Low
1
50
Brown Shoe com
Apr
May
Oct
A. T. T. Teletype
Week's
Price
Par
5% pref
Jan
16X June
5X May
LOUIS
CEntral 7600
Fridai/
■
Stocks—
May
9H
158
Securities
Building, ST.i
both inclusive, compiled
American Inv com
Feb
57
a6X
a3X
03 X
Apr
38
130
a7
03 %
9%
10
a21X a2IX
a7
& Co.
1922
Sale
Jan
990
Nov
Unlisted Securities
Last
Feb
12X
IX
•
40
27
7
Warner Bros Pictures
Dec
Postal Long Distance
St. Louis
Nov. 30 to Dec. 6,
Jan
3
127
United Aircraft Corp
May
Associate
New York Curb Exchange
Jan
85
34 %
Standard OU Co (N J)...25
8
255
33
8
Texas Corp (The)
IK
Jan
28 K
Phone
■
a34K
33
a34
8
Swift A Co
137
Jan
al4X al4X
a23X a23H
a30X
Tide Water Assoc Oil
May
May
Exchange
Chicago Stock Exchange
Feb
4X June
8
Studebaker Corp
77%
Members
Mar
ex
*
Standard Brands Inc
15 K
90
St. Louis Stock
Nov
40
1X
Radio Corp of
775
137
137
Investment
Apr
IX
a3%
34 X
a
Apr
July
61
24H June
34
a23K
60
21K
39 K
21
21
Oct
Dec
Nov
Apr
Aug
15K
71
33
Paramount Pictures Inc-.l
Pure Oil Co
35K
41
Boatmen's Bank
Apr
24 X
■<Tv0
a3X
al4H
*
June
am
a8%
a3%
a
50
May
a28X a28X
a8X
028 X
Packard Motor Car Co..*
Pennsylvania RR Co
aX
a 20
*
»
Intl Nickel Co of Can
*
International Tel A Tel
*
Kennecott Copper Corp..*
Loew's Inc
*
Montgomery Ward A Co.*
New York Central RR
*
North American Co
*
Ohio Oil Co
al 0
a%
*
2K
Oct
May
Established
Apr
ol6K
a85X
Co..l
May
31
28
2K
Dec
o32K
Foods Corp
IK
50
120
291
Apr
5
Bethlehem Steel Corp...
General Electric Co
lc
35%
40 K
2
40 X
Jan
Feb
35K
Mar
35H
Baldwin Locomotive v t c.*
General
Feb
Edward D. Jones
July
148
19X
34 X
Goodrich (B F)
Mar
May
lc
17,500
1,200
lc
Oct
10
..1
5
8
St. Louis Listed and
Jan
lKc
40
Amer Tel & Tel Co.
Class A
6%
Feb
8K
9K
lc
Pennroad Corp vtc.
190
Amer Smelting A
Electric Power A Light..
4% May
55
6%
Unlisted—
1.00 May
Unlisted—
Continental Oil Co (Del) .5
Curtlss Wright Corp
1
75
Jan
7X
-V
Mining—
Cardinal Cold Minln?
Commercial Solvents.
*
Commonwealth A South..*
Apr
Feb
10
2
a5K
Mg Co-lOc
Co 1
Cons Chollar GAS Mg Co-1
Zenda Gold Ming Co
1
104 K
66
190
8
6%
Apr
Feb
June
IK
25
IK
97
95
ex
IX
May
4
100
6
34 X
High
Low
Shares
High
Low
814
Blk Mmth Cns
Bendix Aviation Corp
Week
34%
6% pref cl A.26
Southern Pacific Co
Standard Oil Co of Calif.
Superior Oil Co (The) —25
Taylor Milling Corp.....
Transamerica Corp
Transcon & Western Air..
Union OU of Calif
26
Universal Consol Oil
10
Vega Airplane Co
1H
VuJtee Aircraft Trie
1
Weber 8hwcse & Fix 1st pf*
Wellington Oil Co of Del1
Yosemlte Prtlnd Cem pf-10
So Cal Gas
Jan. 1,1940
Range Since
for
of Prices
Price
Par
Stocks (Concluded)
High
Week's Range
Sale
Week
Price
Par
cConcluded)
for
Sale
Stocks
Week's Range
Last
1, 1940
Range Since Jan.
Last
7, 1940
Dec.
& Financial Chronicle
The Commercial
3376
Jen
175%
Orders
open
solicited
Pacific Coast Stock Exchanges,
on
which are
Standard Time (2 P. M.
Saturdays)
until 5:30 P. M. Eastern
Jan
6
8,%
Nov
Schwabacher & Co.
Jtn
Chrysler Corp
5
Curtis Pub Co common..*
75%
75%
IX
Oct
4X
Jin
33%
30%
1%
33%
574
100
803
25
June
33 X
Ai r
10
49 X
49 K
50
404
38
May
55%
30
157
27
June
2%
30H
3%
3,430
IK May
35%
3%
Ajr
Arr
1%
2X
580
Feb
7
6
IK May
5% June
3%
7
8%
Apr
2%
2,588
Mar
3
Oct
22%
21K
116% 117X
31K
31%
2,514
Elec Storage Battery
General Motors
Horn & Hard (N Y) com.*
~~2%
*
60
*
Pennroad Corp vtc
1
Pennsylvania RR
...50
Phila Elec of Pa $5 pref..*
Lehigh Coal & Nav__
Lehigh Valley
Nat Power A Light
Phila Elec Power pref
2X
21%
25
Phila Insulated Wire
1
28K June
14
Sept
3%
100
3K
Dec
36%
38%
244
34 %
May
*16
38
707
%
IX
%
IX
28%
9%
10
United Gas Impr com
*
112K
955
1,420
252
17,789
112% 114
652
12
200
12
*
%
1%
29%
10%
% May
IX June
25 %
Jan
Jan
1
Sale
Par
Stocks—
of Pfices
Low
High
23 K
Allegheny Lud Steel com.*
Arkansas Ntl Gs Crp pf-100
Blaw-Knox Co
*
9%
*
Byers (A M) Co com
7%
Clark (D L)
J.m
Week's Range
for
Sale
of Prices
Jan
Candy Co...*
*
..10
4%
15%
Jan
June
117%
Oct
mm
m
m-mm
9X May
12K
Nov
Koppers Co pref
100
Lone Star Gas Co com...*
McKinney Mfg Co..
C3
For footnotes see page
1, 1940
16
6
May
26%
May
8K
Apr
11K
13 K
9%
650
Feb
5% May
6K
6K
5
4K
4%
138
4K
13%
100
12K
12%
221
IX
150
1%
High
Low
7
95
10
Aug
20
*
100
Calif Art TUe cl B
*
Calif Cotton Mills com. 100
Calif Packing Corp com.. *
Preferred
50
Carson Hill Gold Mln cap.l
Central Eureka Mln com.l
Coast Cos G & E 1st pref 25
Commonwealth Edlson.25
Calaveras Cement com
Dec
7K
Apr
Consol
17K
Jan
Creameries of Am Inc coml
IK
Jan
Jan
50
6
1,206
July
4K May
IK
5X
7K
8K
4K
4K
5K
5%
108%
5K
108
T.50
900
90c
July
2.75
Jan
Preferred (ww)
310
28c May
36 He
Apr
Emsco Der& Equip
50
Co...5
May
May
7K
Feb
1.20
10 X
July
Oct
2.00
Mar
32
Sept
125
Jan
2.25 May
19
Mar
3.50 May
40
65c
Apr
Apr
50c
50c
100
50c
Oct
9
300
6K
May
17
Apr
May
26 K
Feb
18 K
19 K
803
14
51
117
49 K
Jan
Aug
52 K
15c June
32c
Jan
16c
3%
1,500
1,100
2%
May
4X
Mar
28 K
54
27 K
Nov
28 K
Dec
28 %
245
28K June
33
24%
220
19 K
May
26 X
100
Aug
9K
5K
Apr
May
Feb
7%
5%
833
June
6
Apr
15K
15K
1,418
12 K
May
21
May
89 K
91K
505
75 K
May
95
May
Emporium Capwell com..*
31c
3K
103
7K
100
Doernbecher Mfg Co._i_*
El Dorado OU Works
*
1.25
Nov
5K
1.05
1.05
100
4
1.00 June
3.50
J8n
5
May
10 K
Jan
3
Sept
5K
5K
5K
605
3%
100
3K
3K
3K
3%
1,180
3K
Nov
8K
Jan
18 K
18 K
18 K
135
14H
May
20 K
Apr
44 K
44
44 K
317
35
May
44 K
Feb
6K
100
11
Jan
Preferred
60c
5K
7K
May
1,450
May
24 K
10%
85c
40
3K
28 %
91H
Jan
190
Oct
5K June
July
28
*
6K May
808
2.00
39
Nov
8K
16c
5
1.50
11K
6%
65
3K
10
Sept
.
May
Oct
51
19
Preferred......
6
50
250
4X
65
8K
.....
D1 Giorgio Fruit com
Crown Zellerbacb oom
560
2.00
Apr
Mar
1.50
2,291
1,287
36
10 K
10K
36~~
Nov
1K
1.50
320
20
4K
96
14
5X
65
8K
5K
15K
75c
Sept
.5
Coppermines
31c
3377.
High
Low
Hig h Shares
Low
65
*
Aug
9K June
75
Jan
Feb
1.00
75c
2
Bishop Oil Co
Calamba Sugar com
Cons Chem Ind A
4
5%
.
Dec
7K May
9%
10
Assn...100
Anglo Calif Natl Bank..20
Assoc Insur Fund Inc
10
Atlas Imp Diesel Englne._5
Bank of California N A—80
8
June
910
9K
4
9K
1
Supply Co
10
Natl Fireprooflng Corp..*
Pittsburgh Brew Co com.*
Preferred
*
Mt Fuel
official sales lists
100
95
'
Price
Alaska Packers
975
12%
5
Stocks—
r
Alaska-Juneau Gold
7%
10%
Pa
Jan
Feb
107 X
1, 1940
Week
2%
8
10%
7K
Devonian Oil Co
1
145
Range Since Jan.
Last
41%
13K
mm mm
Col Gas & Elec Co
Duquesne Brewing Co
Fort Pitt Brewing
9
24
Shares
Sales
Fridao
Feb
Week
Price
and Los Angeles
6, both
Preferred
for
offices In San Francisco
Apr
%
Range Since Jan.
Week's Range
New York
Francisco Stock Exchange
inclusive, compiled from official sales lists
San
Nov. 30 to Dec.
8K May
49
Sales
Last
Private Wire to own
Jan
16
York Stock Exchange
Cortlandt 7-4150
26% June
9% Nov
both inclusive, compiled from
Friday
V'.V, ';"
Nov
31%
Pittsburgh Stock Exchange
Nov, 30 to Dec. 6,
Members New
111 Broadway,
Oct
120 X
Oct
""%
Preferred
Westmoreland Inc
523
3X
*
Tonopah Mining
l
Transit Invest Corp pref..
United Corp com...
*
Scott Paper
Preferred
IK
14K May
112K June
26
100
14
14
*
Salt Dome OU Corp
2%
1%
6K
6K
Dec
Jan
Volume
151
3377
Friday
Sales
Last
Stocks (Concluded)
Week's Range
for
Sale
of Prices
Week
Price
Par
Ewa Plantation Co
cap..20
Fireman's Fund Ins Co. .25
314
"17"
Range Since Jan. 1,1940
Shares
25
995*
"995*
Gen Metals Corp
cap__25*
General Motors com....10
Genl Paint Corp com
*
Low
24
Nov
177
77
May
31?*
250
19 J*
17
17
37
May
210
44
600
9
356
155*
367
50c
50c
100
115*
115*
185
10 4
July
174
Jan
50c
50c
300
50c
July
1.15
Feb
~
145*
145*
41
mmmmmm
41
,
195
305*
75c
185*
19
2.35
2.40
75*
105*
10
21
21
20
95*
mrnrnmmm
26
274
33*4
304
375*
*
Paraffine Co's
4
*
38
16
1
-
m
434
Feb
May
4,010
Nov
July
May
44
2i4
29 4
May
Dec
2.75
Feb
12 4 May
195*
94
Jan
1.50
850
14
85*
200
1,062
95*
54 May
65c
308
65c
330
34
55*
54
100
255* 265*
225* 22?*
1005* 1005*
345* 345*
mmmmmm
Sound view Pulp Co com. 6
224
Preferred
100
So Cal Gas Co pref ser A 25
,
rnmmmmm
Apr
1.50
44
212
mmmmmrn
Jan
29 J*
65c
Signal Oil & Gas Co A.__*
Feb
Mar
Jan
45*
:
Schleslnger (B F)7% pref25
54
214
138 4
June
1.50
135*
m
Jan
12 X
11
m
Jau
Jan
1084
28
14
m.mm
Jan
Apr
Nov
183
211
mmmmmm
m
1.50
344
34*4
140
35*
1.50
mm
May
16
203
m
54
38
185*
£
Apr
June
17
1.60
Jan
5*4
113
17
mm'
11
162
184
»
Ryan Aeronautical Co
273
Jau
284
314
May
May
3% May
16
May
17
m
Mar
May
50
May
34
35*
17
mmrn
Rayonier Incorp com
1
Republic Petroleum com.l
May
100
227
175*
mmmmmm
28 4
25 X
10
120
104
June
3% June
May
95c May
25H June
Apr
28
3
500
4
165*
120
mmmmmm
Puget Sound P & T com..*
RE&RCo Ltd com
*
Preferred
100
Rheem Mfg Co..
Richfield Oil Corp com
Warrants
4
175*
June
74
400
305*
375*
June
14
2,675
1,527
1,463
107
11
55* May
925
27*4
mmmrnrnrn
*
com
345*
107
*
com
May
15
60
37
*
Pacific Tel A Tel com.. 100
Apr
44
237
44
54
1.35
275*
33%
305*
■mm mm mm
95*
44
44
1.35
W<
6% 1st preferred
.26
55*% 1st preferred...25
Pac Public Service
1st preferred..
194
74 May
102
Pacific Light Corp com
$5 dlv
Apr
12 H May
1.75
Jan
254
20
Pacific Coast Aggregates.5
Apr
1.30
1,000
105*
100
Oct
414
120
6% preflOO
Feb
Jan
50c
700
75*
74
North American Oil ConslO
O'Connor Moffatt cl AA._*
Oliver Utd Filters cl B__
*
41
June
23X June
875
m.mmm mdm
Feb
16 J*
200
mm rnmmm
Menasco Mfg Co com
1
National Auto Fibres com 1
Natomas Co
♦
Jan
76c
34
455
75c
204
11J* May
37
305*
Magnavox Co Ltd
25*
Marchant Calcul Mach
5
Apr
28
90
Nov
1.50
Dec
Jan
7
May
43* May
22
May
21
May
95 J4 June
313
*
Mar
.
Apr
Jan
64
304
Mar
42
May
101
Oct
35
28 H
May
614 May
Oct
Southern Paclflo Co... 100
8
55*
55*
8*4
5*4
1,404
Spring Valley Co Ltd
Standard Oil Co of Calif..*
175*
Thomas Allec Corp cl A..* mrnrn'mrnm
175*
175*
9,548
16 4
Oct
264
Jan
42c
42c
300
40c
Oct
60c
Feb
9*4
95*
458
9
44
5
Tide Water Assd Oil
*
com
9*4
45*
10
Transamerlca Corp......2
Union OH Co of Calif
8
124
25
Union Sugar com
25
Vega Airplane Co
15*
Victor Equip Co pref...._5
125*
8*4
85*
mmmrnrnrn
mmmmmm
15
15
23
235*
289
289
6
Jan
12
June
12
100
170
85*
Jan
154
June
May
Mar
64
4>* May
1,099
135*
85*
174
May
Jan
614
Pept
10
Apr
44
Jan
14
Apr
188
187
8
May
15
Nov
20
Oct
30
Apr
20
265
June
301
Apr
289
1.50
5
7,492
23
mmmmrnm
Walalua Agricultural Co 20
Wells Fargo Bk A Un TrlOO
Yosemite Ptdl Cem pref. 10
210
1.50
169
1.45
2.90
July
Jan
Unlisted—
Amer Hawaiian S S Co.. 10
Am Rad & St Sntry
*
a
39 c
38c
275*
275*
4
Argonaut Mining Co..
5
Atchison Top&Santa FelOO
al64
5
44
a325*
Bendlx Aviation Corp
5
Blair A Co Inc cap
.1
Bunker Hill A Sulllvan.2 5*
Domlnguez OH Co
...»
Elec Bond A Share Co...6
General Eleotrio Co com..*
Goodrich (B F) Co com..*
m-mmm^m
4
30
2614 May
75c
914
May
74
Apr
Apr
6H
11H
Mar
355
25
July
May
4
Dec
31
4
45*
a324 a334
200
al3*4 al34
.
25
644
65*
June
114
4*4
Nov
554
May
44
Apr
414 June
74
Feb
30
a234
65
a 174 a
185*
al64 al6*4
125
5
19
15
65
5
5
252
4V5
34
3*4
35*
730
2.75
8
85*
125
7
255*
295*
255*
295*
350
24
150
25
a64
06*4
140
5
74
74
38?*
253
25
25
Studebaker Corp com
1
Texas Corp com
.25
United Aircraft Corp cap.5
United Corp of Del......*
U S Petroleum Co
1
rn-m
Preferred
1
m
m
a424
a424 a424
15*
15*
78®
674
No par value,
a
trading privileges,
2614
Feb
23 *4
Jan
1.50
Mar
44
Mar
25 4
74
May
May
Apr
44
124
304
May
Aug
(Concluded)
Par
National Brewing
National Petroleum
National Steel Car..
100
Apr
31
614
35H
May
May
May
Aug
39
Jan
May
Naybob..
Apr
124
Feb
464
May
June
614
Apr
113
114
May
24
Apr
55c
May
1.15
Jan
4214
May
8c
685*
966
76**
Nov
9c
9c
250
Aug
16c
Jan
80C
80c
100
75c June
1.55
Jan
65*
65*
200
4
94
Price
25*4
Jan
35
160
Oct
193
Feb
July
375*0
2c
2c
1,000
lc June
45*o
Apr
1.05
200
85c June
1.45
Mar
56
35c 171,800
56
57
5c
Ex-rlghts.
«
>
c
Jan
Admitted
Cash sale—Not Included
Listed,
t In default,
891
—S.
5c
1,500
34c
Oct
70
Feb
44c
500
2c
Aug
64c
Apr
Feb
1.00
1.00
300
60c
1.30
Apr
5
34
34
34
300
34 May
45*
Apr
1
1.10
1.06
1.20
50c June
1.81
Jan
Omega
1
15c
15c
16c
22,675
12,233
lie June
34c
Jan
Orange Crush
*
24
24
25
2
45* May
Palcalta Oils
53*c
Page-Hersey__
*
Pamour
♦
Porcupine
Pandora-Cadillac...
Partanen-Malartlc
106
1
6c
109 4
1.45
8c
8c
4c
24c
15,500
153
13,820
3,600
4C
24c
25c
1
Cons
8c
5.000
*4,050
"
Perron
department
—Mark
admitted
York
J.
—James
York
the
In range for
and
Stuart,
and
a
240 June
7o
Oct
80c June
2.36
Jan
24c May
2c July
20o May
105*o
Jan
lOo
Apr
53o
Jan
90
July
111
Jan
l
1.70
1.82
5,780
1 01
1.92
2.90
2.97
6,740
2 12
July
4 25
Jan
2.15
2.15
2.20
1,370
1 45
July
2.45
NOV
99
99
99
1.05
1.06
300
64
55
Gold
Porto Rico pref
Powell-Rouy n.
100
1.66
1.05
.1
........
Power Corp
Prairie Royalties
*
6
15
25c
'""8c
8c
5,500
90c
90c
90c
1,600
.*
94
3.20
94
3.25
Pressed Metals
Preston E Dome
Reno Gold
1
Royal Bank
.100
6
500
1.30 June
12c July
24c June
1
17
17
17
30
145 J*
15
170
...100
160
170
170
10
130
8t Anthony
7*4c
74c
9c
San Antonio
4,900
2.65
2.50
2.65
13.700
Sand River
June
160
10
Preferred
1,600
Oct
60o July
5*4 June
74o Dec
75c Aug
42,290
144c 14 4c
34c 34c
...
Roche LL
Russell Ind
74c
5c
2.12
June
95
225
1
94
3.10
Premier
Jan
101
Jan
2.19
Nov
115*
Jan
22c
Feb
1.42
Jan
125*
3.40
Nov
Feb
57c
Jan
Jan
65*0
July
190
Mar
July
18
Nov
June
190
July
1.25 June
Apr
21o
Feb
2.66
Nov
15c
Jan
57o
Jan
74o
6c
700
Senator-Rouyn
1
39c
43c
22,700
Shawkey
1
14c
15*0
600
14c
Aug
55*c
50c
90c
90c
600
80c
1.24
Jan
80c
82c
4.975
60o
July
July
1.18
Jan
7.50
7.50
350
4.00 June
8.75
Jan
.....
Sheep Creek
Sherrltt-Gordon
Sigma
42c
80c
._]
Sllverwoods
pref..
Aug
....100
98**
Slscoe Gold
1
414c
Slave Lake.
8*4c
South End Petroleum...
Standard Chemical
Steel of Canada
14c
573
3
200
5
July
20
79
July
4
49c
98 4
50c
9,400
43c
414c
84c 10 4c
14c
14c
*
124
72
Steep Rock Iron Mines..
61o
Jan
95*0
Nov
100
53
8
July
614 June
1.05 June
1.45
1.56
13,975
44c
54c
30,100
16c
16c
19c
2,000
1.30
1.33
870
*
1
3.10
Apr
Apr
Mar
85c
July
2.05
Jan
3c
Dec
85*o
1.02
Feb
4c
3,200
63c
4,426
50c June
1,790
1.90 June
2.55
2.70
11
11
3.20
3.20
1.20
1.20
94
Hughes
Texas-Canadian
Tip Top Tailors
94
*
Preferred
100
Toburn
1
Toronto Elevators
104
"ll65
*
434
Toronto Elevators pref..50
Toronto General TrustslOO
Towagmac
*
City
Uchl Gold
Union Gas..
4
3.30
5,220
2 40
June
1.26
520
1.00
July
2.25 May
94
20
94
Nov
135*
1.65
43 4
71
35c
34c
35c
2
1
5
■
1,460
33c
37c
14 4
143*
145*
38
38
United Fuel cl B pref....25
United Steel
*
7
7
39 4
7
4
Vermllata Oil
Walte-Amulet
37
Aug
49
157
70
July
90
May
May
10,800
10c
July
35c
Jan
500
35c
Nov
44c
Nov
20
1*4
Nov
25*
Apr
9,200
1,094
210
75
34
2.18
2.90
3.00
2,065
34c
34c
1,000
-
-
-..*
3.30
3.30
434
20
42 J*
19
Wendigo
1
22c
Western Can Flour preflOO
Westflank.
2540 June
204c
2,050
Jan
3
17
Feb
10
Mar
Aug
3*4
34
10
Mar
May
65*
Jan
55o June
2.18
Dec
4.35
Jan
1.95
July
24o Nov
175*0 May
3.60
989
2.70 June
6.05
43 4
2,156
294 June
164 June
445*
205*
Nov
29c
Nov
20
255
22c
7,000
27
26
1.12
May
Aug
12
96,180
♦
-
Preferred
Jan
118
1.80
*
.
Walkers
Jan
1.90
Jan
34c
1
110
32
34
Ventures
Sept
July
2.05
1
Sept
1.00
Jan
Mar
16
3.00
Upper Canada..
100
4.15
35
2
United Fuel cl A pref....25
*
Feb
Apr
July
11 4c 12 4 c
35c
3.45
12
84
22
71
*
Twin
43
1
Transcont'l Resources
22
Jan
35
104
1.50
22
Jan
85*0
3c
2.55
Mar
205*c
59c
com
Teck
Jan
14
865*
July
4c
Sylvanite Gold
74c
9c June
3o
60c
Sullivan.
Apr
20o June
1.46
Sudbury Basin
Sudbury Contact....
Mar
95o
24c June
14c Aug
5,000
44c
1
Feb
105
Oct
4,875
72
Sturgeon River
47o
Feb
7*4
79,300
124
»
Straw Lake
Jan
Sept
6
98
50c
Sladen-Malartlo...
4
6
6
Simpsons pref
Tamblyn
5c
10c June
4
Sllverwoods
25
6c June
21
July
Jan
Feb
47
Apr
*
Westons
Preferred
2c
1,000
15*o
Oct
*
...
2c
115*
11 J*
295
94
July
15
Apr
93
93
June
99
Apr
100
Winnipeg Electric cl A...*
Preferred
1.00
...100
6
1.00
10
190
76
85c
Mar
4c
Oct
2.62
Jan
64
15
July
115*
Feb
84c
3,700
8c
July
30c
Jan
7.10
7.20
July
8.15
Jan
54c
3,069
9,500
4.70
44c
4c
Nov
Wood-Cadillac
1
8 4c
Wright Hargreaves
*
7.15
Ymlr Yankee.
*
5c
100
87
87
1952
100
84c
5
7c June
Bonds—
Uchl
War
Loans
Toronto Stock
Nov. 30 to
Dec.
4 100 4
$100
64
July
1,100
99
July
in
is
celebrating this week the
the securities business.
The
firm
was
Par
Sales
formerly
manager
of
the
Ambassador
Co., has become associated
Noel & Co.
with
in
Cowen
&
Co.,
members
sales
of
has been
the
New
Curb Exchanges.
Slee, former member of the New York Stock Exchange, has
business department of Springer Pictures, Inc., of New
new
Detroit.
for
of Prices
TjOW
High
Week
Price
5
...»
74
44
74
"45*
*
Canadian Marconi
1
DeHavilland
.
*
Mandy..
Ontario Silknlt pref
Pend-Ordlle
1
♦
No par value.
6*4
3*4
Aug
May
155*
Jan
6
Feb
May
120
90c
1,500
65c May
1.40
Mar
45*
45*
1,602
35* May
85*
30c
1,225
Apr
Jan
30c
8c
5
20c June
11
100
6
27
92
22
75*c
8c
8c
500
7c
17
40
135*c
Jan
315*
25*c
Feb
Mar
35
Mar
135
6c Sept
255* June
15*c July
38
19
Sept
99c May
25*c June
28
1.75
1.85
1,150
65*c
2,500
Jan
18c
7,300
54c
Apr
July
4c
2c
28
r.76
8c
4,750
55c
Aug
June
5*
295*
29
4c
-100
Temlskaming Mining,..-!
High
Nov
11
*
*
55
Low
45*
75*
—_*
Montreal Power
Oils Selections
200
26
26
1
Range Since Jan. 1, 1940
Shares
90c
...»
Dominion Bridge
Klrkland-Townsite
member of the New York Curb Exchange,
partnership
the
Hotel
Week's Range
—
Canada Vinegars
Consolidated Paper
Dalhousle
Feb
Nov
Exchange—Curb Section
Friday
Bruck Silk
97
1005*
6, both inclusive, compiled from official sales lists
t Title changed from
NOTICES
Mitchell &
Van Alstyne,
general
N.
year
Crumpton,
of
to
Stock
joined
thirtieth
Winthrop,
Nov
l
Pickle-Crow
Pioneer
5c
1.38
106
1.39
1
Paymaster
to unlisted
1, 1910, by Richard Irving Outwater and H. Prescott Wells.
Clifton
of
Jan
784
July
5c
*
....
Preferred
Can Bud Brew
office
43
Jan
44c
Last
investment firm of Outwater & Wells
Dec.
12c
Apr
CURRENT
on
Jan
69
O'Brien
Stocks—
formed
Apr
June
Sale
completion of its
214o
35
31c
1
The WahJ Co. to Eversharp. Inc.
—The
4c June
105
1.05
....1
N orthern Star
37 4
1.05
*
Norgold
1,000
High
Dec
38
160
*
...Is
Noranda Mines
Nordon Oil
5c
25 4
32 J*c
1
_
Low
25
160
374
160
Range Since Jan. 1, 1940
Week
25*4
5c
*
_
New bee..
Nipisslng
Oct
.73*
Shares
25c
National Trust
for
of Prices
Low
High
*
Nov
rnmmmmm
d Deferred delivery.
y
Apr
800
.
Odd lot sales, ft Ex-stock dividend
xEx-dlvldend.
year.
10
Jan
-rnmmmm
West Coast Life Insurance5'
*
180
78c
rnmmmmm
68
;
38 4
m
rnmmmmm
United 8tates Steel com.,*
Westates Petroleum com.l
mmmm
mmmmmm
m
*
0V
Apr
26
June
14 4 May
18% Sept
1.00 Aug
3
May
16*4 June
70
1.50 yj?
1.50
Jan
Oct
2,189
a 34
a3*4
o215* a215*
Apr
Apr
3714
528
35*
a23
7
38 *4
214
375*
a5
Jan
Jan
20*4
2014 June
10
Jan
314
41
Apr
5
100
34
a5
17
200
235*
al*4
235*
al*4
375*
36
284 June
8
mm
Jan
6*4
Shasta Water Co
*
Jan
32 4
Riverside Cement Co A..*
6% pref
Standard Brands Inc
Apr
14 H
May
Oct
1.50
a35*
Pennsylvania RR Co...50 mmmm'mm
So Calif Edison com
Apr
Feb
--
a233*
al75*
al6*4
*
2
June
Jan
Mar
Nov
4
'
*
Oct
Aug
H
6
Packard Motor Co com..*
com
254
914
8H
35*4
May
614
5*4
34
North Amer Aviation
1
Nor American Co com...10
Pacific Port Cement com 10
Radio Corp of America
14
214
mmm
—
Jan
Apr
56
rnmmmmm
mmm
Aug
4.00
137
a5*4
94
6
*
Montgomery Ward A Co.*
314
12*4
170
40
189
* 'rnmmmmm
Inter Tel A Tel Co
Mountain City Copper
5
Nash-Kelvinator Corp
5
National Distillers Prod..*
65
Auv
a54
a55*
a5*4
95*
30
a335*
m
Oct
Sept
300
140
30
mrnrn'mmm
mm
Apr
a2l4 a225*
a22
Idaho Mary Mines Corp..!
Mar
314
1,176
a.5%
174 H
1.10
Nov
Apr
1.50 May
100
12 5*
45*4
914
18 H
300
2.40
a65*
44
45*
a325* a325*
1.20
1.25
rnmmmmm
Int Nick Co Canada
com
4
125*
Cities Service Co com.. 10
Cons Edison Co of N Y..*
Consolidated Oil Corp
*
Curtlss Wright Corp
1
340
275*
a65*
1.20
35c
Oct
July
June
514
149
7,715
al6J* ol75*
a64
3
34 %
30
492
39c
4
2.40
mmmmmrn
'
Atlas Corp com
Aviation Corp of Del
0.7*4
100
1674 al65J* al675*
*
com
40
a7*A
rnmmmmm
American Tel A Tel Co. 100
Amer Toll Bridge (Del).. 1
Anaconda Copper Mln__60
Anglo Nat Corp A
40
rnmmmmm'
Stocks
Week's Range
Sale
Mar
115*
Langendorf Utd Bak A
*
Preferred
50
Lockheed Aircraft Corp__l
Pac G A E Co com
11 *4
Sales
Last
Feb
155*
mm'm
m
Friday
Apr
50c
m
__1
Honolulu Oil Corp cap
*
Hunt Brothers com
..10
Exchange
Nov
74
64
41* May
3379)
page
Toronto Stock
Apr
74
56
34 May
74 May
14 4 May
50c May
Holly Development
55*% pref
334
38
85*
rn'mmm
Feb
20
May
(Continued from
May
Oct
Sept
6
44
5
& Co__*
32 J*
100
June
245
770
75*
494
55*
495*
Canadian Markets
High
18
995*
17
:v;", 7
495*
Golden State Co Ltd
*
Hawaiian Pine Co Ltd...*
No Amer Invest
High
25
Food Machine Corp com 10
Foster A Klelser com
2 5*
Gladding McBean
Low
Apr
2.35
J&d
85*c
Jan
7, 1940
Dec.
Financial Chronicle
The Commercial &
3378
Canadian Markets
UNLISTED
LISTED AND
Closing bid and
Montreal Stock Exchange
Bonds
Industrial and Public Utility
Week's Range
for
Sale
Stocks
'.T-- T. TV'TT/T''-;
Ask
of Prices
Low
High
Shares
Ask
Bid
Price
Par
(Concluded)
68
70
71
73
69X
4XS-1960
British Col Pow
67 X
.1949
Gen Steel Wares 4X*.1952
Gt Lakes Pap Co 1st 5s '55
Lake St John Pr A Pap Co
6X8
1961
Massey-Harris 4 X®
1954
McColl-Front Oil 4Xs 1949
Federal Grain 6s
49
71
Canada Cement
71X
73X
Canada SS Lines
67
37
39
68X
70 X
64
66
62
64
64
66
72
70
69
Canadian
69X
Wares..—.*
100
Goodyear T pref inc '27.50
Gurd (Charles)
*
Gypsum Lime A Alabas
*
Hamilton Bridge
*
Howard Smith Paper..._•
100
Preferred
Hudson Bay Mining.....*
Imperial Oil Ltd
*
Imperial Tobacco of Can.5
Indust Accp Corp..
*
International Bronze prf 25
4X*-1951
5s...1957
Vlokers Co 6s '47
3 X® '63
58
60
Caa 4Xs '69
Price Brothers 1st 6s..1957
67
69
N Scotia Stl A Coal
Power Corp of
Dom Steel A
Coal 6X* 1955
Cbem 4 X® 1961
Paper Co—
74
76
Dom Tar A
70
53
4XS..1951
69
1962
69X
71
1966
73
72
1966
67
69
Donnacona
4s
Famous Players
Quebec Power 4s
Saguenay Power—
4X8 series B
55
Preferred
Jan
1 1948
46
11942
6s—......Sept 16 1943
5s—
May
1 1959
4s
June
1 1962
4Xs
Jan
15 1965
Provinoe of Quebec—
4Xs
Mar
2 1950
4s
Feb
1 1958
4Xs
May
1 1961
48
4Kb
Oct
1 1966
Columbia—
July 12 1949
45
47
86
89
Prov of British
6s
Oct
4Xs
82 X
80 X
1 1963
Province of Manitoba—
4X8.——Aug
93
1 1941
100X
99
102X
101
98
87 X
89X
91
92
87 X
89X
81
82
85
79
79
81
84
6s...
June 15 1943
66
70
Apr 16 1961
Provinoe of Nova Scotia—
79
82
5Xs
Nov
Oct
15 1946
1 1951
66
70
4X8
4X8
-Sept 16 1962
Mar
1 1960
84
87
89
92
6s
14 X
Canadian Pacific Ry—
4s perpetual
4Xs
Dee
July
6s
52 X
73
4 Xs
Sept
1 1948
5s
Deo
71
72
67 X
101X
4Xs
July
1 1954
1 1960
65X
66X
52
debentures.
15 1942
71X
Sept
15 1944
65 X
1 1944
101 x
Closing
92 X
93 X
93 X
94 X
92 X
92 X
93X
■.
220
18
Dec
10
—
1 1946
28 X
Jan
18 X
18 X
23X
Apr
~79X
79 X
80
205
51
May
80
Apr
14
276
Feb
60
12 X June
2
Sept
24
*
*
100
*
.3
6
Jan
"85""
10
70
June
94
Feb
14
May
27
13
13 X
13 X
3X
3X
85
85
16 X
16 X
iox
"iox
iox
4
July
2
May
35
4
55
9
50
55
2X
93 X
4s
Jan
1 1962
60
5
June
5
107
Jan
29
29X
2,180
25
May
31X
49
50
49
40
June
56 X
28 X
29
477
25
June
38X
Jan
40
150
33
June
41X
Mar
25
39X
37X
330
34
June
69
Jan
.*
40
56
57
829
43X
July
77 X
Jan
23
430
20
June
33 X
Jan
6X June
13X
Mar
3
29X
28X
•
Preferred
Noranda Mines Ltd.—*
22
22
*
8X
9X
12 X
*
25
3s
Jan
1 1962
80
6s
....Feb
1970
96
97
June
6
May
11X
Jan
Jan
Jan
650
9
May
24
74
13
June
17X
16
5
10
July
13
115
12
June
19X
Jan
300
2
May
5X
Jan
2X
2X
2 X
850
19
18 X
Dec
20
May
52 X
1,582
16
May
24 X
Jan
15
80
May
103 X
15
Apr
9X June
July
86 X
43 X
17 X
99
18
99
10X
10X
25
73
82
72 X
72 X
12
63
50c
99
Simpsons pref
100
Southern Canada Power..*
50c
2
2
150
2X
73
*
.25
__*
*
both inclusive, compiled from
Last
Week's Range
Sale
of Prices
11X
official sales lists
89
Bathurst Pow A Paper A.*
"12 X
Bell
157 X
Telephone
100
Brazilian Tr Lt A Power. *
5
Canada Cement
..100
Aug
preferred..
60
Canadian Bronze
"~4 X
17 X
90c
Aug
2.50
1.00
July
2X
6
July
12
Apr
40
lo
58
Jan
70
Mar
146
146
10
137
Aug
156
156
156
17
139
July
176 X
Mar
.100
189
189
189
49
171
July
212
Mar
.100
281
281
7
277
Oct
Mar
.100
311
Nova Scotia
162
162
95
150
June
190
Mar
.100
30 to Dec. 6,
Nov.
both inclusive,
compiled from official sales lists
Sales
Par
Stocks—
75c
6X
cum
6%
cum
100
pref
108
125
125
973
100
125
1,000
275
9 X
25
4X
4 X
808
17 X
38
229
130
3X
July
June
23
Aug
4X May
12
May
3X May
169
25
95
July
111
Feb
Claude Neon Gen Adv.._*
Commercial Alcohols Ltd.*
1.65
8X
9
Oct
18
8X
21X
Jan
Jan
Mar
June
45
Jan
Sept
105
Nov
140
106
100
13
100
Dominion Woollens
*
*
Jan
Donnacona Pap Co Ltd A *
*
B
Eastern Dairies
7%cmpfl00
28 X
Jan
Falrchild Aircraft Ltd
Feb
Fleet Aircraft Ltd
Pacific Ry_._26
5X
•
~26X
June
Mar
Ford Motor of Can A
July
8
Sept
3X
May
8X
100
May
Fraser Cos vot trust
*
1
2,091
1.25
1.00
1.25
2,220
75c June
3.75
Jan
1.60
1.60
25
1.00 May
3X
Feb
5X
325
5X
5
4X
4X
May
3
May
3
May
3
645
2
June
6X
6
150
3X June
July
10
Jan
22 X
Feb
21X
iox
5X
16X
10X
16X
11
343
7X June
20c May
Intl Utilities clB
20c
20c
200
Jan
Mackenzie Air Service...*
Too
1.00
1.00
3,675
Aug
MacLaren Power A Paper *
iox
16 X
16X
20
Jan
Maritime Tel A Tel Co.10
16 x
Nov
Massey-Harrls5%cm pflOO
McColl-Fr 0116% cm prf 100
27 X
»
19 X
25
100
Jan
3X
129
9X
127
29
19X May
19 X
129
*
Electrolux Corp
*
1
Foundation Co of Can
5X
*
*
100
100
9X
5
Dominion Textile
9X
5
83
Dominion Steel A Coal B 26
84
5
7 X
12
177
160
106
2,075
25
395
5X
320
7X
240
22 X
16
113
May
May
June
9
48 X
28
40 X
Jan
May
22
Feb
June
129
Sept
Mitchell (Robt)
Jan
"93"
6X
Nov
Mar
Pwr Cpof Cn 6% cm lstpf 100
11X
Jan
2d pref...50
Provincial Transport Co..*
Quebec Tel A Pwr Crp A
So Can Pow6% cum prf 100
May
7X
July
12
Feb
12
130
6
May
15X
Feb
iox
147
10
May
16X
Jan
June
10 X
10X
87
87
87
35
80
95X
95 X
10
95 X
Dec
96 X
105
6%
20
16X
31
85
25
June
120
82
June
•
19
80
105
r
45
Mar
Jan
60c
Jan
1.05
Nov
22
17X
59
Jan
Mar
Jan
101X
Apr
6X
15X
47 X
Apr
91
July
llix
Jan
106 x
47 X
Mar
5X
94
6
91
Aug
40
40
25
40
Dec
4
May
6X
7 X
4
4
25
4
Nov
103 X 104
6
95
June
Canadian market.
Jan
May
3X May
108
3,255
Jan
Dec
36X June
94
7X
8X
10
Mar
108
n c part
No par value,
5
10X
44 X
Feb
Feb
16X
10X
Page-Hersey Tubes Ltd..*
90 X
4
May
94
16X
44 X
Co Ltd..*
3X May
70
June
9
July
93
5
Melcbers Dlsts Ltd pref.10
15 X
10c
30 X
Moore Corp Ltd
June
6X
13 X
475
3X
295
Jan
3X
40
10
1.75 May
224
10
Apr
210
4X
7X
2X
10
1.65 May
4,265
Jan
Feb
8X
4X
45
26X
27 X
10
8
*
May
5X
40
Mar
6X
5
200
5X
3.50
1.55 May
205
1.75
26X
Feb
375
1.90
38 X
Oonsol Mining A Smeltlngd
15c
4X
*
4
Feb
1.65
1.75
*
Jan
52 X
5c June
6
Jan
Nov
41
100
9(%
8X
33
9c
1.90
Cndn Ind Alcohol.......
May
4X
5
37 X
128
May
7X June
Apr
29
16 X
Cub Aircraft Corp Ltd
2
1
33
Consol Dlv Sec pref. .2.50
Consolidated Paper Corp.*
5
20
1.65
Apr
100
43
6
5
Preferred
Jan
102
May
*
Nov
5
6
Co
Apr
Apr
1.40
90c
16
Feb
Cndn Westinghouse
2X
31X
3X
42 X
7%cum pflOO
Mar
10
976
Cndn Vickers
7
17 X
Apr
Nov
May
70c May
1.00
22
16
9c
101
Oct
2X
9H June
Mar
pfd 100
10 X
30
June
125
8X
80
100
5X% preferred
98 X
90c
123
preferred...
Nov
3X
125
5%
40
1
...100
Gatlneau
June
*
12X May
Dry den Paper
30
Canadian Vickers Ltd
20
Dominion Stores Ltd
25
97
97
29
39
Canadian Marconi Co
460
Dominion Glass
Jan
Jan
28X
39
Jan
375
Dominion Coal pref
35
May
30
Bridge....
May
19X
15X
22
Dominion
24
150
12X Sept
6X May
29
Distillers Seagrams..
Feb
23 X
465
21
Canadian
5X
May
2,175
29
100
July
15
1.10
21
Class B
Dec
4
90
25X
*
Cndn Fairbanks pref
9X
120
1.10
Oct
May
Jan
Apr
Nov
112
18 X
24X
520
9X
Feb
3X
125
5
5
Canadian Breweries pref..*
6X
8X
Apr
Jan
Apr
9X
9
18X
Canadian Breweries Ltd..*
100X
105
16 X
100
9X
Vane..5
Brit Amer Oil Co Ltd
*
Canada A Dom Sugar Co.*
Canada Malting Co Ltd..*
Brewers A Dlsts of
1.45
H5X
60
125
Can North 7% cum
100
17 X
Jan
17 X
2
276
Jan
235
5
Oct
2X
June
80c June
955
331
6X
6X
111
108
Jan
157X 157X
15X
12X
35
0.50 June
80c
75c
*
pref...
High
Low
Shares
Feb
195
26
Price
49 X
230
5X
Week
26 X
16X
5
for
of Prices
Low
High
100
6%
1,1940
Range Since Jan.
Week's Range
Dec
Canadian
Preferred 7%
Apr
164
.100
Aug
5
Cndn Car A Foundry.
*
Preferred
....25
Celanese...
Jan
70
43X
12 X
105
8X
Jan
7
14
10
12X
37 X
,_*
-.100
Jan
75
175
896
2
5
9X
Canada Steamship (new).*
6%
May
6
100
Can Northern Power
Preferred
7
14 X
15X
*
Aug
85
45
5
._*
Building Products A (new)*
28
June
30
14
26
British Col Power Corp A •
Bruckhilk Mills
9
150
15X
Associated Breweries
Preferred
20
9X
5
14 X
6X
Commerce
Aluminium Ltd
High
Low
Shares
20
45
•
May
3X
38X
Abitlbi Pow A Paper Co..*
Range Since Jan. 1, 1940
for
90 X
9X
*
Asbestos Corp
11X
30
30
Anglo Can Tel Co pref._50
Feb
1.00
7
Beauharnols Power Corp.*
Amal Electric Corp
Jan
3
1.00
Sale
Week
High
Low
89
Jan
May
Montreal Curb Market
:;;
Sales
Friday
100
Jan
May
3X
100
Apr
83
1.00
Too
*
100
Montreal Stock Exchange
Preferred...
62
1.00
3X
Last
•
Jan
125
110
631
42 X
18
Apr
21
IOX May
20
110
110
Friday
Algoma Steel
Jan
17
16
18 X
82
,
Price
Jan
102 X
90
13
"13"
—50
Tooke Brothers
Feb
5
14 X
Corp.......*
Co of Canada
Jan
16
July
9X
Feb
650
12X
15X
60
Feb
6X
12 X
15X
6
•
105
Jan
9X
120
98 X
98X
6
*
Canada
9X
10
97
*
Alberta Pac Grain pref.100
Jan
3X
5X
5X
109
109
91
88
95X
96 X
Par
Nov
6X
Grand Trunk Pacific Ry—
94X
Stocks—
Jan
5X
53
Oct
2X May
Montreal
1969
Agnew-Surpass Shoe
Jan
Mar
Royal
1969
Nov. 30 to Dec. 6,
Jan
9X
Mar
50
10
Feb
400
Banks—
104X 105 H
....Oct
July
200
6
V6
Tramways...100
Woods Mfg pref
V :>
"■
68
68
Jan
46 X
Preferred
Ry—
July
6Xs
1 1951
4X8... ...June 15 1965
1966
4X8... ...Feb
1967
4X8... —July
4X8... ...Sept
Feb
18X
Canadienne
Canadian Northern
Canadian National Ry-
29
12
Sept
United Steel Corp...
Ask
Bid
Ask
Bid
Feb
954
9X
Apr
May
Winnipeg Electric cl A...*
(American Dollar Prices)
Jan
15X
16X
June
Preferred
Government Guaranteed Bonds
bid and asked quotations, Friday, Dec. 6
34
17X
Class B
Dominion
June
8X
27 X
National Breweries.
Steel
78
76
19 X
20
pref.100
St Lawrence Paper preflOO
Shawlnlgan Wat A Power.*
Ask
85
2,778
25
14
St Law Flour Mills
Bid
106
13
A preferred
Ask
May
600
Price Bros A Co Ltd
Dec. 6
Apr
Apr
85
9X
13X
9X
Feb
23 X
11X May
34
251
13X
Montreal L H A P Cons..*
St Lawrence
Closing bid and asked quotations, Friday,
(American Dollar Prices)
Mar
8X
23
Power
Power Corp of
Railway Bonds
5X
'
June
June
*
OttawaL H A Power... 100
Ottawa L H A Pwr pref.100
62
25
99 X 100
Rolland Paper vot tr
6s
14 X
25
2X May
3
May
131
3X
4X
35X
Quebec Power
Regent Knitting pref
Canadian Pacific Ry—
4X
Feb
Mar
23
Ogllvie Flour Mills..
Ottawa Car Aircraft
Prov of Saskatchewan—
Bid
3
4X
84
76"
4Xs
Sept
55X
iox
34X
Natl Steel Car Corp
76
Deo
6s
4
*
Montreal Cottons pref.100
Montreal
96 X
2 1969
Prov of New Brunswick—
6s
Apr
16 1960
6s........June 16 1964
75
McColl-Frontenac Oil
Oct
5s
6a
5
25
Lindsay (C W)..„
*
Lindsay C W pref ....100
Massey-Harris
r.
*
Provinoe of Ontario—
Province of Alberta—
54
■V 5
Legare pref
Bid
Ask
Bid
54
Dec
18
Laura Secord
Dec. 6
Closing bid and asked quotations, Friday,
(American Dollar Prices)
May
54
34 X
Lake of the Woods.
Issues
78
•
Intl Power pref
Provincial and Municipal
96
55
20
3
Feb
10X
18
Inter Pete Co Ltd
International
July
15
...100
Int Paper A Power
71
High
Low
4X
115
94
93 X
93 X
Preferred
Int) Nickel of Canada
75
Week
6X
6X
General Steel
47
5s..1953
Alberta Pac Grain 6s..1946
Algoma Steel 5s—...1948
Abltibl PAP ctfs
Range Since Jan. 1, 1940
Last
(American Dollar Prices)
Bid
Sales
Friday
asked quotation*, Friday, Dec. 6
7H
4J4
112
Jan
Apr
Feb
Mar
Feb
Volume
3379
The Commercial & Financial Chronicle
151
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Week's Range
of Prices
Low
High
Week
Par
Sept
1.20
Apr
43
429
29H June
44H
Nov
19H
19H
265
1634 June
20 H
Feb
70c
Walker-Good A Worts(H)»
cum
pre!
19 H
*
-
70c
60c
50
15c
*
15c
15c
10 He
2,600
1
7Hc
Beaufor Gold Mines Ltd._l
8c
8c
48,800
1,200
Big Missouri Mines
5c
5c
500
Arntfleld Gold Mines
8Hc
35c
July
*
.934
Canadian Malartic
*
51c
Canadian Oil.......
*
4c June
Canadian
125
3H
25
13 H
1.65 June
2.67
Apr
1.88
1.95
5.250
1.45 May
2.55
Jan
9Hc llHc
19,562
.__*
Jan
13c
Jan
Central Patricia
...1
1.95
Feb
1
11c
1
19c
1.28
1.23
2c
July
4Hc
Feb
700
35c
July
87c
Jan
Cheeterville
lc
2.75
3.10
Francoeur Gold
1.70
Pioneer Gold Mines of B CI
1.95
19c
106,950
31c
July
1
3,500
5H
180
3H
May
9H
Jan
2,700
1,000
20c May
68o
Jan
Commoil
.*
25c
25c
600
15c May
330
Apr
lHc Sept
8Hc
Commonwealth Petroleum*
21c
21c
500
16c
June
30c
Apr
15 H
165
1.18
1,550
3,100
8Hc
2,300
2.10
200
1.55 June
31H
Feb
Jan
57c June
1.45
Mar
July
1.82
Jan
2c June
10Ho
2.65
59c
July
*
92Hc
Bakeries...*
20
1.95
2.32
Sept
1.40 June
3.45
Nov
lHc
8Ho
Feb
Petroleum
82c
82c
200
55o
July
1.15
Jan
81scoe Gold Mines Ltd
50c
50c
2,050
47o
Oct
95c
Apr
Jan
Dominion Foundry
Dom Scot Inv pref
15c
85c
95c
26 H
25
18 H
May
1,731
16
June
29
5
150
210
24 H
329
19
July
May
100
36 H
Jan
25H
20
Oct
31
Apr
9H
1,686
5H
771
1.50
125
185
2334
50
25 H
1
60c
62c
2,200
47c June
3.25
3.25
700
2.48 June
4.15
Jan
Dominion Steel class B..26
9H
9c
9c
3,200
8c June
31c
Jan
Dominion Stores
534
Jan
Dominion Woollens
*
*
15c
2.44
East Crest
12c
Dec
14c June
2,655
33c
Apr
East Malartlo
3.10
Jan
1
*
....1
Federal-Kir kl and
Fernland...
BROAD STREET,
30
15H
Jan
July
6H
Nov
1.00 May
3.50
Feb
6H June
3
3
10
705
2c
July
July
llHc
3c
July
8c
2.72
3.10
1,000
41,440
1.95 June
3534c
34Hc
Jan
Sept
4H
Mar
H
51
18
Nov
29H
Jan
37c
7,100
1.23
Jan
22
20
28
28
2.25
2.51
27
28 34
2,000
627
33c
33c
33c
200
434c
554c
20,700
1,200
2c
6
16
....._•
3c
20
6
21c June
25
Sept
1.75 June
33
Jan
6.00
30
Mar
20H
June
30c
July
36o
lHc July
6H0
5Hc
2c
Aug
3H June
10H
22 H
Jan
15
July
21H
Mar
19o June
70o
16H
25
42c
48c
16,450
10 H
10 H
20
10
July
16H
Feb
86
44c
..*
Gatlneau Power pref...100
General Steel Wares.....*
86
15
79
July
97
Feb
Last
Sale
Par
Stocks-
Price
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1940
for
Low
4H
July
10H
4c
434c
234c
234c
3,100
3,500
3HO
234c
*
40c
38c
41c
1
15Hc
15c 1754c
Golden Gate...........1
Gold Eagle.....
....1
13 He
12 He 1454c
Goodflsh
High
*
70c
55c
80c
917
100
634
634
230
2
6%
*
preferred
llHc
7 34c
Acme Gas
A J ax
O & G
20c
1
-
28
Alberta Pacific Grain prflOO
Aldermac Copper
*
Algoma Steel
Preferred
15c
934
*
—
100
"§§"
934
45
88
134c
lHc
1,000
58c
60c
1,350
2.25
2.35
525
1.40
24,500
1,000
4,489
4c
Anglo Canadian ...
*
*
58c
2.35
Arntfleld
1
8c
Astoria Que
Aunor Gold Mines..
1
734c
334c
334c
~2~io
2.00
2.20
1
1
Bagamac
Bankfield
1
100
Bank of Montreal
Bank of Nova Scotia... 100
1134c
Base Metals
*
Bathurst Power cl A
282
189
282
238
240
10c 10 He
12H
3
*
3
634c
1.08
1.15
634c
Bell Telephone Co
100
157"
157
Bldgood Kirkland
i
10Hc
1054c
Seattle Gold
Big Missouri
Blue Ribbon pref
Bobjo
1
*
10.00
""634
5
British American Oil
•
*1834
Brit Columbia Power A..*
2734
1
84c
......_*
10c
B uffalo-Ankerite.
...1
Buffalo-Canadian.
*
Burlington Steel
4.25
Homestead
1
Honey Dew
*
3c June
14c
Nov
5c
28c
Jan
170
July
July
211
Mar
7o
Feb
Imperial Bank
268
Feb
JaD
Imperial Oil Co
Imperial Tobacco ord
Apr
Inspiration
33o
May
15H
2H June
2Hc July
9Hc
July
1.25
Nov
7
70c
130
5
July
July
87,951
10c
4c
169
July
52 He
Sept
■i
14c
Jan
Mar
Apr
7c
734c
13,500
3 He June
llHc
675
7.40 June
11.00 May
*
"l5"
6
33
1,897
15
8H
34
19
3H
3
Dec
12
Mar
Aug
42
Apr
Jan
June
100
*
Int Metal A
Calmont...
•
.........
Jan
Klrkland Lake
1.00
95c
1.00
Dec
Lake Shore
Apr
Lamaque (G)
Apr
Land BAL
Canada Cement
Preferred.
1.44
*
100
Can Cycle A Motor preflOO
Jan
Lebel-Oro
Legare pref
25
Leitch.................1
8.60
Jan
4H
Feb
17H
Jan
14
Jan
1.48
8,650
24c
1,100
634
380
6
100
100
101
10534
105
10534
1.00
June
2.39
Jan
18c June
47C
Jan
Canada Packers
*
87
Canada Steamships
Jan
Dec
Mar
12
29H June
10
65
133
4H
2
63
117
June
June
July
2H June
22
Mar
40
Nov
104 H
150
8H
Apr
Mar
Mar
Preferred
1.00
Breweries
Canadian Breweries pref.*
25
Massey-Harrls
Preferred.
Cndn Bk of Commerce. 100
157
Class B
Can Car A Foundry
Preferred
*
*
...25
Preferred
100
Canadian Dredge
Class B
*
500
30
6
Jan
2.30
5,500
2,410
880
2.10
1.71
May
3.40
Jan
27
27
27
315
20H
28 H
25 H
25 H
26
148
20
May
May
26 H
Jan
3.75
3.65
3.80
2.25 June
4.75
Feb
2.28
2.28
2.36
1.00 June
2.70
Nov
70e
Nov
50 He
2.10
50c
62c
70,200
26,900
20 He
8
8
8
2
6H
7
7
7
55
2H
3
2H
250
3H
560
64c
67c
65c
1.10
1.10
1.23
*
30 J4
100
Mar
Nov
Aug
4
7
1H
2H
Dec
July
25
July
July
380
5
June
80
June
5H
6H
59 H
Jan
9H
Feb
*
30
81c
860
Mercury Mills..—
76c
*
310
17H' 18
7H
14
Feb
Monarch Knitting
preflOO
6H
June
16H
Jan
Moneta
...—1
155
12 H
May
29
Jan
Moore Corp...
*
44
30
205
20
May
37 H
Feb
Morris-Kirkl and
1
2HC
2Hc
33
104
May
126
—.1
2c
2c
July
32
Jan
1.45
10
4,600
94
Murphy
*
70
10
70
52c
H
55c
3,810
702
46
10,667
18,500
No par value.
(Concluded on page 3377)
Jan
Jan
159
5H
217
Jan
July
54c June
130
32
21H
Mar
1,805
12,463
*
Mining Corp
3.62
Mar
27c
Modern Containers
2.50
410 June
Jan
Apr
6H
Feb
9H
Aug
Jan
6Hc
9H
26c
Feb
1.65 May
1.65 June
an
13
6H
10H
1
4
22 HO
1
22
10
July
June
lc May
*
July
340
6c
9
McWatters
June
1.00
Jan
7.25
McVittle
6
1.90
32
1.47
17
1754
Jan
July
15Hc
135
1.00
1.54
4c June
80
1.85
1.00
Jan
Nov
700 June
85o June
100
1754
*
Cndn Indust Alcohol A...*
Nov
19c
3.70
70
100
Nov
420
Aug
Jan
815
125 H 126
Canadian Celanese._....*
17o May
1.20 June
lHc
100
7
220
Feb
9,000
McKenzie
158
9
Jan
24
9,800
July
May
8H
47
June
7c
650
10 H
Dec
15H
Feb
8c
2934
9
Apr
116
17
lHc
20 H
1034
114
May
May
1.21
1,360
Feb
May
June
49H
1.15
178
Jan
5
90
111H
27 H
12 H
7c
25 H
2034
1034
Apr
1.16
Mclntyre
Apr
7
Apr
41c
49 H
Apr
24
20
Jan
16 H
7c
Apr
65
June
155
16H
Oct
1.21
21H
June
15
*
Canadian Cannera A
June
49H
June
40 H
10
20
Canadian Cannera
Jan
17o June
8H
12
1
9H
25
Apr
Feb
100
5
250
Apr
220
93
18 H
2.75
July
150
94
18
31H
Sept
5
62 H
1.05
Aug
21H May
Jan
13
5
17
1.00
34
Dec
*
McColl
McColl pref
25
May
9H
Dec
lHc
Maple Leaf Milling....._*
18 H
17
Class B
19H
10
Maple Leaf Gardens
62
50
Preferred
Canada Wire cl A
Feb
Mar
40 Ho
11H
11H
1
Malartlcf G F)
106
50
7Ho
25
July
55
11
6
Oct
15H
21Ho
July
11H
-.1
Madsen Red Lake
101
Aug
50
4H
*
McL Cockshutt
June
87
lHc June
Jan
1
1
Mines...
June
18
133
Can Permanent Mtge._100
Macassa
3
39
Jan
♦
78
87
Jan
3.10
48 H
7 He
10
Little Long Lac.........*
Loblaw A
...*
102
18
Canada Malting
16
15
5
11H
......
Jan
Jan
June
4.75 June
754c
1
32
8H
52
1.48
June
15H
25
10
Apr
9H
569
*
Lapa Cadillac
Laura Secord (new)
120
39
Canada Foundry class A.
Canadian
1.40
5.20
...1
...3
Lang A Sons
Jan
Mar
7H
1.30 May
535
20
52
100
19Hc
19
5.00
*
6He June
24c
634
19 H
...
5,300
Oct
30,600
Kerr-Addison......
10H
5H
June
31c
600
21
Jan
25c
20,235
10,095
Mar
6H May
1,507
1,723
2c
Nov
180
15
3.60
88c
July
25
2c
23 H
30
1H
60
3.35
Aug
2.75
954
102
114H 116
2c
28c May
12
1,500
3.50
14 H
660
536
29c
954
9H
4,786
14H
102
26c
Jack Walte
23 H
840
954
U4H
Jellicoe
55
7,100
30
27c
14
1,502
3
6,300
1,994
9H
1354
35
44,000
4.85
75
17
201
13
18H
15 H
10
9H
34
2754
4.25
934
200
30
13
81c 86 He
15
9H
34
1834
10c
24 H
7,650
221
31c
•
26
9 He
24 H
266"
3c
16
29c
International Petroleum..*
May
May
954
...1
100
2c
16
'"29c
100
Preferred
Intl Milling pref
International Nickel
B
Calgary A Edmonton
*
5
1
3c
25
1.04
Jan
9.90 10.00
5H
20% pref. 100
315
July
5
21
Hudson Bay
Huron A Erie
Aug
200
25
4H
.......1
*
Howey
July
269
12,000
2H
*
Building Products
Jan
5,970
3,500
8H
5
Brewers A Distillers
Brown Oil
2,537
2.45
5Hc
21
Brantford Cordage pref.25
.....
1334
2.25
Jan
10
225
1054
13
2.40
37 H
7c
Bralorne
Broulan-Porcuplne.
13c
1054
13
Jan
Oct
Apr
27H
3Hc
14H
Dec
Holllnger Consolidated...5
17c
Nov
Sept
8
Feb
39
Home Oil
2.68
lHc
11
7o
Jan
Hlnde A Dauch
*
June
Jan
57H
Mar
39
97c
2H June
13
87
640
Jan
39
June
5H
3Hc
Jan
•
Nov
2H May
Ho June
34
May
55C May
1.03
Co
2 He
31 He June
3.00
Aug
Oct
317
Hard Rock....
1.04
Jan
He
3,500
Jan
39
Jan
260
94,200
Jan
1
Jan
220
July
37c
Apr
2c
234c
230
5o
334
2Hc
16H
8H
454c
"834
50
Brazilian Traction
159
36c
3
*
..1
Hamilton Cotton pref...30
4Hc
32
100
1
Gypsum
Halcrow-Swazey
July
3,000
5,000
2,425
Gunnar
Jan
38o
2c June
725
75
Jan
75
21
6Hc
July
91c June
10,700
10
5
100
37 H
1
*
Biltmore
12H
554c
1
1
Bear Exploration
8c
282
""loc
*
Class B
7c
187
100
Bank of Toronto..
11c llHc
734c
187
8Hc
2c
11H
2054
95
82 H May
lc Sept
41c June
86 H
1
2c
11H
36
7H June
80 June
7Hc June
27
*
Jan
JaD
3H
*
Dec
10c
334
Greening Wire
15c
69o
51H July
2Hc June
Great West Sadd
17H
22 He
25C May
63
*
21
Nov
1,000
534c
t pref
Jan
2H
5Hc
54
*
v
lOHc
54 H
*
Apr
July
58
.....50
Jan
lc June
40
77
*
9,350
2,000
Great Lake
3c June
50
2c
Great Lake vot trust
10 He June
20
July
4,200
7Hc
154c
Apr
Jan
15c
Amm Gold
Anglo-Huronian
1,500
5
28
1434c
June
15c 111,100
22c
6H0
19,300
6,700
43,600
2.50
50c June
6H
7Hc
77
Grandoro
Abltlbl
6
.1
Goodyear
Goodyear pref
Week
Shares
100
4c
1
Goldale
Sales
Friday
634
1
God's Lake...
Exchange
Jan
July
16H
Gatineau Power
both inclusive, compiled from official sales lists
Jan
13 H
1,094
Glenora
Nov. 30 to Dec. 6,
Sept
Apr
1734
Gillies Lake....
Toronto Stock
Apr
16
.*
Francoeur
Apr
4.10
3
28
27
Aug
Nov
66
3
22 H
.._.*
A
Ford Motors B
Toronto, Canada
Jan
35,800
.....
Fleet Aircraft
NEW YORK, N. Y.
HEAD OFFICE, 2010 Royal Bank Building,
Jan
11c
5Hc
Federated Petroleum....*
Members The Toronto Stock Exchange
24 H
Nov
28
8H
2.25
Falconbrldge
Fanny Farmer.
Ford
1.35
4Hc
25
Eldorado
Macdonald & Bunting
Sept
9c
8
3
English Elect class A
Quoted in U. S. Funds
57c
4Hc
Easy Washing Machine.
& Industrial Stocks
5
350
4 He
....
Economic Invest
Canadian Mining
934
Aug
9Hc
...
1.30 May
1,000
2.25
*
*
15c
2~35
Davles Petroleum Ltd
Home Oil Co Ltd
2334
25H
665
10Ho
2.84
Duqueane Mining
Mar
185
1.50
Dominion Woollens pref.20
5Hc
25H
2354
185
Teck Hughes Gold Mines. 1
1,000
Apr
13 He
15,145
7,300
7,500
1.00
12c
Feb
1.30
"24 H
•
Sherrltt-Gordon Mines... 1
12c
178
1.05
*
Dominion Bank
12c
Jan
15c
Dlst Seagrams..
Dome
8.20
Feb
1.30
Delnlte
Oil-
19
49
95c
Jan
July
Jan
Apr
Apr
25
Nov
4.80
3.75
150
25
2H
50
31H
148
25
*
2.11
Aug
June
70c June
149
....*
Cub Aircraft
1.25 June
Aug
19H
100
Cosmos
1.00 May
250
60
Jan
Apr
200
1,000
July
May
July
39
1,400
2c
128
28 H
141
....5
1.80
1.95
June
12 H
426
Smelters...
Consumers Gas
1.76
3.30
1.00
200
Cons
Davles
Jan
2,500
14 H
4034
1.35
Consolidated
1.98
1.40
14
36 H
Conlaurum
1.65
2c
Acme Gas & Oil Co Ltd..*
Jan
Deo
1.00
1.22
7.00
58c
5H
19H
7.00
Aug
77c
1.95
Wright Hargreaves Mns..*
15c
1
19 H
1
1,200
*
3.00
Sullivan Cons
19c
Cockshutt Plow
1
Wood Cadillac Mines
Nov
Cochenour
49c
1
1.47
Chromium...
Red Crest Gold Mines Ltd*
Preston-East Dome
41c June
Jan
1.80
1
Perron Gold Mines
15,093
Jan
8C
Pend Oreille Mns & Mtls.l
Jan
1.31
Feb
lHc
Pandoa-Cadillac Gold
Pato Cons Gld Dredg Ltd-1
19c
54c
6c
4.10
1.05
O'Brien Gold Mines
14o
15c June
2 He
2.10
19H
Mai Gold Fields
Jan
Aug
100
29 H
1.15
Lake Shore Mines
Oct
Apr
June
lHc
1
5H
22
lc June
17
45c
Jol let-Quebec Mines
Nov
May
1.95 June
1,000
40
25
354
19c
1
1,600
lc
Mar
700
3c
24
8H
2.15
54c
*
Jan
Apr
1954
54c
East Malartic Mines Ltd.l
85c
21
2.10
2Hc
Dome Mines
4
Feb
20
Wlrebound....*
1
Cartier-Malartic Gld Mnsl
2,504
July
May
May
1
Jan
Candn Malartic Gld Mns_*
Bouscadillac Gold
12
5H
3H
19 54
534
11c
Dec
300
5H
June
32c
3,900
54c
18
Cariboo
16 He
3Hc July
5c
50c
8
48
10
9
High
Low
Shares
High
18
25
Central Porcupine
Chemical Research
1
Low
Price
Canadian Locomotive
Canadian Wineries
Mines—
Aldermac Copper
Week
Par
C P R
1,1940
Range Since Jan.
for
of Pnces
Stocks (Concluded)
High
42 H
Walkerville Brewery Ltd-*
$1
Low
Shares
Week's Range
Sale
for
Sale
Price
Sales
Last
Range Since Jan. 1, 1940
Last
Stocks (Concluded)
Exchange
Friday
Sales
Friday
37H
July
20c June
5
June
101
Jan
Jan
Apr
58
Jan
Jan
Jan
58c
Jan
12H
Apr
1.33
40c July
12H June
20
Feb
60
70
Deo
Aug
37H0 July
June
34H
2c July
lc
Aug
93 HO
48
Jan
Jan
Apr
8c
Jan
2 He
Apr
The Commercial & Financial Chronicle
3380
Quotations
Bid
15 1969
0234s July
a 3a
Jan
1
a3e
June
Bid
100
1
a4J4s Mar
1964.
122
1
1980
10234 103
o33is July
1
1975
10534 107
a334s May
1
1964
110
a334s Nov
1
1954
11034 11134
a434s Jan
1 1960
a334s Mar
16 1976
a334» Jan
1 1957
a4<i
May
1 1958
a4«
Nov
11034 11134
11034 112
11134
Continental
12454 126%
12534 127
Illinois Natl
33 1-3
88
-—100
270
Bank A Trust
First National
125 54
16 1978.
126 34
a434s Mar
o4Hb May
1967.
11734
a4 Ma Nov
1967.
121% 123
11654 11734
12034 122
a434s Mar
1963.
125% 126 54
a4 34s June
1966.
126%
12714
12134 123
127
12814
V
May
1
1959
May
Oct
1
1977
1
1980—
a434s July
1967.
a434» Sept
a434s Mar
1
1960
12054 12154
a434s Dec
16 1971.
1
1962
12134 12234
a4 Ha Deo
128 34 130
122% 134 J4
1979.
1
New York State Bonds
less 1
Bank of Yorktown._66 2-3
Bensonhurst National—50
85
61.90
less 1
61.90
—
Highway Imp 434s Sept '63
Canal Imp 4s JAJ *60 to '67
150
113
-mm
Bid
Penn Exchange
Bio
6 25
6.25
3154
Sterling Nat Bank A Tr 25
1720
2554
2754
130
6.25
342
10
104
1 *76
4th ser Deo 15 *76
mmm
10154 10234
105
10634
61
10554 10634
62.30 10134
61.35 2.20%
3348 s f revenue
1980
3s serial rev 1963-1975..
254s serial rev 1946-1952
...
200
220
100
297
302
10
14
17
Irving.
76
81
Kings County
20
Central Hanover
25
35
New York
25
Continental Bank A Tr.10
Corn Exch Bk A Tr
20
10
12
14
1534
Trade Bank & Trust.
4934
Underwriters
Empire-
46
49
United States
—
5434
334
234
10
16
100
80
—
—
3934
5234
10934 11234
Title Guarantee A Tr —12
4834
31
3734
20
Preferred
30
1560
28
20
Manufacturers
9934 10234
5154
4954
50
Clinton Trust
1234
1134
1(K) 1510
—.25
Lawyers
Colonial
...
-100
—
County——.35
Chemical Bank A Trust-10
Atk
Bid
Par
Fulton...
Guaranty
350
59
-
Companies
A sk
Bid
mmm
...
106
A* AH
55
2954
New York Trust
Bankers
Atk
Tri borough Bridge—
1942-1960
48
Brooklyn—.——100
3 34s 5th ser Aug 15 '77
...
106
AfAS
12
10
60
1734
Peoples National
720
100 680
First National of N Y..100 1680
120
Merchants Bank
100
Bronx
3 34s 2nd ser May
3s
434s ser E
1942-1960
34
179
Bank of New York.—100
General A Refunding—
4b
1st ser Mar 1 *75
11054 11134
Inland Terminal 434* ser D
1941
JJfAS
32
173
...
Port of New York-
M AS
13.55
Par
Atk
San Francisco-Oakland—
1941
2834
1234
...
Authority Bonds
California Toll Bridge—
1976
1034
141
Barge CT 434s Jan 1 1945.
Bank.1234
National Safety
'■mimm
14734
Public
Holland Tunnel
mm'm
141
4s Mar A Sept 1958 to
150
1964..
Can A High Imp 434s 1965
4s September
61.00
Highway
'67
45
2654
100
Fifth Avenue..
4348 April 1941 to 1949.
Improvement—
40
1234
Public National
World War Bonus—
Ask
National Bronx Bank...50
National City
1734
1554
40
Atk
Bid
Canal A Highway—
Canal Imp 434s Jan
3934
Bid
Par
Ask
Bid
Par
Bank of Manhattan Co.10
Chase
Atk
61.80
A Mar 1964 to '71
3734
New York Bank Stocks
Commercial National..100
Bid
3s 1981
FRANCISCO—
SAN
90
276
12734 129
12134 12214
1981.
a4a
3s 1974
525
128
116
A alt
307
516
127%
a434» Nov
Bid
297
100
Northern Trust Co
229
220
100
A Trust
Par
Harris Trust A Savings. 100
American National Bank
11534 117
..
'.•••
Ask
Bid
Par
123
1977.
1
a4fl
a4s
Atk
12234 123 %
124 X 125%
1 1966.
a4#8 Apr
a434s Apr 16 1972.
1 1974.
a434s June
16 1976.
a4%a Feb
10234 10334
1977
Chicago & San Francisco Banks
City Bonds
Atk
99
7, 1940
Over-the-Counter Securities—Friday Dec. 6
on
New York
Dec.
100 1505
90
1555
United States Insular Bonds
Bid
U S Panama 3s June 11961
Government—
1969
434s July 1962—.;
6s
Apr
1955
106
108
126
Telephone and Telegraph Stocks
128
Govt of Puerto Rico—
9934 101
118
1952
108
634s Aug
1941
121
108
434s July 1952
58
July 1948 opt 1943.
Feb
Am Dist Teleg (N J)
111
110
com.*
100
5% preferred.—
10234 10334
6s
109
18
.25
15
18
3154
3354
3434
113
Pac A
Atl Telegra
*
112
Conversion 3s 1947
108
119
121
46
.100
114
100
Int Ocean Telegraph... 100
mm*
Canada
100
pref.__109
Cuban Teleph 6% pref.100
103
Bell Telep of Pa
Franklin Telegraph
118
115
Hawaii 434« Oot 1956
,mmm-
Bell Telep of
Erap A Bay State Tel—100
111
U S conversion 3s 1946
22
.25
New York Mutual Tel-25
113
11134
Atk
Bid
Par
Atk
Bid
108
106
434s Oct
Atk
Bid
Atk ]
Philippine
28
74
78
..25
17
Mtn States Tel A Tel. .100
133
137
100
160
32
43
Rochester Telephone—
Federal Land Bank Bonds
Bid
334s 1955 opt 1945..MAN 1101*16 U0»M
JAJ 109l,u 1091S*2
JAJ
11054 11054
111
111134
3s 1955 opt 1946
3b 1956 opt 1946
3s 1960 opt 1946
48 1946 opt 1944
JAJ
JA.7
Bank Bonds
Bid
Ask
99
'mm
..
99
mmm
86
r7
Chicago
...
Denver 134s, 3s
First Carolina—
9
Lincoln 5s
89
T2
Burlington
234
Lincoln 534s
New
York 5s
86
North Carolina 34s, 134s._
99
134s, 2s
mm m
'■mmm'
90
9934
■
■
^
r35
88
...
40
B
Par
Atk
Bid
234
334
Kress (8 H)
*
134
234
Reeves (Dan el)
100
1954
/G Foods Inc common. . *
Bohack (H C) common
7% preferred
9834
Pennsylvania 134s, 134s
Phoenix
99
............
First Texas 2s, 2348
■
mm m
99
5s
434s
101
7
pref—100
1334
1234
90
'■■
Cigar-Whelan stores
*
$5 preferred
8)4
;
2034
1834
■mmm
99
Potomac 134s
...
Atk
Bid
101
Phoenix
First New Orleans—
Fishman (M H) Co Inc..*
6% pref... 100
22
u nltea
99
........
Is, 2s
Par
:m
mmm
99
Oregon-Was hi ngton
...
■
First Montgomery—
3s, 334s
Chain Store Stocks
Ask
99
Lafayette 34s, 2s
Lincoln 434s
m
16334
11154 112
Joint Stock Land
Bid
...
20
112*16 lll'ie
4s 1904 opt 1944
MAN
Atlanta 54a, 134s
Atlantic 1348. 154s
Atk
Bid
Atk
,
...
First Trust Chicago—
r21
St. Louis
Is, 134a..—
Fletcher 34b, 334s
99
Fremont 434s, 534s
70
Illinois Midwest 434s, 5s..
99 34
99
■'mmm
mmm
23
99
San Antonio 54s, 2s
rl334
Southern Minnesota
'mmm
1434
FHA Insured
'
Iowa 434s, 434s
Southwest (Ark)
m
■
100
Indianapolis 6s.......
86
m
Union Detroit 2 34s
99
mm
,
98
Virginian Is,
mmm
mmm
6s
154s
mmm
Bids and
Joint Stock Land Bank Stocks
Par
Bid
Atk
100
84
New York
Atlantic..
100
48
52
North Carolina
Dallas
100
x72
76
Pennsylvania
Denver
100
56
62
Potomac
—
San Antonio
—
100
55
60
...100
14
18
Fremont...
100
2
6
Llnooln
100
5
Ask
100
—
—
1
5
100
95
102
100
35
115
130
100
115
125
5
Virginia
Virginia-Carol Ina
—
Telephone: WHltehall 3-6850
234
80
100
3
90
FHA Insured Mortgages
Bid
Atk
Atk
10134 102 34
Alabama 434»——
Arkansas 434s
54% due
34% due
Feb
2 1941 6.30%
1 1941 b .30%
54% due
54% due
Mar
Apr
1 1941 b .30%
1 1941 b .30%
548 due
Jan
<4 % due
54% dae
54% due
1 1941
May
b
June 2 1941 b .35%
54% due
54% due
.35%
54s due
—
68
Delaware 434s..
Aug 1 1941 6 .35%
Sept 2 1941 b .35%
Oct 1 1941 6 .40%
Nov 1 1941 5.40%
Dec 1 1941 b .40%
-
...
District of Columbia
434s.
10134 10234
102
10334
10134 10234
102
Georgia 434s—
Illinois 434s
Indiana 434s
Louisiana 434s
—
10134
10134
10134
10134
10234
10254
10254
103
Bid
Commodity Credit Corp—
54%
Aug
1 1941 100.11 100.13
1%
Nov 15 1941 100.27 100.29
54%
May
11943 101
101.2
Home Owners'
Loan Corp
May 15 1941 100.8
54s
102
10334
Massachusetts 434s
102
103
10134 10234
10234 10334
100.10
(A servicing fee from
Reconstruction Flnanoe
•
m
101
102
102
103
102
103
North Carolina
10134 10254
102
10334
434s
434s
Pennsylvania 434 s
Rhode Island 434 s
South Carolina 434s
Maryland 4348
Atk
103
104
10134 10234
New York State 434s
•
m
•
m
Tennessee 434s
Texas 434s
Minnesota 434s
Ask
«•
»*»
N Y (Metrop area) 434s.
10234
Michigan 434s
Bid
New Mexico 4348
Asked
102
New Jersey 434s..
6s
10334
101
Florida 434s
Obligations of Governmental Agencies
Bid
Asked
Federal Intermediate Credit Bank Debentures
Bid
FISCHER
40
100
~
New York, N. Y.
44 Wall Street,
9
Des Moines
First Carollnas
Offerings Wanted
WHITEHEAD &
Bid
Par
Atlanta
80
Mortgages
mmm
99
'
insured Farm Mtges 4 34s
Virginia 434s.
West Virginia 434s..
102
10334
10134 10254
10154 103
10134 103
101
10234
10234
10134 103
101
34% to 54% must be deducted from Interest rate.
Federal Home Loan Banks
Apr
Apr
34s
548
2s
15 1941 100.3 100.5
15 1942 100.14 100.16
Apr
1 1943 102.28 103.2
34%
No par value,
/Flat price,
maturities,
V
t
*
n
July
15 1942 100.28 100.30
34% notes Nov 11941— 100 3
154% notes Feb 11944.. 102.31 103.1
The
101.28 102.2
to i When
Issued
w-t
With stock,
Quotation not furnished by sponsor
534%
on
be*t "Hedge?' security
for Banks and Insurance Co's.
Circular
Interchangeable,
b Basis price,
Nominal quotation,
r In recelvorship.
a
z
d Coupon.
interest.
Quotation shown is for all
based
on
184 60
Sept. 25 and 5% In Oct.
of
or
on
request
« Ex
Ex-stock dividend.
STORMS AND CO.
Commonwealth Building
Phone Atlantic 1170
Issuer.
principal
amount.
5% was
*
F.H.A. INSURED MORTGAGES
100.5
Now listed on New York Stock Exchange.
Now selling on New York Curb Exchange.
T Quotation
SPECIALIZING.
1 1942 101.12 101.14
U S Housing Authority—
10034 101.18 101.24
1548 Jan 3 1944—
Jan 3 1941 at 10134
*
Jan
1%
Federal Natl Mtge Assn—
2s May 16 1943—
Call May 16 *41 at
34%
34%
notes July 20 1941 100.18 100.18
Nov
11941 100.23 100.25
paid on July 2.
PITTSBURGH, PA.
Volume
3381
The Commercial & Financial Chronicle
151
Quotations
Over-the-Counter Securities—Friday Dec. 6 -Continued
on
Insurance
Guaranteed Railroad Stocks
Companies
Rid
Ask
5
31%
Home Fire Security
10
33%
2 H
10
1H
18H
70 %
Par
Par
Home
126H 130H
Aetna Cas A Surety....10
Aetna.......lO
MsmJtm X.rw Y*rk
29H
Homestead Fire
77
81
Ins Co of North Amer—10
..10
22H
24
18H
20
Jersey Insurance of N Y.20
Knickerbocker
5
42
American Equitable.....5
Amer Fidel A Cas Co com 5
Tel. RE ctor
10H
12
Lincoln Fire
..5
1
10
10
44 H
6%
14%
46 %
J6H
50 %
Maryland Casualty
2H
4%
■12H
40
National Fire
American Home.
American of Newark
2-6600
STOCKS
28
25
American Alliance
GUARANTEED
NEW YORK
55
10
Agricultural
Stuh Extlmug*
Dealer* in
120 Broadway
53
Aetna Life
3o$epb Walkers Sons
American
Reinsurance
10
'5
r-:'
/
'
-
PaT
6.00
70
10.50
110
115
6.00
77
80
2.00
32
34
100
8.76
88
90
100
8.50
8
13
.100
Central)
Haven)
Providence (New
Canada Southern (New York
Central)
3.00
36
72
75
Cleveland A
3.50
82
84
50
2.00
48
51
Delaware
5.50
63
151
155
4.00
60.00
40 H
600
42
800
29
51
54
4.00
95
98
4.50
36 H
40
1.50
44
47
Pittsburgh Bessemer A Lake Erie (U S Steel)
47 H
22 H
24
New
York
14%
15%
9
8
Northeastern
34
36 %
North
1
2H
2H
7.00
176
7.00
160
6.64
59
8 00
140
H
145
100
3.00
12 50
of"Mdlll20
119
124
10
67
68
122H
39
41H
10
87
91
12H
14H
34
36
^
30 %
5
Reinsurance
Corp (N Y) .2
10
Republic (Texas)
Revere (Paul) Fire.....10
32 %
*39 H
Accident
Providence-Washington. 10
%
6
...
130H
119
10
Preferred
98 H 101
10
8 %
Firemen'* of Newark.....5
125
25
Phoenix
53
50 %
Fireman's Fd of San Fr.25
...2 50
National .25
Pacific Indemnity Co
9%
7 %
If)
River...
Seaboard Fire A Marine..5
27 %
Seaboard Surety
45
......5
St Paul Fire A Marine. .25
27
25 H
Gibraltar Fire A Marine. 10
47
Security New Haven
7
8%
27
28 H
27
28H
2H
4
254
244
6H
36H
35H
120
v
8H
38H
37%
123H
50%
10
13
Standard
55
60
5
100
4
28 %
Stuyvesaut
Sun Life Assurance
3
27 %
....5
225
275
12
Travelers
100
416
426
Great Amer Indemnity...1
*10
10
11
Halifax
10
10
Sprlngtleld Fire A Mar..25
9%
8%
RepublIo.......5
Rutgers Fire—15
2d preferred
15
Great American..
....5
41%
24
10
Georgia Home
4
103H 107H
26%
25%
Pacific Fire
■
62
pref (Terminal RR).......... .100
5
......
Northwestern
55
Globe A
179
.100
Pittsburgh Youngstown A Ashtabula pref (Penna). .100
.100
Rensselaer A Saratoga (Delaware A Hudson)
6
Fire
Northern
Globe A
82
3.00
60
Preferred
45%
10
5
Glens Falls Fire
30
6.00
60
Oswego A Syracuse (Del Lack A Western)
Hampshire Fire...10
Rhode Island
H
3.875
..50
Morris A Essex (Del Lack A Western)
York Lackawanna A Western (D L A W)._. .100
50
Northern Central (Pennsylvania)
New
38%
New
General Reinsurance Corp 5
66
9.00
.100
Michigan Central (New York Central)
2.00
.100
....
.100
.100
Central)
36%
25H
Franklin Fire
50
48
..25
(Pennsylvania)
Fort Wayne A Jackson pref (N Y
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
18%
17 H
10
22
Fire As8n of Phlla.
H
154
149
2
Brunswick
24
Fidelity A Dep
5.00
H
29 %
City of New York
40
(N Y Central). .100
Pittsburgh (Pennsylvania)
8H
28%
Vorforal
Cleve Cln Chicago A St Louis pref
7H
20
Eagle Fire
89
64%
...10
Carolina
Employers Re-Insurance 10
Excess
5
5.00
28
New
Continental Casualty£2^- 5
.100
Betterment stock
New Amsterdam Cas
Connecticut Gen Life...10
91
Carolina Cilnchfleld A Ohio com (L A N-A C L)
635
City Title
73
Beeeb Creek (New York Central)
Boston A
Asked
100
Central)
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts).
Boston A Albany (New York
J:
100
Alabama A Vleksburg (Illinois
103
618
7H
7
6
25H
National Liberty
8H
49
62 %
10
10
...
100
,
Camden Fire...........5
Bid
National Casualty
2H
64
45
Mfrs Fire N Y..5
M»rcn A
2H
61
5
Assur com
25
2H
Boston
in Dollars
Fire
..100
Bankers A Shippers
Dividend
Mercb
%
1H
2
National Union Fire....20
Baltimore American
(Guarantor In Parentheses)
48 %
38
...25
American Surety
Automobile.
Guaranteed Railroad Stocks
15
10
American Reserve
ySince 1855.
Mass
9
8
1
Bonding A Ins.. 12H
20
71H
44%
Aocldent.
10
48%
U 8 Fidelity A Guar Co..2
21%
23
U 8 Fire
H* 12%
49%
70%
51 %
73
33%
35%
68
Pittsburgh Fort Wayne A Chicago (Penna) pref
St Louts Bridge 1st
''
Second preferred
....
140
145
246
249
6.00
45
50
6.00
67
Mills Ino
58
61
American Arch....
100
5.00
61
65
Amer
60
3.60
24
27
American Cyanamld—
6 00
West Jersey A Seashore
l
10 00
Dtlca Chenango A Susquehanna
Preferred
60
Atlantic Coast Line 4H8--
61.00
050
Baltimore A Ohio 4 Hs
61.50
1.10
Nash Chat A St Louis
1.10
New
61 50
Bessemer A Lake Erie
61.40
2%b
Boston A Maine 6s
62 00
64 60
3.75
1 50
61 40
York Central 4 Ha
1.10
61.90
1 50
N Y Chic A St Louis 4s_.
62.60
2.00
1.25
Canadian National 4Hs-5s
2Hs
1 10
62 00
Missouri Pacific 4Hs
2^8
64.50
Central RR of N J 4 Hs.
,
3 75
N Y N H A Hartford 3s..
62.15
1.75
61.25
Canadian Pacific 4 Ha
0 75
North Amer Car 4Hs-6Hs
64 25
3 75
64.00
3.00
Northern Pacific
2Hs-2Hs
61.70
1.30
Chesapeake A Ohio 4Hs..
61.20
0.80
No W Befr Line 3H8-4s___
63.25
2.60
Chlo Burl A Qulncy 2Hs..
Chlc Mllw A St Paul 6s.
61.40
1.00
62.50
1.75
Central of Georgia 4a
..
61 75
62 00
62 50
1 60
Denv A Bio Gr West 4Hs.
62 00
1.25
Erie 4Hs
61.75
1.25
Fruit
61.80
1.40
Pere Marquette—
61.75
2H8-2H8 and 4Hs
Express
61.40
1.00
61.80
1.35
61 75
1 25
Reading Co 4 Ha
61 35
4s. 4>48 and 4Hs
1 00
.
St Louis 8'western 4 Ha
3 00
1.10
Southern Pacific 4 Hs
61.80
1 50
63.00
Shippers Car Line 5s
61 40
Illinois Central 3s
.
2%a
2 00
61.60
1.20
62.25
64 00
Great Northern By 2a
Grand Trunk Western 6a.
1.35
St Louis-San Fran 4s-4Hs.
.
Growers
1.40
2%a series G A H
1.50
Del Lack A Western 4s
0.50
4s series E
1.25
Clinch Held 2^8
Chic A Northwestern 4Hs.
61.00
61.80
Pennsylvanla 4Hs series D
1.50
3a_.
61.90
1.40
Southern By 4s
61.25
61.50
1 15
Texas A Pacific 4s-4Ha
61.30
1.10
Long Island 4Hs
62 00
1.50
Union Pacific 2Hs
61 75
1.25
61 75
1 25
Western Maryland 2s
61 90
l.iO
62.00
1.25
Western Pacific 5s
61 40
1.15
47
25
24%
26H
Peoel-Cola
%
Kansas City Southern
Louisiana A Ark
.....
3Hs
1
180
2 %
3%
2H
9%
3
19
15H
Remington Arms com
*
Safety Car Htg A Ltg.,.60
3H|I
5
4
186
182
Manufacturing..25
Soovlll
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
Merchants
62 00
1.50
4HS-4HS.
61 50
1.15
Wheellng A Lake Erie 2Hs
61.40
1.10
West Fruit Exp
Despatch
2Hs. 4Hs A 68
52 H
7
19
21
Talon Ino com..........5
36
5
55
58
Asked
Columbia Baking com...*
11
|1 cum preferred......*
Consolidated Aircraft—
20
23
•
59 H
Pub
*
Manganese.2
24 %
Tampax Ino com
1
Taylor Wharton Iron A
Steel common
.._*
Tennessee Products
...*
62
26H
Thompson Auto Arms
1
Time Ino
8%
*
Tokhelm Oil Tank A Pump
60
...5
12H
14
14
16
Trlco Products Corp
*
35%
28
Triumph
Explosives
.2
3%
37%
4%
H
1H
Common
29
31 H
32
Domestic Flnanoe cum pf. *
28 %
31 %
United ArtistsTheatcom.*
Draper Corp
71%
75%
United Drill A Tool-
32
35
Packings com...*
15
23 %
25
56
Gen
........
.1943
89H
57 H
90
...
.1955
Chicago Indiana A Southern 4s
...
.1956
Chicago St Louis A New Orleans 5s
...
.1951
102
68H
74
Connecting Railway of Philadelphia 4s
....
Cuba BB Improvement and equipment 5s.......
.1951
/19
Dayton Union Railway 3%s
.1965
Florida Southern 4s
....
.........
.1945
60 H
*62*
.1946
50
.1953
58
62
........
.1950
68
69
.......
.1978
91
93
A Gulf 5s...
Memphis Union Station 5s....................
.1959
Northern lnoome 5s.........
New York A Harlem 3Hs
New York A Hoboken Ferry 6s
New York Connecting RB 3Hs
...—.
New York Philadelphia A Norfolk 4s............
Norwich A Worcester 4Hs
/12
H
114H
.2032
.2000
.1946
13
102 H
40
100
30
.1965
100 H
100H
.1948
101H
102
.1947
100H
.1949
Providence A Worcester 4a
.1961
92
90
.1965
93 H
100H 100H
Brown Go dHsser
A.. 1946
/40H
I Carrier Corp 4Hs
1948
26 H
27H
29H
100
Long BelJ Lumber..
•
15 preferred ........100
16H
18H1
15H
16H
Dow Chemical 2 Ha---1950
Minn A Ont Pap 6s... 1945
77
80
Nat Dairy Prod
2
1H
preferred
28 H
8%
Lawrence PortI Cement
oh;
104%
13%
15
104
5% pref w w
....100
Mailory (P R) A Co.——*
Marl In
Rockwell Corp...l
57H, 58H
Merck Co Inc
oommon.-l
70
I
16 preferred
100
118
I
65
70
.1946
92
Canal 3H®-——
.1951
106
.1968
80
.1954
45
50
.1990
63
64 H
Washington County Ry 3Hs
A Pittsburgh 4s
Crane Co
2%s
...1950
Deep Rock Oil 7s
1937
Stamped
91 %
93 H
T01H 102 H
/48H
...
104
/42
3Hs -1960
1 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6a '48
3 Hs'60
Scovlll Mfg3Hs deb..1950
Western Auto Suop3Hs'55
Revere Cap A Brass
42 %
51
104H
43H
104H
18H
17%
51 H
49 H
101% 102H
107
108
99H 99H
104H 104H
...
Y ngstn
Sheet A T 3 % s 1960
Sugar Securities
Bid
Bonds
Ask
106 H
.1967
100
102"
.1957
110H
UIH
96
Haytlan Corp 4s
New Nlquero
3HS--
..1940-1942
Assoo com.l
....1
—
55
33 H
Savannah
13H
/20
23
West Indies Sugar
Bid
5%
16%
1
6
17H
1 %
Vertlentee-Camaguey
Sugar
Sugar Co
i
Sugar—
Preferred
Haytlan Corp com
*
Punta Alegre Sugar Corp.*
50
1954
For footnotes see page
12H
/31H
fl2
1989
6s
Par
Stocks
Eastern Sugar
/II
1951
Baraqua Sugar Estates—
68...
1947
~81~
West Virginia
78
Antilla Sugar Estates—
105 H
.1942
...................
69
Benef Indus Loan 2%b'50
15H
H
.1957
Vicksburgh Bridge 1st 4-Os.
/66H
Amer Writ Paper
44
118
Georgia 4s...............
United New Jereey Railroad A
6s._i961
46%
101**w
.1947
Peoria 5s......................
Toledo Peoria A Western 4s
Toledo Terminal 4Hs
................
Toronto Hamilton A Buffalo 4s
i
Terre Haute A
45H
14
6a
Tennessee Alabama A
42
Bond*—
62 H
43%
62
60
.1941
.1947
............
8%
4%
101H
Pennsylvania A New York Canal 6s extended to.
Philadelphia A Beading Terminal 5a
Pittsburgh Bessemer A Lake Erie 6s
—
Portland Terminal 4s
..........
Richmond Terminal By 3Hs
3%
5%
3%
57
McCrory Stores—
New Orleans Great
7% preferred.......100
3%
6%
41
15
52
Illinois Central—Louisville Dlv A Terminal 3Hs.
Kansas Oklahoma
1
*
—100
Great Lakes SS Co com..*
Great Northern Paper..25
Humor Corp
Preferred
*
6%
43
....*
King Seeley Corp 00m... 1
Landers Frary A Clark..25
80
Indiana Illinois A Iowa 4s
Hoboken Ferry 5s..
...100
H. 18H
5%
Harrlsburg Steel Corp
5
Interstate Bakeries com..*
"20H
101H
77 H
16
York Ice Machinery
16H
14H
1H
56%
6%
H
2%
59%
108
Wilcox A Glbbs com....60
Lewis
Graton A Knight com
112
.1960
.1995
*
2H
7%
Worcester Salt..
Machine Tool—.....2
Good
103
.1961
Gen Machinery Corp com *
G Ida logs A
67 H
70
Chicago Stock Yards 5s
.....—
Cleveland Terminal A Valley 4s—
Fire Extinguisher...*
1%
pref erred....... 100
Wlckwlre Spencer Steel..•
16
/49
100
Welch Grape Juice 00m
7H
59H
.1944
8H
7
5%
H
Veeder-Root Ino com
6H
57 H
Garlock
.*
Preferred
27
Amer shs *
Foundation Co
•
United Piece Dye Works.*
13
11
30
Class A
3
2%
*
Bake Shops
Federal
51
.....
2H
25H
129
67
.1946
Cambria A Clearfield 4s
2H
24H
125
00m...10
*
Dictaphone Corp
*
Dixon (Joe) Crucible—100
Preferred
Boston A Albany 4Hs..............
3%
'llH
10
Devoe A Raynolds B com
51
Baltimore A Ohio 4s secured notes......
2H
Dentists Supply
/49
.1945
Akron Canton A Youngstown 6Hs.
6
6%
59
Farnsworth Telev A Rad.l
Bid
5%
43
50
Class B
Railroad Bonds
4H
40 H
Stanley Works Ino
Dun A Bradstreet com..
Maine Central 6s........
6%
62H
30
106H 108H
28H
25
Strom berg-Carlson......»
Sylvania Indus Corp
*
3H
5%
U%
5%
59%
Standard Screw........20
22 H
4
6%
|
63 H
13
13 conv pref..
80
13H
34
Crowell-Collier
190
179
5%
17
2H
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
%
11%
15%
..1
29
21 H
100
10
Chilton Co common
14
Conversion... 1
Petroleum
2H
1
38H Pilgrim Exploration
31%. Pollak Manufacturing...*
2H
Mfg...50
10H
Petroleum Heat A Power.*
36H
Botany Worsted Mills ol A5
II 26 preferred
10
Buckeye Steel Castings..*
Cessna Aircraft
1
Co.._....._.*
Permntlt Co
16%. 18H
80
10
Chlo Burl A Qulncy
Pan Amer Matoh Corp. .25
75
1
Autocar Co 00m
Cuban-Amer
.....*
Ohio Match Co
$3 partlo preferred...
Arlington Mills
100
Art Metal Construction. 10
Brown A Sharpe
45
4%
54
Arden Farms com v t c
6H
New Britain Machine....*
3H
pref 100
94
5
30
51H
Products...*
15H
16H
27
*
Hardware
Ask
13H
13H
90
...
preferred
6% pflO
American Mtg 5%
Rid
12%
12
series
Maize
...»
com...1
50
5%
1.00
Lehigh A New Engl 4HS--
Amer
Preferred
12H' 13
6% conv pref 1st ser._10
American
Atk
Bid
National Casket J
Nat Pa pet A Type
American Enka Corp
Ask
Muskegon Piston R1ng.2H
33H
19%
17H
Pa
,
3H
2%
31
Bemberg A com...*
Amer Distilling Co
Bid
Ask
Bid
Par
2d
Equipment Bonds
.....10
2.50
Industrial Stocks and Bonds
Alabama
:■/$ 57
3.00
(Penn-Reading).
Railroad
90 H .U 9 Guarantee
*
Westchester Fire
59
57
*
United New Jersey
Warren RR of N J (Del Lack A Western)
27 %
87 H
*
5.00
100
RR)
RR A Canal (Pennsylvania)... .100
.100
(D L A W)
.100
Valley (Delaware Lackawanna A Western)
vtcksburg Shreveport A Pacific (Illinois Central). .100
Tunnel RR St Louis (Terminal
4
26 %
.........10
Hartford Fire
10
Hartford Steam Boiler..10
Hanover
3380.
Refg...l
5
30H
6
32
..........6
1H
2H
Corp.,1
3H
3%
The Commercial & Financial Chronicle
3382
Quotations
Public
•
Sold
7,
1940
Overthe-Counter Securities—Friday Dec. 6-Continued
on
Utility Preferred Stocks'
Bought
Dec.
Par
Ask
Bid
Par
8.53
9.33
Investors Fund C_.
1%
2.65
2.90
♦Amerex Holding Corp—*
Amer Business Shares
12%
bid
Ask
9.24
9.87
Keystone Custodian Funds
Securities—
Affiliated Fund Inc
Quoted
•
Investing Companies
.Vi
Aeronautical
1
14
Series B-l——
27.70
30.20
Jackson & Curtis
3.21
Series B-2
20.88
22.92
6.11
6.74
Series B-3
13.44
14.74
4%
Series B-4
6.42
7.05
Axe-Houghton Fund Inc..
10.74
11.55
Series K-l—
14.95
16.38
Aviation Capital Inc
j
2.91
Amer Foreign Invest Inc..
Assoc Stand OU Shares—2
19.53
21.23
Series
10.58
11.69
12.00
13.21
8.83
'9.74
4%
5%
4%
5%
1
5
Series S~2
ESTABLISHED 1879
Members
Series S-3_
Bankers Nat Investing—
♦Common
Principal Stock and Commodity Exchanges
—
♦5% preferred...
Basic Industry Shares..10
New York City
115 Broadway
K-2—......
Boston Fund
3.51
Knickbocker Fund—
1
3.90
5.71
6.29
3.46
13.90
Inc
.
Series 8-4
14.95
Manhattan Bond Fund Inc
6.73
7.43
Teletype N.Y.J-1600
Public
Par
Bid
British Type Invest A—1
Ask
Par
Arkansas Pr A Lt
Atlantic City El 6% pref.*
123
Bid
Ask
New Eng Pub Serv Co—
6% pref.25
7% pf..*
New Eng G & E 6%% pf.*
New Eng Pr Assn 6% pf 100
4%
84%
86%
25
53%
54%
66
*6 prior lien pref
*
62%
Birmingham Gas—
*3.60 prior preferred-.60
50%
51%
cum
Carolina Power A Light—
*7
*
preferred
Cent Indian Pow
7% pf 100
110% 113
82
79%
02% 105
a;l 12
114%
119
121%
Consol Elec & Gas *6 pref.*
10%
107% 109%
Consumers Power *5 pref.*
8%
Continental Gas & Elec—
7%
Derby Gas & El *7 pref..*
Federal Water Serv Corp¬
se cum preferred
*
*4 preferred
Northern States Power—
(Del) 7%
91%
93%
64
66%
6%
7%
pref
preferred--.*
32
34%
112
100
7% pf-100
Line Co
Florida Pr A Lt *7 pref..*
-.100
Hartford Electric Llght.26
Ind Pow & Lt 5% %—100
Interstate Natural Gas.--*
Jamaica Water Supply—.*
Jer Cent P A L
7% pf„100
62%
114
105% 107%
115% 116%
28%
29%
63%
83%
84%
63%
*
Peoples Lt A Pr *3 pref.25
Philadelphia Co—
*6 cum preferred
*
Pub Serv Co of Indiana—
34
110% 112%
115% 117
119% 122
80%
82%
Pipe
Penna Edison *6 pref.—*
Penn Pow A Lt *7 pref-.-*
108% 109%
24%
26%
32
Eastern
*7 prior lien pref
38 ;
40
365%
67%
113% 115%
20% 21%
80%
Kings Co Ltg 7% pref-100
76
108
6%
preferred
95%
98%
14%
26
2
0% preferred D
28 %
Sierra Pacific Pow
100
*
4%
5%
106
108
*
Mass Utilities Associates—
19 %
20 %
S'western G A E
5% pf-100
6% oonv partlc pref..60
Mississippi Power *6 pref.*
27
28
Texas Pow A Lt 7% pf-100
112% 115%
83
85%
96%
United Pub
Utilities Corp
*2.75 pref
*
80
*3 pref
*
Utah Pow A Lt *7 pref—*
Mass Pow A Lt Associates
*2
*7
preferred
preferred
Southern Nat Gas com.7%
*
93%
Mississippi P A L *6 pref.*
77%
4%
Missouri Kan Pipe Line..6
15
Mountain States Power—
6% preferred
—*
Narrag El 4%% pref—,50
Nassau & Suf Ltg 7%pf 100
28 H
15
47 H
55%
20
Public
Bid
21%
24%
23%
26%
75%
77%
Washington Ry A Ltg Co—
Participating units
18%
19%
West Penn Power com—.*
25%
26%
West Texas UtU *6
29%
16%
49%
56%
22%
99% 101%
pref—*
Ask
58%
90%
Associated Electric 5s. 1961
49%
|
1973
Conv deb 6%s
1
8s without warrants 1
Series AA
1
/23
/25%
/26%
/26%
/57
112% 112%
106% 107%
10
1955
26
Series ACC mod
—1
♦Crum A Forster com__10
61%
83%
14%
14%
28%
♦8% preferred
100
95%
mmm
30%
119%
——
100
♦7% preferred
Cumulative Trust Shares. *
Deposited Insur Shs A
1
98
104%
•
'•
.1954
4%s.
8.00
9.80
10.79
8.07
8.90
Metals
6.57
7.25
Oils
6.42
7.09
2.57
2.84
5.84
6.45
Railroad equipment
1
3.35
5.05
5*65
No Amer Bond Trust ctfs.
1.09
1.20
No Amer Tr Shares 1953. *
6.91
Steel
Series 1950
Howard—
17.65
Balanced Fun'.d
Stock Fund
...
18.75
10.83
26.67
HMH o o
Central Public Utility—
Income 5%s with stk
•<!
CO
1
2.43
Series 1958
1
2.03
16.59
17.84
Quarterly Inc Shares.-10c
First Mutual Trust Fund—
6.00
6.65
5% deb series A
Representative Tr Shs.. 10
19%
20
Republic Invest Fund—
Bank stock series... 10c
2.25
3.47
Fixed Trust Shares A...10
8.81
4~00
15.50
16.85
4.40
5.17
4.03
—
♦
General Capital Corp
•
General Investors Trust. 1
100
103
8.91
9.41
3.45
3.85
Scudder, Stevens and
79.80
81.42
Selected Amer Shares..2%
Selected Income Shares—1
8.24
8.98
Sovereign
5.84
6~45
*
13.58
14.40
.20
.25
66%
Clark Fund Inc
Investors... 10c
Spencer Trask Fund
3.81
27.01
29.04
*
63%
4.58
4.99
Super Corp of Amer AA—1
2.23
Trustee Stand Invest Shs—
♦State St Invest
Corp
Group Securities—
Agricultural shares
Automobile shares
4.78
5.27
4.23
4.66
Aviation shares
8.01
8.80
Building shares—
5.09
5.60
5.81
shares
6.39
8.15
8.96
3.66
4.04
Investing shares.——.
2.72
3.01
Merchandise
Electrical Equipment
Food shares..
4.90
5.40
Mining shares
5.27
3.86
4.26
♦Series
1
2.18
1
C.
♦Series D
2.12
Trustee Stand Oil Shs—
♦Series
A
1
5.17
♦Series
B
1
4.71
Trusteed Amer Bank Shs—
25c
•v;.48
.53
Trusteed Industry Shs 25c
.74
.83
U S El Lt A Pr Shares A...
14%
Class B
5.80
shares
shares
3.57
RR Equipment shares..
shares
5.30
5.84
Tobacco shares...
4.38
4.83
Steel
...
3.94
.08
.28
1.29
14.91
2.02
2.25
Bank Group shares
Insurance Group shares.
Investm't Co of Amer. .10
1.83
B
Wellington
Fund
Investment
1.40
13.87
1
.97
1.07
1.23
1.35
17.14
18.53
13.43
14.77
Banking
Corporations
♦Blair A Co
1%
♦Central Nat Corp cl A„*
♦Class B
Ashtabula Wat Wks 5s '68
*
23
1
2
15%
17
10c
%
1
Corp
♦Schoellkopf Hutton A
Pomeroy Ino
1%
20
10
♦First Boston
com
4s.
.1965
As
105%
104%
Butler Water Co
107
Bid
105%
m~m
5s—1957j
4b 1961
108
Public Service 3%s_1969
108% 108%
1964
111% 112%
105% 106%
81%
83%
109%
104% 105%
109
109%
3%s.
.1970
109
5s series B
1954
101
1957
105%
102
1948
102
1948
104%
1961
99%
6s..
.1950
17%
/16
107% 107%
90%
...
'
mmm
107
mmm
101
'■'mmm
1951
103
Plalnfleld Union Wat 5s '61
107
Richmond W W Co 5s 1957
Community Water Service
105%
6% s series B
1940
86
91
1946
90
95
Water 5a
Indianapoils Water—
1st mtge 3%s
1966
107% 109%
105%
1957
Kankakee Water 4%s_1959
Kokomo W W Co 5s—1958
—
Rochester A Lake Ontario
St Joseph Wat
—1951
4s
ser
A 1900
101
—
107%
Scranton Gas A Water Co
4%s
1st lien 3-6s
mmm
-
Phlla Suburb Wat 4s.. 1905
5s.
—
Joplln W W Co 5s
109%
1948
Pittsburgh Sub Water—
6s series A—
102%
101%
Pinellas Water Co 5%s.'59
1st 5s series C
'70
1950
1st consol 5s
City Water (Chattanooga)
3% 8-
1st A ref 5s
1st consol 4s
mmm
Ask
Peoria Water Works Co—
Prior lien 5s
■
108
9
1%
85%
6.40
Standard Utilities Inc. 60c
■'mmm
3.50
Fundamental Invest Inc. 2
1958
103% 105%
'
m mm
102
Scranton-Sprlng Brook
1st A ref 5s A
105%
m
mm
1967
Shenango Val 4s ser B_ 1961
100
103
100
103
102%
•
••
South Bay Cons Water—
102
Monongahela Valley Water
5%s
1950
102
103%
Morgantown Water 5s 1965
105%
A E 4s-1966
Sou Calif Edison 3s -.1965
106% 107%
Muncle Water Works—
Sou Calif Gas 3%s—1970
Sou Cities Utll 5s A..11958
107
S'western Gas A El 3%s *70
/%
.41
13.37
2.50
3.12
.36
5.45
Plymouth Fund Inc... 10c
Putnam (Geo) Fund
Fiscal Fund Inc—
Monmouth Consol W 5s '50
84
mm
12.50
Eqult Inv Corp (Mass)..6
Equity Corp *3 conv pref 1
Fidelity Fund Inc
*
97%
9
108%
109%
107%
mm'
'mm
11.50
24.80
7.63
"m'mmm
■
2.48
1
Water Service 58.1961
1st mtge 3%s
42%
1.99
Series 1955
105% 106%
95%
97%
99%
8.65
7.25
D.——2.50
Dividend Shares..
25c
Bid
105"
66
105% 106
7.84
equipment
Railroad
„
^
17.04
Diversified Trustee Shares
EatonA
5.83
5.27
supplies
Insurance stock
32
2.69
Atlantic County Wat 5s *58
59
9
9.14
85%
Util-
28%
9
5.19
11.74
8.29
Bank stock
Building
7.84
4.70
Machinery
29%
112%
4.24
5.75
12.08
10.66
Electrical
15.78
1.21
5.34
7.10
Agriculture
Aviation
Chemical
Delaware Fund—
1.07
11.21
63%
105
97%
m
3.40
N Y Stocks Ino—
Automobile
■'
♦Crum A Forster Insurance
108
27
109%
101
-
mm,mm
2.52
ser B shares
*
(Md) voting shares..25c
Water Bonds
14%
s
Cent Ark Pub Serv 6s. 1
Central GasaA Eleo—
:'mmm
2.52
Calif Water Service
Blackstone Valley Gas
A Electric 3%8
l
Boston Edison 2%s
1
2.11
(Colo)
National Investors Corp.l
New England Fund
1
2.19
1
Nation .Wide Securities—
105% 106%
Assoc Gas A Elec Co—
17
17
17
13
2.11
Accumulative series..
14
/8%
S7
1978
Oonv deb 4%s
Conv deb 5s
1978
/13%
/13%
/13%
/14
Ask
105% 106%
4%8
1978
Corporate Trust Shares..1
11
Institutional Securities Ltd
Bid
50%
Income deb 4%s
Conv deb 4b
♦Continental Shares pf 100
Incorporated Investors..5
Independence Trust Shs.*
60%
92%
Income deb 3%s
Income deb 4a
3.65
♦Huron Holding Corp
1
Income Foundation Fd Ino
Utility Bonds
Amer Gas A Pow 3-58-1953
Amer Utility Serv 6s.-1964
Assoc Gas A Elec Corp—
Income deb 3%s.„ 1978
10.13
3.36
Petroleum
5%
Monongahela West Penn
Pub Serv 7% pref
27.15
9.36
1
Chemical
20%
22%
16%
17%
109% 111%
com
25.25
Chemical Fund
Commonwealth Invest..
16%
Rochester Gas A Elec—
preferred...——100
9.37
10.15
Maryland Fund Inc.—10c
3.45
B
—100
Republic Natural Gas
7%
8.71
9.28
13.69
2.65
Foundation Trust Shs A.l
78%
Long Island Lighting—
Mass Investors 2d Fund..
Mutual Invest Fund
10
12.48
Fundament'l Tr Shares A 2
•
Queens Borough G A E—
107
19.58
Insurance stk series-10c
77%
109% 112%
Kansas Pow & Lt 4% % 100
18.21
C
7% pref—100
Pacific Pr A Lt
Panhandle
1
♦Common B shares.-. 10
61%
100
preferred
preferred
Okla G & E
33%
cum
8%
24
110% 112%
Northeastern El Wat A El
31
*6.60
65%
Ohio Public Service—
100
preferred
*
7% cum preferred—.100
N Y Water Serv 6% pf .100
preferred.———100
7% preferred
100
Cent Pr A Lt 7% pref—100
67
6%
21%
preferred
New York Power & Light—
*0 cum preferred
*
Central Maine Power—
*6
preferred
New Orleans Pub Service
*7
4.45
Mass Investors Trust
Series AA mod-.
*
*6
5%
23
*7 prior lien pref
Birmingham Elec 17 pref.
3.40
23.07
Century Shares Trust.—*
Utility Stocks
National Gas A El Corp. 10
Amer Utll Serv
.27
21.34
Canadian Inv Fund Ltd—1
103% 105%
5%
6%
90
87%
Alabama Power S7 pre!..*
.12
Broad 8t Invest Co Inc.-5
Bullock Fund Ltd
7-1600
Tel. BArclay
109% 109%
Republio Service—
Collateral 5s
1951
73%
75%
-
mm
m
5s
1950
75%
80%
Springfield City Water—
1956
104%
Texarkana Wat 1st 5s. 1958
105%
Union Water Serv 5%s '51
103
105
W Va Water Serv 4s..1961
107
109
4s A
---
St Joseph Ry Lt Ht A Pow
1st mtge 3%s
197
108% 108%
4%S._
Sioux
90%
6s series B
91%
1901
57
58
1961
55%
57
65
Consol E A G 6s A
1947
City'G
67%
Crescent Publle Service—
109
110%
79"
76%
92%
94%
104% 105
108% 109%
Federated Utll 5%s...l!
Houston Natural Gas 4s
Indianapolis PAL 3%s
Inland Gas Corp—
/69%
72%
106%
107%
56%
58%
Tel Bond A Share 5s..1958
Texas Public Serv 58—1961
Toledo Edison 1st
1st mtge 3%s
debs 3%s
3%sl968
80%
5s series B
1951
100
103
1951
101
103
103%
109
109%
5a
1951
99% 102%
102% 103%
Ohio Valley Water 58.1954
107%
United Pub UtU 0s A. 1960
Utica Gas A Electric Co—
103% 105%
Ohio Water Service 4a_ 1964
107% 109%
132%
Ore-Wash Wat Serv 5s 1957
99% 102%
i960
5s series B
1950
102%
1st mtge 5s
New York Water Service—
108% 109
5%s
Western N Y Water Co—
1951
101
1st mtge 5%S
82%
102
1950
104
Westmoreland Water
5s
109
109%
108% 109%
102
103
1952
103
1956
101
1960
105
68 series A
1949
103
1952
103
see page
3380.
mmm
Wichita Water—
5s series B
W'msport Water 5s
For footnotes
mmm
—
5s series C
Western PubUc Service—
105%
1970
104
107% 108
1965
I960
s f
104% 105%
105
5s
New Rochelle Water—
5%s
5s
1957
Weet Penn Power 3s..1970
West Texas UtU 3%s.l969
106
)
104% 104%
...
wtmm
■
mmm
o
Volume
3383
The Commercial <Sr Financial Chronicle
151
Quotations
Over-the-Counter Securities—Friday Dec. 6 —c included
on
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
In
which you have interest,
our
y«u
monthly Bank and Quotation Record.
cation quotations are
and
stocks
bonds.
ma
Alden Apt 1st mtge 3s. 1957
Beacon Hotel lnc 4S..1958
will probably find them in
1st leasehold 3 34-6s 1944
Broadway Motors Bldg—
carried for all active over-the-counter
The
classes
of securities covered
are:
N Y Majestic
Public Utility
Stocks
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
1st 4s (w-s)
18
1st 334s
Real Estate Trust and Land
27
2534
1950
Title Guarantee and Safe Deposit
64
3934
5634
3734
series F-l
series Q
4734
/134
28
35
54
.1951
30
1941
1934
Broadway Building—
Seo b f ctfs 434 s(w*58
3
5834
5034
2734
..
165
29
Prudence Secur Co—
Stocks
50 Broadway Bldg—
1st income 3s
U. S. Government Securities
Mining Stocks
2
Eqult Off Bldg deb 6s 1952
Deb 6s 1962 legended
5134
series C-2
2d mtge 6s
103 E 57th St 1st 6s.
23
Hotel units
Stocks
series BK
Ollcrom Corp v to
1 Park Avenue—
Eastern Ambassador
Mill Stocks
U. S. Territorial Bonds
6348 stamped
Realty Assoc Seo Corp—
634s (stamped 4s).. 1949
Your subscription should be sent to
Film Center Bldg 1st 4b '49
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City,
1943
60
63
1957
62
64
Roxy Theatre—
33
1st mtge 4s
33" ~
31
f9H
/25
Corp 6s...1958
42 Bway 1st 6s
5s Income
834
/534
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
40 Wall 8t
5834
1961
13
11
1946
500 Fifth Avenue—
Quotation Record is published monthly and
sells for $12.50 per year.
5
1934
I
...1948
Dorset 1st A fixed 2S..1957
Real Estate Bonds
The Bank and
5348
634s
634s
534b
2934
Court A Remsen St Off Bid
Insurance Stocks
ties
27 34
48 34
Colonade Construction—
Industrial Stocks
Joint Stock Land Bank Securi¬
15
334
N Y Title A Mtge Co—
13
flO
1957
Cheseborough Bldg 1st 6s '48
Bonds
federal Land Bank Bonds
Investing Company Securities
13
Corp—
4s with stock stmp. .1956
62'
Chanin Bldg 1st mtge 4s '45
Public Utility
Canadian
68
1955
N Y Athletic Club—
2s
26
23
1948
3s
Canadian
Out-of-Town)
66
20
Domestic
Domestic (New York and
1945
8 f deb 6s
Brooklyn Fox Corp—
Municipal Bonds—
Companies—
Metropol Playhouses lnc—
534
*
4-68
Banks and Trust
Atk
Bid
Atk
/33
/434
/18 34
B'way Barclay lnc 2s._1956
B'way A 41st Street—
In this publi¬
Certificates
1939
1400 Broadway Bldg—
1st 4s stamped
1948
1034
3s with stock
Graybar Bldg 1st lshld 5s'46
.1956
634
1956
/934
Sherneth Corp—
1st 534 b (w-s)
33
20
31
7534
Fuller Bldg debt 6s... 1944
1st 2 34-4s (w-s)
1949
Savoy Plaza Corp—
60 Park Place
34
734
(Newark)—
1st 334s
28
1947
7634
61 Broadway Bldg—
Foreign Stocks* Bonds and Coupons
Harrlman
Inactive Exchanges
14
/13
23
Bldg 1st 68.1951
Hearst Brisbane Prop 6s' 42
Hotel St George 4s... 1960
334 s with stock
616 Madison Ave—
26
24K
39
1734
19
1957
2034
22
42
Syracuse Hotel
Lefcourt Manhattan Bldg
1st 4-5s
1948
1950
3s with stock
26
(Syracuse)
1st 3s
Lef court State
43
Trinity Bldgs Corp—
1st 534s
32
34
2 Park Ave Bldg 1st 4-5s'46
Income 634s w-s...1963
London Terrace Apts—
68
72
Walbridge Bldg (Buffalo)—
lstAgen3-4s.
Ludwlg Baumann—
2934
3134
Wall A Beaver St Corp—
Bldg—
1st lease 4-6 34a
.1948
Lewis Morris Apt Bldg—
& CO., INC.
1st 4s
Tel. HAnover 2-5422
St., N. Y.
Foreign Unlisted Dollar Bonds
Due to the
30
1951
Lexington Hotel units....
Lincoln Building—
BRAUNL
52 William
European situation some of the quotations shown below are
Bid
Anhalt 7s to
1946
/2534
mmm
Antloqula 8a
1946
/63
mmm
Bank of Colombia 7 % .
1947
/21
721
1948
78
mmm
mmm
'Housing A Real Imp 7s '46
f26
Hungarian Cent Mut 7b '37
/3
/3
Hungarian Ital Bk 734s '32
Hungarian Discount A Ex¬
1947
26
41
44
11
13
1951
18
20
Weetlnghouse Bldg—
1st mtge 4s
1948
42
1951
25
/24
33
38
.I960
65
Atk
Bid
1
23
1939
1st 434s w-s
1st 5s (LI)
Atk
1958
3s
1962
1st 5s (Bklyn)
'
nominal.
74
1955
TextUe Bldg—
1st 3-5e
7.
For footnotes see page
...
3380.
...
...
change Bank 7s.... 1936
/5
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 6s. 1956
10
10
17
1943
/26
/3
/26
/26
NOTICES
CURRENT
17
...
'
/28
/26
Barranqullla 88*36-40-46-48
1946
Bavaria 634s to
...
"...
Bavarian Palatinate Cons
Bogota (Colombia) 6348 '47
88
Bollva
(Republic)
1946
8s. 1947
1958
..1969
1940
7s
78
6s
Brandenburg Elec 6s. 1963
Brazil funding 6s..1931-61
,
/1634
/1534
/4
/334
/334
/434
/45
/26
1940
...
5
434
434
534
1962
Brown Coal Ind
/3
Laud M Bk Warsaw 8s '41
Leipzig O'land Pr 634s '46
Leipzig Trade Fair 78.1953
Luueberg Power Light A
w
33
—
Co.
1963
Burmelster A Wain 68.1940
15
(Colombia) 78...1947
Callao (Peru) 7348—1944
Cauca Valley 734s
1946
/834
/16
/4
/834
1947
/35
1945
/25
mmm
/25
Call
Ceara (Brazil) 8s
Municipal Gas A Eleo Corp
Recklinghausen 7s..1947
/20
mmm
/26
Munich 7s to
the
(A A B) 4s...1946-1947
(C A D) 4s... 1948-1949
/63
/60
now
/3
534"
1948
/3
mmm
934
Mtge 7a
75
/14
16
/II
13
Dulsburg 7% to......1946
/25
/25
/25
68.1963
/26
/26
1963
European Mortgage A In¬
634s
vestment
/26
1952
/50
7^8...
1966
.1956
/26
/I
1968
(Ger¬
1946
/26
734s income
1966
7a Income
1967
1967
fa
5% scrip
many) 7s
6s 1936
French Nat Mall SB 6s '52
Rio de Janeiro 6%
1933
Rom Cath Church 634s '46
/26
/26
Saarbruecken M Bk 6s.'47
/25
P
7s 1957
fX
1948
8s ctfs of deposit. 1948
/8
Santa Catharina (Brazil)—
8s
/3
/2534
1947
mm m
Santa Fe 4s stamped. 1942
35
m
mm
Santander (Colom) 7s. 1948
/n
.
mmm
Agricultural 6s
1938
Conversion Office
Funding 3s
1946
/25
...
Sao Paulo (Brazil)
6s. 1943
...
14
7H
1951
834
/26
634s
/26
Siem A Halake deb 6s. 2930
200
State
Stettin Pub Util 7s
1946
no
no
/26
2934
f<y
Toho Electric 7s
1955
1947
m
Water Wks
1957
/26
1953
1938
126
50
Turf and
...
...
and
'
Cornell
63
18
"
---
Tolima 78
/35
...
was
Gordon
ment
/26
1947
1945
/26
...
/25
...
Veeten Elec Ry 7s
Wurtemberg 7s to
elected
class
and
Inc., to specialize
its
instrumentalities
a
of
Saunders announces the
New York Uni¬
aviation division
formation of Gordon Saunders Co.
Wall Street, New York, to
securities of all types.
specialize in Canadian invest¬
Mr. Saunders, formerly a partner of
Saunders,
which was recently dissolved, has been for 18 years in the
bond business in the United States, having been associated with
Ashplant & Co.
Dominion Securities Corp.
Co. was formed.
The New York Stock Exchange firm of Neuberger & Berman will
henceforth conduct a general securities business with offices at the Biltniore
Hotel, New York City.
Partners of the firm are Roy R. Neuberger,
Robert Bennett Berman, Howard W. Lipman, John R.
McLaughlin and
from
Co. from 1922 to 1929 and with
when Saunders, Ashplant &
1929 to 1933
...
mmm
Uruguay conversion scrip..
Unterelbe Electric 6s.. 1953
Schaedle & Co.,
Government
is
acceptances
University,
Dillon, Read &
---
Briggs,
States
specialized in bankers' acceptances.
He is a graduate of
versity School of Commerce, class of 1923, and was in the
cf the United States Navy during the last war.
'
Canadian
17
17
of
of New York.
with offices at 64
9 1 /
...
firm
United
...
oyi
/12
38
3034
1956
1956
the
...
Mtge Bk Jugoslavia
5s
2d series 5s
J*
...
/26
Saxon State Mtge 6s.. 1947
1964
6s
...
'
Guatemala 8s........1948
Hamburg Electric 6s..
9~~
rs
German
Haiti 6s.
-i1
/9
...
...
...
Hanover Hari
...
6
/534
/2
m
(Austria) 8s
of
f0*A
/16
/36
Graz
...
Salvador
4s scrip
...
Century Country;
Vice-President in 1929.
He is a graduate
1917, and was an ensign in the Naval
Reserve Flying Corps during the World War.
Thomas G. Schaedle, VicePresident and Treasurer of the new firm, is also a former Vice-President
of Discount Corp. of New York.
He went with that corporation in 1919,
traded the first Government security for that institution, and was instru¬
mental in organizing its Government bond department in 1922.
He gradu¬
ated from Columbia in 1918 and was connected with the Adjutant GengraRffoffice during the war.
John L. MeFarlane, who was Assistant Treasurer
of Discount Corp. of New York, is Secretary of Briggs, Schaedle & Co.,
Inc.
He became associated with Discount Corp. in March, 1920, and there
...
...
Corp.
formation,
...
R C Church Welfare 7s '46
Cable 7s
1945
German Building A Landbank 6348——.—1948
German Central Bank
German scrip—
...
...
...
Saxon Pub Works 7S..1945
German Atl
...
...
/26
/25
of the
of
bankers'
in
Discount
...
...
...
the Harmonie;
announced by three former executives of
Offices of the new firm are located at 44
Wall Street, New York City.
M. Greacen Briggs, formerly Vice-President
of Discount Corp., is President of the new company.
Mr. Briggs became
associated with Discount Corp. in March, 1919,
three months after its
29
/734
securities
and
/25
6s
8%
Mtge 7s. '63
Frankfurt 7s to
1945
Farmers Natl
He has
1933, was a director
Bank & Trust Co.
clubs include
Asiel's
—Formation
in
1941
SK
7s ctls of deposit.. 1957
/16
/2
of the Mt. Siani Hospital since 1921, and,
mmm
Prov Bk Westphalia 6s '33
/26
Electric Pr (Ger"y) 634s '60
East Prussian Pow
1946
mmm
Protectant Church
1949
1946
elected to partnership in 1914 and suc¬
mmm
Porto Alegre 7s
Costa Rica Pac Ry 734s '49
Duesseldorf 7s to
was
Field and the Yale Club.
/25
Poland 3s
/3
Costa Rica funding 6s. '61
Dortmund Mun Utll634s'48
He
of the Bond Brokers Association of the New York
of the Public National
m
/734
being graduated from Yale
Stock Exchange for several terms, and, from 1929 to
1945
7s to
13"
634s-.1969
upon
13 years, has also been Treasurer of that hospital.
been President
also
Mr.
/32
/II
Cundlnamarca
1907,
mmm
Panama
68
senior partner.
the past
for
mmm
Oberpfals Elec 7s
1963
.1946
Governing Member of the
Special Committee on Bonds; the Committee on Securities and also the
Mr. Asiel has been a trustee
mmm
Hungary 734s
1962
National Hungarian A Ind
City Savings Bank
Budapest 7b
a
ceeded to the senior partnership five years later.
Panama City 6348
Colombia 4s
elected
University, at which time he became an employee of the firm of which he
Nat Central Savings Bk of
Central German Power
Cordoba 7s stamped..1937
was
Arbitration Committee.
Oldenburg-Free State—
1934
1935 he
In
His business career commenced in
934
Central Agrio Bank—
see German Central Bk
Madgeburg 6a
19.
member of the Exchange, representing Asiel &
mmm
Montevideo scrip..
Nat Bank Panama—
...
a
Exchange, and, serving on the Board for three years, he was a member of
/134
Caldas (Colombia) 7 348 '46
previously
was
the floor from 1909 until 1929, when he retired to take up the duties
of office partner.
...
is
/26
7*45
on
m
36
Corp—
634s
Buenos Aires scrip
He has contracted to purchase the seat
and his application will be acted upon by
the Committee on Admissions on Dec.
mmm
Nassau Land bank 634s '38
...
of Milton A. Lipscher, deceased,
mmm
/26
Meridionals Eleo 7s..1957
1878, made application Dec. 5 for membership
Exchange.
mmm
Mr. Asiel
1948
Water 7s
Elias Asiel, in
in the New York Stock
...
mmm'
Munlo Bk Hessen 7s to '45
...
Hungarian Bank
734s
Koholyt 634s
Mannheim A Palat 7s. 1941
34""
m
6s
British
.....
/26
/33
78.1936
Brazil funding scrip
Bremen (Germany)
his father,
/25
1946
Cities 7s to
—Nelson I. Asiel, senior partner of Asiel & Co., which was founded by
Marie
S.
Neuberger.
The Commercial & Financial Chronicle
3384
General
Dec.
7. 1940
Corporation and Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
it
is
However, they
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
not
are
Aetna Casualty & Surety
FILING OF REGISTRATIONS STATEMENTS UNDER
have
Directors
SECURITIES ACT
The following additional registration statements (Nos. 4595
and 4597 to 4603, inclusive) have been filed with the Se¬
curities and Exchange Commission under the Securities Act
of 1933.
The amount involved is approximately $276,-
658,888.
Northeast Airlines, Inc. (2-4595, Form A-2) of East Boston, Mass. has
a registration statement covering 128,892 shares of $1
par common
101.796 shares of common stock will be offered to the public through
the underwrite s, and 27,096 shares will be offered to three stockholders.
Proceeds of the issue will be used for purchase of three airplanes, equipment,
filed
declared
an
extra
Co.—Extra Dividend—
dividend
of
50
cents
share in
per
addition to a quarterly dividend of $1 per share on the capital stock, par $10,
both payable Jan. 2 to holders of record Dec. 7.
Extra of $1 was paid on
1940.—V. 149, p. 3707.
Jan. 2,
*
-
\
Aetna Life Insurance Co.—Extra Dividend—
declared an extra dividend of 20 cents per share In
regular quarterly dividend of 30 cents per share on the
capital stock, par $10, both payable Jan. 2 to holders of record Dec. 7.
Extra of 20 cents was paid on Jan. 2, 1940, and one of 15 cents was paid
on Jan. 2. 1939.—V. 150. p. 1127.
-rt: %
■
Directors
addition
have
the
to
_
stock.
bank
loans, reimburse treasury for
improvements made to the company's
capital. Paul F. Collins is President of the com¬
pany.
Lee Higginson Corp. and others to be named by amendment will be
underwriters. Filed Nov. 28, 1940.
facilities and for working
Mutual
N. J.
Investment Fund, Inc. (2-4597, Form A-l) of Jersey City,
a registration statement covering 160,206 shares or $1 par
has filed
stock, which will be offered in exchange, on a share for share basis,
for Mutual Investment Fund shares. Purpose of the issue is to acquire shares
of Mutual Investment Fund. Herbert J. Lyall is President of the company.
common
Mutual Management Co. will be the Manager.
stock.
common
The
will
stock
first
be offered
to
stockholders
through
$10 per share,
at
and the unsubscribed stock may be sold at
public or private sale at a price to be fixed by board of directors but at a
price not less than $10 per share. If the stock is offered publicly the terms
will be stated in a post effective amendment. Federal Water Service Corp.
has agreed to purchase as an investment 253,372 shares through stock¬
holders warrants. Proceeds of the issue will be used to pay 2H % notes and
for working capital. C. P. Rather is President of the company. No under¬
writer named. Filed Nov. 28, 1940.
Investors Syndicate of America, Inc. (2-4599, Form A-l) of Minne¬
a registration statement covering $175,000,000 face
1, which will be issued in minimum
denominations of $2,000.
The price for a minimum $2,000 faco-amount
certificate will be determined on a payment basis ranging from $1,650 to
$1,764 for a 15-year period.
Additional payments may be made after the
original maturity date for an additional 10 year period and the aggregate
amount of payments for a full 25-year period will range from $2,750 to
$2,940, with settlement value depending on the number of payments made
and the length of time elapsing after the original maturity date.
Proceeds
©f the issue will be used for investment. Earl E. Crabb is President of the
apolis. Minn, has filed
amount of investment certificates series
company.
Investors syndicate has been named underwriter.
Filed Nov. 29,
1940.
Reasor Tung Plantations, Inc. (2-4600, Form A-l) of Chicago, III.
has filed a registration statement covering 6,710 shares of no par value
stock which will be offered at $100 per share. The stock is to be
sold in units of not less than 10 shares, and the payments for the stock may
be made in instalments. Proceeds of the issue will be used for development
and
working capital.
G. L. Reaso" is President of the company.
Filed Nov. 29, 1940.
Burlington Mills Corp. (2-4601, Form A-2) of Greensboro, N. C. has
filed a registration statement covering 80,000 shares of $2.75 series cum.
convertible preferred stock, no par, and 190,477 shares of $1 par common
stock including scrip certificates for fractional shares.
The common stock
will be reserved for conversion of the preferred stock.
Proceeds of the issue
will be used for plant additions and improvements, equipment and working
capital. J. Spencer Love is President of the company. Lehman Brothers,
et al, have been named underwriters.
Filed Dec. 2, 1940.
Hammermill
Paper Co. (2-4602, Form A-2) of Erie, Pa. has fil^d a
registration statement covering 30,000 shares of $10 par common stock.
The shares
are
now
issued
and outstanding and
are
owned
beneficially,
R. Behrend, the late President of the
company, of which Bankers Trust Co. and Mary B. Behrend are the execu¬
tors, and 14,618 shares by Mary B. Behrend, Individually.
Proceeds of the issue will be applied to the account of the above sellers.
N. W. Wilson is President of the company. A. G. Becker & Co. has been
named underwriters.
Filed Dec. 3, 1940.
15,382 shares by the estate of E.
Union Premier Food Stores, Inc. (2-4603, Form A-2) of Philadelphia,
has filed a registration statement covering 55,000 shares of $15 par
Pa.
$2.50 cumulative preferred sotck, with common stock purchase warrants
attached, and 55,000 shares of $1 par common stock reserved for warrants.
Proceeds of the issue will be used to redeem the $15 par cumulative con¬
vertible preferred stock, bank loans and working capital.
is President of the company.
Wertheim & Co. et al,
underwriters.
The last
our
Filed Dec. 3,
Samuel Friedland
have been named
1940.
previous list of registration statements was given
issue of Nov. 30, page 3224.
paid on Oct. 25, July 25 and April 25, last, this latter being
on 50 cent par stock, on old ro par shares 25 cents was
were
initial dividend
All America Corp.—Report
"Pursuant to an offer received from a subsidiary, AH America Cables &
Radio, Inc., the corporation sold to the former 14.000 snares of its holdings
of $75 par value capital stock of that company for an aggregate considera¬
tion of $1,246,000, of which $1,050,000 was paid in cash on Sept. 30, 1940
15, 1940.
at the face amount thereof plus accured
additional $750,000 of its income debentures, series A, which
were retired as of Oct. 16, 1940.
Debentures of that series in the principal
amount of $500,000 had previously been purchased and retired as of Feb. 29,
1940.
This completes the total of $1.250,000 principal amount of series A
debentures which, under the terms of the indenture, must be retired before
any series B debentures may be redeemed or purchased.
Income debentures,
series A, are presently outstanding in the principal amount of $2,043,600
and income debentures, series B, are outstanding in the principal amount of
$1,013,500.
V
"Tne coronation declared a dividend on its outstanding common stock
and the balance of $196,000 is payable in cash Dec.
"The corporation purchased,
interest,
an
ip the amount of $250,000, which was paid in cash on Oct. 1,1940."
Consolidated Earnings for the 9 Months Ended Sept. 30, 1940
Total operaiing revenues
$4,804,136
Expenses of operation
1,668,409
Maintenance and repairs....716,265
...
General and miscellaneous expenses
■Court Denies Applica-
Justice Middleton in the Ontario Supreme Court on Nov.
29
adjourned
sine die, pending the result of Ontario Royal Commission investigating the
affairs of Abitibi, an appliaction for an order for another sale of the com¬
pany's assets.
The application asked for a sale without a reserve bid.
The previous sale
had been declared abortive, as bids received had not reached the reserve bid
set by the Court.
Glyn Osier, K.O., appearing on behalf of the bondholders' protective
committee, told the Court his clients represented over 88% of outstanding
bonds, and in view of the length of time which had elapsed since the previous
sale on Oct. 15 last, his clients felt another sale without a reserve bid
should be held.
The suggestion that the Court adjourn sine die until after the Hepburnappointed commission had had a chance to complete its task and bring
in its findings, was made by Hon. G. D. Conant, K. C., Attorney General
of the Province, who appeared in person on behalf of his Government.
Arthur Slaght, K.C., representing a group of preferred shareholders,
termed the application "frivolous and unnecessary ' in view of the Royal
Commission sitting.—V. 151, p. 3224.
Acme Wire Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 10.
Regular quarterly
dividends
f 30 cents per share were distributed on Nov. 15, Aug. 15 and
May 15, last and previously 25 cents per share was paid each three months
2865.
—V. 150, p.
Adams
Dec. 20 to holders of record Dec. 13. This
compares with 15 cents paid on June 26, last and on Dec. 15, 1939 and 10
cents paid on June 26, 1939 and on Dec. 24 and July 12, 1938.—V. 151,
p.
2178.
Aetna Ball Bearing
Mfg. Co.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share on the
Dec. 14 to holders of record Dec. 2.
Regular
quarterly dividend of 35 cents per share previously declared will also be paid
on Dec. 14 to holders of record Dec. 2.—Y. 151, p. 2632.
common
stock,
payable
256.500
313.562
526,220
—
—
Provision for depreciation and amortization
Loss on foreign exchange...
Net Income from operations
Non-operating income.
18,454
$792,806
37.457
...
$830,263
2.095
175,181
Net income
a
Interest charges, &c. of sub. companies.
Interest
on
funded debt of All America Corp—
Net income...—...
$652,987
Before interest charges. &c. of subsidiary companies.
a
Note—No provision
taxes
p.
which
may
has been made for any new excess profits or other
be enacted applicable retroactively to 1940.—V. 151,
2482.
/
Alleghany Corp.—Purchase and Cancellation of Bonds—
The New York Stock Exchange has been
advised that, during the month
of November, corporation purchased, out of funds in a special account at
the Manufacturers Trust Co., $296,000 14-year collateral trust conv. 5%
bonds, dated Feb. 1, 1929, and canceled $789,000 of bonds dated Feb. 1,
1929, held in a special account in the Manufacturers Trust Co., and $119,000
of bonds dated Feb. 1, 1929, held in a special account at the Marine Mid¬
land Trust Co. of New York.
The
company
now
holds $274,000 of bonds dated Feb.
1,
1929, and
$428,000 of bonds dated April 1, 1930, in a special account at the Manu¬
facturers Trust Co. and $277,000 of bonds dlated June 1, 1929, in a special
account at the Marine Midland Trust Co. of New York.—V. 151, p. 3224.
Allegheny-Ludlum Steel Corp.—75~Cent Common Div.—
Directors have declared
a
dividend of 75 cents per share on the
common
stock, payable Dec. 23 to holders of record Dec. 9.
This compares with
25 cents paid on Oct. X, July 1 and April 1, last, and dividend of 50 cents
on Dec. 31, 1939, this latter being the first common dividend paid by
since the merger of Allegheny Steel and Ludlum Steel in
August, 1938.—V. 151, p. 2338.
paid
the company
Directors have declared
a
Corp.—Special Dividend—
special dividend of $2 per share on the common
stock, payable Dec. 27 to holders of record Dec.
13.
Regular quarterly dividend of $1.50 per share previously declared will be
paid on Dec. 20 to holders of record Dec. 9.
Special dividend of $3 was paid on Dec. 28, 1939.
Nitrate
M onopolyCharged—
,
Twenty-nine corporations and 66 officers, directors and employees of the
corporations are named defendants in six Sherman Anti-trust Act indict¬
ments opened Dec. 4 by Federal Judge Bondy.
The true bills alleged a world-wide chain of conspiracies to control and
monopolize the price and production of nitrogen, nitrate of soda, sulphate
of ammonia and other nitrates used extensively in the production of muni¬
tions, in agriculture and in the operation of steel mills, gas plants, water
works and other industries vital to national defense.
Among the defendants are the E. I. du Pont de Nemours & Co., Allied
Chilean Nitrate Sales Corp., Synthetic Nitrogen-
Chemical and Dye Corp
,
Products Corp., the Barrett Co. of New York, ana the Solvay Process Co.
of Syracuse.
The indictments charge that the conspiracies existed through restrictive,
secret contracts with
producers and marketers throughout the UnitPd States
in many foreign countries, including Norway, England. Switzerland,
Germany, Canada. Sweden. Poland, Belgium, Japan and Chile.
The indictments name as co-conspirators about 30 foreign corporations.
One indictment accuses one Rudolph Ilgner of obstructing justice during
the Grand Jury investigation which led to the indictments.
He is charged
with having ordered the destruction of the books and records of Cbemnyco,
Inc., to prevent them from falling into the hands of the Grand Jury.
The
indictments aUege that the conspiracies go back to 1920 and up to and
including the date the indictments were returned, Sept. 1, 1939.
and
Express Co.—25-Cent Common Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, no par value, payable
511,920
*
Provision for U. S. Federal income tax
Allied Chemical & Dye
Abitibi Power & Paper Co., Ltd.tion for Another Sale—
for Nine Months—
John L. Merrill, Chairman, states.
C. M.
Christie, et al, may be the underwriters.
in
cents
paid in Feb. 20, last; 50 cents paid on Dec. 1, 1939; 20 cents paid on Oct. 25,
1939, and extra dividend ot 7H cents in addition to a regular quarterly
dividend of 12H cents per share was paid on Sept. 15, 1939.—V. 150,
p.829.
v..
Other taxes
common
Co., Inc.—25-Cent Dividend—
Directors declared a dividend of 25 cts. per share on common stock par
50 cents payable Dec. 20 to holders ofr ecord Dec. 16.
Dividends of 12>£
Filed Nov. 28, 1940.
Southern Natural Ga* Co. (2-4598, Form A-2) of Birmingham, Ala,
has filed a registration statement covering 484,379 shares of $7.50 par
warrants
Akron Brass Mfg.
Charges Denied by Chemical Company
In a statement released Dec. 4 the Allied Chemical & Dye Corp. and its
subsidiaries, the Barrett Co.. Semet-Solvay Co., and the Solvay Process
Co., denied the charges against them contained in the indictment.
Allied
Chemical stated that its operating organization first
entered this
field of production on a large scale in 1928, with construction of the Solvay
Process Co.'s plant at Hopewell, Va., for manufacture of synthetic nitrate
of soda and related products from the nitrogen of the air, the first such com¬
mercial operation here or elsewhere.
Until then, this country had been
wholly dependent on imports of natural nitrate from the mines of Chile to
supply the vital domestic needs of this important product, both as a fertilizer
and
as a source
of nitrogen for the manufacture of
explosives in wartime.
Voiume
The Commercial <£ Financial
1S1
1939, before the outbreak of the present
the price was $27 a ton and there has been no subsequent increase.
During the 1914 World W7ar, the statement continued, tne price of nitrate
of soda reached a high price of $150 a ton, and the average price paid by the
United States Government during that period was $82.50 a ton.—V. 151,
p. 2792.
1940—3 Mos.—1939
$1,513,756
$1,319,051
Taxes
dends but before Federal income and
excess
$2,359,646 $27,952,341
9,896
150,534
$26,352,755
156,829
$2,119,757
789,438
424,342
$2,369,542 $28,102,875
800,809
9,573,937
424,342
5,092,519
$26,509,575
9,432,817
5,092,519
Total income
Int. & other deductionsDivs.
pref. stocks
on
preferred divi¬
profits taxes.
1940, profit was $2,211,823 before
profits taxes, comparing with profit of $1,607,715
excess
$905,978
Amer. Gas A Elec. Co.—
b Balance
in first nine months of 1939.
$1,144,391 $13,436,419
126,106
1,548,558
165,681
1,988,170
4,507
74,182
Int. from subs, consol..
(excluding sales of stores acquired after
Feb. 1, 1939) for the nine months ended Oct. 31, 1940, amounted to $79,559,348 against $74,318,171 in corresponding period of previous year, an
increase of $5,241,177. or 7.1%.
$1,144,391 $13,436,419 $11,984,239
$905,978
b Balance
For the nine months ended Oct. 31,
Federal income and
$2,103,639
16,118
Operating income
Other income
1940—12 Mos.—1939
$4,759,693
$3,618,770
After depreciation, interest and provision for subsidiary
x
Depreciation..
Corp. (& Subs.)—Earnings—
Period. End. Oct. 31—
revenue
Maintenance
war,
Profit
1940—Month—al939
1940—12 Mos.—al939
,w,952,804 $85,105,181 $76,534,515
$7,423,257
2,303,658
26,829,059 24,236,801
2,509,413
395,157
4,626,353
4,308,669
437,818
927,619
12,001.915
10,925,014
1,053,468
966,724
13,695,514
10,711,285
1,318,918
Period End. Oct. 31—
Operating
Operation
the statement continued, and, in
x
Pref. divs. from subs.con
Consolidated
total
sales
net
$1,142,733
97,163
140,767
$1,347,058 $16,237,003 $15,103,842
128,140
1,242,574
1,609,156
177,811
1,776,880
2,133,738
$1,041,107 $13,217,549 $11,360,948
Balance-
Allis Chalmers Mfg. Co .—Bonus—
a
approximating $500,000 was announced on Nov. 28
by this company, to be paid its employees on Dec. 20.
Shop and office
employees will receive the bonus on a basis of 2% of their earnings for the
year preceding the last November pay period.—V. 151, P. 2931.
a
$1,440,685 $17,047,329 $15,722,796
93,627
810,325
618,953
pref. stock
on
b Of income for common stock8
by American Gas & Electric Co.—Y. 151, p. 3078.
Restated for comparative purposes,
of subsidiaries owned
American Metal Co.,
the common
Dividends of 20 cents
dividend of 40 cents per share on
Oct. 1, J;.ly 1 and April 1 last, and compare with a year-end
dividend of 40c. paid on Dec. 15, 1939, and dividends of 20c. per share
previously distributed each three months.—V. 151, p. 236.
on
American Optical Co.—Extra
Directors have declared
Aluminum
Co.
of
America:—Briefs Filed in Anii-Trus
Suit—
\)
has filed in Federal Court a 900-page brief in answer to the
monopoly suit against it, its sub¬
sidiaries and affiliates.
The Government also filed a brief of 700 pages.
Trial of the action required more than two years before Federal Judge
Francis G. Caffey who, after final arguments, is expected to render his
decision early next spring.
The Government, alleging a 100% monopoly
in aluminum, seeks to create substantial competition in the metal by re¬
arranging plants of Aluminum Co. and its subsidiaries into groups of inde¬
pendent corporations.—Y. 151, p. 3224.
Sherman anti-trust law
Amalgamated Electric Corp., Ltd.—Initial Dividend—
Directors have declared
common
initial dividend of 25 cents per share on
an
stock, payable Dec. 26 to holders of record Dec. 10.—V. 149, p.
American Cable & Radio Corp.
,
(& Subs.)—Earnings—
$9,665,165
4,320,990
Total operating revenues
Expenses of operation
...
1,406,990
1,230,446
287,850
Maintenance and repairs
General and miscellaneous expenses
Provision for U. S. Federal income tax
Other taxes
459,634
_
__
1,205,946
53,124
Provision for depreciation and amortization
Loss on
foreign exchange
$700,185
117,814
Net income from operations
Non-operating income
a
$817,999
Net income
20,756
398,893
Interest charges, &c. of subsidiary companies
on funded debt of subsidiary companies
Interest
$398,350
Net income
a
the
717.
Months Ended Sept. 30, 1940
Consolidated Earnings for the 9
'
Before interest charges, &c. of subsidiary
companies.
payable in respect of net income of such subsidiaries but which are not
expected to be payable because of items deducted for Federal income tax
purposes prior to Jan. 31, 1940.
No provision has been made for any new
excess profits or other taxes which may be enacted applicable retroactively
to 1940.—V. 151, p. 2178.
.
American Car &
.
is in addition to
a
from
This
previous order for tank lighters from the U. S. Govern¬
ment.
President
Hardy also
announced an order from the
Illinois Terminal
Solvay Process Co. of Syracuse, New York, for five 70-ton 10,000 gallon,
nickel-clad, Class I. C. C. 103-W Type 27 tank cars, and four 40-ton,
multi-unit Type 27 tank cars.
Also, from its wholly-owned subsidiary,
American Welding Co. an order from the same customer for 27 60,000
pound, 105-A-500 chlorine
tanks, and 700 1-ton chlorine containers.
—V. 151, p. 3225.
Net oper. revenues—
American &
Foreign Power Co., Inc.—Dividends—
$9,352,294
Gross income
on
Sept. 16.
$9,171,224 $38,886,796 $36,384,861
3,920,069
Int. charged to construe.
Pref. divs. to public
Cr 15,136
1,792,936
Portion
applic.
These dividends are on account of accumulations.—V. 151,
2035.
American Furniture Co.—Five-Cent Dividend—
Directors have declared a dividend of five cents per share on the common
stock, payable Nov. 23 to holders of record Nov. 21.
This was the first
dividend paid in some time.—V. 146, p. 270.
1
Furniture
Mart
Building
Co.—Year-End
Dividend—
Directors have declared
a
year-end dividend of $2.75 per share on the
$6 preferred stock, no par value, payable Nov. 27 to holders
Nov. 15.
Last previous dividend was paid on Nov. 27,1939, and
to $2.25 per share.
This issue is cumulative to the extent
P.
of record
amounted
of $1 per share a year.—V. 150,
680.
American-Hawaiian
Steamship Co.—Extra Dividend
—
of $1.75 per share in addition
to the regular quarterly dividend of 25 cents per share on the common
stock, both payable Dec. 28 to holders of record Dec. 14.
Extra of 25
cents was paid on Sept. 30, last and extra of 50 cents paid on June 29, last.
—V. 151, p. 2931.
Directors have declared an extra dividend
American Home Products
Directors have declared an extra
Corp.—Extra Dividend
—
dividend of 30 cents per share on the
stock, payable Dec. 23 to holders of record Dec.
also declared regular monthly dividend of 20 cents per share
to holders of record Dec. 13.
Extra of 25 cents was paid on
—V. 151, P. 2931.
common
16,018,365
Crl5,130
7,171,721
16,087
54,366
66,409
$3,402,074 $15,872,970 $13,143,496
23,696
$3,402,074 $15,872,970 $13,143,496
18,270
80,039
95,691
$3,663,376
175,047
707,209
$3,420,344 $15,953,009 $13,239,187
103,136
555,755
417,390
727,244
2,838,233
2,907,084
Other income
Total
Expenses, incl. taxes...
Int. and other deduct'ns
Balance carried to
con-
,
surplus $2,781,120
earn,
$2,589,964 $12,559,021
$9,914,713
Of American Power &
Light Co. in income of subsidiaries.
Note—No provision has been made in the above statements for possible
excess profits tax imposed by the Second Revenue Act of 19*0 which became
a law on Oct. 8, 1940.
"
,
Statement of Income {Company Only)
Period End. Sept. 30—
Income from subsidiaries
Other
Total
—
1940—3 Mos.—1939
1940—12 Mos.—1939
$2,942,375
$2,804,347 $12,156,074 $11,153,058
23,696
18,270
80,039
95,691
$2,966,071
...
Expenses, incl. taxes
175,047
Int. and other deduct'ns
707,209
Net income.
...
.
$2,083,815
$2,822,617 $12,236,113 $11,248,749
103,136
555,755
417,390
727,244
2,838,233
2,907,084
$1,992,237
Balance Sheet Sept. 30 {Company
Liabilities—
252,390,516 251,552,120
Temporary cash
9,885,853
invest
Cash
12,088,681
7,258,184
/
930,233
1,180,620
.
1939
$
$
Capita! stock.214,579,677 214,579,677
43,040,500
6% gold debens. 42,358,000
x
Southw. P. & L.
Co. 6% debs.
3,903,000
Divs. declared..
6,977,806
Accts. receivable:
$7,924,275
1940
$
$
Assets—
Investments
$8,842,125
Only)
1939
1940
1,810,075
payable-
176,611.
Accrued taxes..
270,433
4,042,000
1,206,706
213,527
189,763
432,945
408,444
Accts.
49,904
68,351
Special deposit.
202,060
173,452
Other curr.assets
231
169
Other curr. 1 lab.
420
420
count & exp_.
3,276,313
3,373,299
Capital surplus.
Prepayments—
13,519
13,519
Earned surplus.
36,026
10,409,635
11,740,945
Unamortiz'd dis¬
273,976,822 275,458,009'
13.
Directors
payable Jan. 2
Dec. 23, 1939.
Long-term
debt
Interest......
Total
36,026
273,976,822 275,458,009
Represented by: $6 pref. cum. (entitled upon liquidation to $100 a
pari passu with $5 pref.); authorized, 1,000,000 shs.; issued and
outstanding, 793,581 2-10 shs. incl. of 26 2-10 shs. of scrip in 1940 and
1939; $5 pref. cum. (entitled upon liquidation to $100 a share, pari passu
with $6 pref.): authorized, 2,200,000 shs.; issued and outstanding, 978,444
x
share,
shs.; common, authorized, 4,000.000 shs.; issued, 3,013,812 27-50, shares
less 5,301 reacquired and held by company, outstanding 3,008,511 27-50
(incl. of 2,029 27-50 shs. of scrip, in 1940 and 2,159 27-50 in 1939.)
Dividends—
Directors on Nov. 25 declared
American
15,815,149
Cr27,429
7,171,740
14,745
Net equity
$3,639,680
American Power <fc Light Co.—
a Net equity
$3,639,680
a
solidated
3,967,894
Cr7,762
1,792,931
min.
to
interests
Total
share on the
$6 preferred stock and 35 cents per share on the $7 pref. stock for payment
on Dec. 20, to the stockholders of record Dec. 7.
Like amounts were paid
p.
1,133,575 $38,745,213 $36,271,624
37,649
141,583
113,237
Others.......
a dividend of 25 cents per share on the common
2 to holders of record Dec. 18.
Like amounts were
paid on Oct. 1 and July 1, last, this latter being the first dividend paid on
the common shares since March 24, 1938, when 25 cents per share "was
also distributed.—V. 151, p. 97.
Directors have declared
stock, payable Jan.
The board of directors declared a dividend of 30 cents per
1940—12 Mos.—1939
$9,326,783
25,511
Int. to public and other
deductions
Subsidiaries.
Crystal Sugar Co.—25~Cent Dividend—
(& Subs.)—Earnings—
1940—3 Mos.—1939
Other income (net)
Railroad Co. for 250 box cars; from the Norfolk Southern Railroad Co. an
order for 50 all-steel gondola cars of 50-ton capacity and an order from the
American
,
(
share on the
Operating revenues.....$26,688,805 $25,247,399 $106775,241 $99,585,541
Operating expenses
10,509.924
9,999,288
41,532,687
39,319,736
Direct taxes
4,182,870
3,618,467
16,019,755
14,010,858
Property retire. & depl.
reserve appropriations
2,669,228
2,496,069
10,477,586
9,983,323
Foundry Co.-:-Orders —
Charles J. Hardy, President of this company, announced an order
S. Navy for 38 tank lighters estimated at about $1,020,262.
the U.
Dividend—
extra dividend of 50 cents per
American Power & Light Co.
Period End. Sept. 30—•
a
Note—No provision has been made in the accompanying income account
for Federal income taxes of certain subsidiaries which would have been
.
an
stock, payable Dec. 14 to holders of record Dec. 4, and the regular
quarterly dividend of 25 cents per share payable Jan. 1 to holders of record
Dec. 21.
Extra of 25 cents was paid on Dec. 15,1939.—V. 151, p. 2179.
common
The company
Government's
Ltd.—To Pay 75-Cent Dividend—
Directors have declared a dividend of 75 cents per share on the common
stock, payable Dec. 23 to holders of record Dec. 12.
This compares with
25 cents paid on Dec. 2, Sept. 3, June 1, and March 1, last; 50 cents paid
on Feb. 1, last, and 25 cents paid on Dec. 27, Dec. 1, Sept. 1, and March 1,
1939—V. 151, P. 2793.
Co.—40-Cent Div.—
stock, payable Dec. 18 to holders of record Dec. 3.
1,694,841
1,988,170
55,546
$1,205,072
62,339
Balance
A Christmas bonus
Directors have declared
(net).
Int. & other deductions.
Divs.
$11,984,239
$904,803
Total income
A total of $700,000 15-year 4K% debenture bonds, due April 1, 1950.
been called for redemption on Jan. 31 at par and accrued interest.
Payment will be made at the Bankers Trust Co., N. Y. City.—V. 151,
p.
1712.
paid
4,247
Taxes & expenses
has
were
129,166
165,681
Other income
Bonds Called—
Aluminum Goods Manufacturing
(& Subs.)—Earnings
American Gas & Electric Co.
In the last 10 years, the statement said, competition in nitrate of soda in
this country, the largest market in the world, and without tariff protection
of any kind, has been intense.
When construction of the Hopewell plant
commenced the market price was $50 a ton in bulk at United States ports,
Allied Stores
3385
Chronicle
dividends of S1.87K on $6 preferred stock
and $1.56K on $5 preferred stock, both payable Jan. 2 to holders of record
Dec. 9.
Previously this year three dividends of $1.12H on $6 preferred
93 % cents on $5 preferred were paid.
states present declarations are equivalent to three-quarters
declared in each of preceding quarters in 1940,
with additional 75 cents a share on the $6 preferred and 62 M cents a share
on the $5 preferred.
Total dividends declared In 1940 amount to seven-eights of the full
annual dividend rates and are closely equivalent to estimated net income
and three dividends of
Company
of the full dividend rate as
for the
'
year.—V. 151, p. 2179.
American Reserve Insurance
At a
Co.—New President—
special meeting held Nov. 27, Edward L. Mulvehill, formerly Vice-
President, was elected President to
Richard H. Long has been elected a
will continue
succeed the late Thomas B. Boss.
Vice-President of the company, and
151. p. 238.
to serve as Secretary.—V.
American Smelting
& Refining Co.—Special Dividend—
declared a special dividend of 75 cents per share on the
stock, no par value, payable Dec. 27 to holders of record Dec. 6.Regular quarterly dividend of 50 cents was paid on Nov. 30, last.
Special
dividend of $1 was paid on Dec. 23, 1939.—V. 151, p. 1269.
Directors have
common
The Commercial & Financial Chronicle
3386
&
Radiator
American
Standard
2o-Cent Common Dividend—
Sanitary
Corp.—
i*-;
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 28 to holders of record Dec. 6.
Dividend of 15 cents
was paid on Sept. 30, last, this latter being the first common dividend paid
since Dec. 26, 1939, when 30 cents per share was distributed; prior thereto
regular quarterly dividend of 15 cents was paid on March 1, 1938.—
151, P. 1132.
a
V.
Dec.
7, 1940
The proceeds
from the sale of the bonds and notes will be applied to the
redemption of the company's 6 % first mortgage 15-year sinking fund bonds,
series A, due Oct. 15, 1953, and to the purchase or the utility assets, busi¬
ness, franchises and water system of River Valley Gas Co. for approxi¬
mately $230,000.
The balance of the proceeds will be added to the com¬
pany's working capital.—V. 151, p. 3079.
Armstrong Cork Co.—To Pay SI Dividend—
have declared a dividend of $1 per share on the common
Dividend of 25 cents
Dec. 2, Sept. 3, June 1 and March 1, last;$l paid on Dec. 23,
1939: 25 cents paid on Dec. 1, Sept. 1, June 1 and March 1, 1939; a final
dividend of 50 cents on Dec. 22,1938, and a dividend of 25 cents on March 1,
1938.
During the year 1938 dividends totaling $2.50 per share were dis¬
tributed.—V. 151, p. 2793.
Directors
stock, payable Dec. 24 to holders of record Dec. 9.
American Snuff Co.—Extra Dividend—
Directors
Dec. 4 declared
on
an
extra dividend of 25 cents per share in
to the regular quarterly dividend of 75 cents per share on the
stock, par $25, both payable Jan. 2 to holders of record Dec. 12.
addition
common
Similar payments have
been made
Jan. 2 of each
on
year
since and including
1931.-V. 150, P. 1752.
Pay 25-Cent Dividend—
record Dec. 7.
Like amount was paid
July 27 and March 25, last, and on Nov. 28 and July 28, 1939, this
stock, payable Dec. 27 to holders of
being the first dividend paid since
151, p. 3225.
Oct.
1,
1937, when
a
Nov.
29, net electric output of the Associated Gas & Electric group was
107,520,187 units (kwh.).
This is an increase of 6,333,654 units or 6.3%
above production of 101,186,533 units a year ago.—V. 151, p. 3226.
similar
Atlanta
amount was distributed.—V.
Power
& Electric
Co., Inc.—Weekly
accumulations
record
Output—
Week Ended—
Nov.
9
Nov. 16
Nov. 23
Nov. 30
*
1940
1939
1938
1937
1936
58,153,000 55,518,000 44,359,000 44,513,000 47,728,000
58,981,000 54,914,000 45,582,000 44.631,000 47,134,000
59,261,000*54.011,000*43,862.000*40,793,000 46,495,000
*58,130,000 55,661,000 45,697,000 42,206,000*44.832,000
Includes Thanksgiving Day.—V.
151, p. 3225.
U.
contracts
Wringer Co.—To Pay Common Dividend—
a
dividend
of $2.50
was
account
of
of
per
on
Last previous divi¬
Anaconda Copper Mining Co. -75-Cent Dividend
Forge Co.—To Pay oD-Cent Common Dividend
dividend of 50 cents per share on the common
a
(par $5) payable Dec. 20 to holders of record Dec.
Dividend
10.
April 25, last, this latter being the first
1937.—V. 151, p. 2340.
dividend paid since
Automobile Finance
9 Mos. End. Sept. 30—
x
Net income.
x
common
Co.—Earnings—
1940
y$109,987
1938
loss$48,911
1939
$41,104
1937
$204,447
After operating expenses, Federal income taxes and other deductions,
common
stock.—V.
Automobile Insurance Co. —Extra Dividend—
Directors have declared
to the
an extra dividend of 40 cents per share in addition
regular quarterly dividend of 25 cents per share on the capital stock,
Similar extra was paid
both payable Jan. 2 to holders of record Dec. 7.
on Jan. 2, 1940 and 1939.—V. 149, p. 3709.
Axton-Fisher Tobacco Co.—$1.50
Preferred Dividend—
Directors have declared a dividend of $1.50 per share on account of ac¬
cumulations on the 6% preferred stock, payable Dec. 20.to holders of record
Dec. 2.
Last previous dividend was the regular quarterly payment of
$1.50 made
—
on
Feb. 15, last.—V. 151,
of 20 cents was paid on
dividend of 25 cents per share on the common
stock, payable Dec. 20 to holders of record Dec. 10.
dend was paid in 1936.—V. 151, p. 2180.
share
payable Jan. 15 to holders
paid
Equal to 27 cents per share on 240,310 shares of
151, p. 980.
kersey, $544,875; dark blue melton, $2,096,430; dark blue flannel, $623,700.
and wool blankets, $90,387.—V. 151, p. 2932,
American
a
V:'
Directors have declared
stock
S. Government recently awarded this company the following
in respective amounts under its defense program: Dark blue
Directors have declared
declared
the first preferred stock,
Dividends of $1.90
y
American Woolen Co.—Government Contracts—
The
on
3.
Atlas Drop
Works and
Comparative table of weekly output of electric energy for the last five
years follows:
Jan.
1885.
p.
Output of electric energy of the electric properties of American Water
Electric Co. for the week ending Nov. 30, 1940, totaled 58,130,000 kilowatt hours, an increase of 4.4 % over the output of 55,661,000
kilowatt hours for the corresponding week of 1939.
Laundries, Inc.—Accumulated Dividend—
have
Directors
American Water Works
Co.—Weekly Output—
The Utility Management Corporation reports that for the week ended
Directors have declared a dividend of 25 cents per share on the capital
on
on
Associated Gas & Electric
American Stores Co.—To
latter
paid
was
on
Dec. 31, 1936.—V. 151, p. 2933.
>
Directors have declared a dividend of 75 cents per share on the common
stock, payable Dec.
were paid on Sept.
50 cents on Dec. 21,
and on Dec. 22 and
1939; 25 cents on Sept. 21, June 22 and March 23,1939,
March 28, 1938; dividends of 50 cents paid on Dec. 20,
Sept. 27 and June 28, 1937, and a dividend of 25 cents per share distributed
March 9, 1937.—V. 151, p. 2932.
on
Appalachian Electric Power Co.—Refinancing Approved
The Virginia State Corporation Commission on Dec. 5 approved a $100,000,000 refinancing plan proposed by the company. The company must seek
approval from the Tennessee Railroad Commission and from the Securities
and Exchange Commission.
The program would improve company's debt ratio and decrease fixed
charges. Approximately $11,000,000 would be available for improvements
and expansion.
All outstanding common stock is owned by the American Gas & Electric
Co.—V. 151, p. 3226.
A. P. W. Paper Co., Inc.
sales
> 908,372
622,072
552,668
$273,972
Gross profit
787,871
$318,275
Dr4,895
$209,262
456
$237,917
Dr3,700
$313,380
46,000
186,424
59,083
$209,718
38,580
123,424
48,343
1,107
$234,217
41,476
144,503
48,555
1,073
$1,735
Nil
$1,389
'Nil
382
Other income
Total earnings
Provision for deprec'n..
Gen. adm. & sellingexps.
on funded debt....
$274,354
48,400
196,446
Int.
Int.
on
45,072
941
unfunded debt..
787
$16,507
EarnB.persh.oncom.stk.
prof$21.085
Nil
$0.13
—V. 151, p. 1885.
income
Accrued int.
on
1940
$8,296
33
1939
$6,698
1938
$8,465
33
29
$6,731
380
$8,494
$8,329
966
expense
collections received
acct. of subscr's to class A
529
on
stock...
Taxes
794
1,716
1,679
Depreciation
Net profit
Earned surplus as at June 30
$3,968
4,585
Total surplus
1,717
1,666
$2,967
3,332
,
2,070
1,660
$3,441
3,866
$8,553
3,111
2,222
448
2,222
$581
$967
$7,307
-
Class B stock
Divs. pay. pending issuance of stock.
Earned surplus at Sept. 30.
$6,299
5,301
Dividends declared—paid Oct. 1:
Class A stock
_
4,816
2,222
$269
Properties, Inc., owns,
the land (1,457 acres more or less) just north of the
Liberty mill, the storage warehouse and office building erected upon it,
together with the two sealing machines used by the A. P. W. Paper Co.,
Inc., all of which Is under lease to the A. P. W. Paper Co., Inc., for a rental
sufficient (after payment of all operating expenses) to provide
4% dividends
on all of the outstanding class A stock, and
6% dividends on all of the
outstanding class B shares of the A. P. W. Properties, Inc.—V. 150, p. 3346.
free from all liens,
Arcade Malleable Iron
Co.—Reorganization—
Terming the transaction "completed with marked success," Federal
Judge Ford at Boston has issued a final decree for reorganization of com¬
pany, which entered bankruptcy proceedings two years ago.
It then re¬
ported indebtedness of $558,969, but on Dec. 2 reported this had been cut
$85,000.
Bonds totaling $885,000 have been reduced to $108,000, and the
difference made up by issuance of common stock.—V. 150, p. 2410.
Arizona Edison Co.—Initial Dividend—
Directors have declared
an
stock, payable Dec.
initial dividend of 30 cents per share on the
16 to holders of record Nov. 30.—V. 151,
p. 2793.
Arkansas Western Gas
Co.—Hearing
on
Bond Issue—
The Securities and Exchange Commission held a public hearing Dec. 5,
the application (File 70-199) of company regarding the proposed issu¬
on
and sale of $800,000 first mortgage sinking fund bonds, series due
1955, at 97%, and $250,000 of serial promissory notes, at par.
E. H.
of
ance
Rollins & Sons, Inc., New York City, will be the principal underwriter
the bonds and the notes will be sold to banks.
Building, Inc.—Earnings—
3 Months
Gross income
10 Months
$54,717
$183,265
23,146
79,514
14,468
47,959
Oper. & misc. exps., incl. ins., deprec., repairs &
alterations
Taxes, incl. Fed. inc. tax, based on income for this
period only
Fed. income taxes deducted during this period but
applicable to earnings of prior mos. during 1940.
3,808
$13,295
~~
$55,792
:.a,
Baltimore & Ohio RR.—Director
WilJiam
Resigns—
T.
Noonan, President of the Buffalo Rochester & Pittsburgh
of the Baltimore & Ohio RR., has resigned from the board
He will continue in his position as President of
the B. R. & P. and its subsidiary comnanies, which still exists in corporate
form.—V. 151, p. 3227.
RR.,
now a part
of directors of the B. & O.
,
,
.
.
Bangor Hydro-Electric Co. (& Sub.)—Earnings—
Period Ended Nov. 30—
Gross earnings..
Operating
expenses
Taxes accrued
.....
1940—Month—1939
$213,979
$204,530
67,670
66,701
40,110
34,800
15,346
12,552
Net oper. revenue
Div.
on com.
1940—12 Mos.—1939
$2,433,710
$2,255,957
759,754
719,480
443,896
384,734
204,947
176,969
Balance
$90,477
25,482
$1,025,112
306,694
$974,774
304,431
$64,994
25,483
21,722
$718,417
305,794
260,659
$670,343
305,794
260,659
$17,880
stock
$90,853
25,768
$65,085
25,483
21,722
.
$17,790
$151,964
$103,890
—V. 151, p. 2794.
Baragua Sugar Estates—Interest Payment—
Holders of 15-year participating income debentures, due July 1, 1947,
being notified that the board of directors has declared payable as interest
on the debentures on Jan. 1,1941 the sum of $82,164, and a similar sum on
are
July 1, 1941, which is equivalent in the aggregate to 6% of the principal of
outstanding debentures, and will represent all current interest to the
respective dates.
Upon surrender of coupon No. 17 on or after Jan. 1, 1941, and coupon
No. 18 on or after July 1, 1941, to the Commercial National Bank & Trust
Co. of New York, 56 Wall St., an amount equivalent in each case to 3%
of the principal amount of the debentures will be paid.—Y. 149, p. 4019.
Barium Stainless Steel
tion
Note—The A. P. W. Properties, Inc., was organized under the
plan for
consolidation of plants of A. P. W. Paper Co., Inc., to finance the re¬
modeling of the latter's Liberty mill and the construction of a new storage
warehouse and office building.
The A. P. W.
common
Balfour
Period Ended Oct. 31, 1940—
Surplus
Div. on pref. stock
Inc.—Earnings—
3 Months Ended Sept. 30—
Rentalfrom A. P. W. Paper Co., Inc.
Interest earned
Administrative
2634.
Fixed charges
A. P. W. Properties,
Total
p.
Depreciation
1
Net loss
dividend of 40 cents per share on the common
a
—V. 151, p. 1426.
95 Days to
—3 Months to Sept. 30—
Oct. 19 1940 Oct. 21 1939
1938
1937
$1,182,344
$1,106,146
$831,334
$790,585
Cost of sales...-
Directors have declared
stock, payable Dec. 20 to holders of record Dec. 5. Like amount was paid
on Oct. 31 and July 31 last: dividend of 20 cents was paid on April 30
last,
and one of 25 cents per share was distributed in April, 1938.—V. 151,
Net income
(& Subs.)—Earnings—
July 1 to
Net
Babcock & Wilcox Co.—Common Dividend—
23 to holders of record Dec. 10.
Dividends of 50 cents
23 and June 24, last; 25 cents paid on March 25, last;
Asked
by
Three
Corp., Canton, O.—Reorganizes
Creditors—President Says Petition Is
Without Merit—
A
the
petition seeking reorganization of the corporation under section 10 of
Bankruptcy Act of 1938 and appointment of a trustee was filed in
Federal Court, Cleveland, Dec. 3 on behalf of three creditors, including Cold
Metal Process Co., Youngstown, having unsecured claims totaling $6,630.
The creditors' petition for reorganization charges, among other things,
Barium has applied to the Securities and Exchange Commission for
permission to sell 250,000 additional shares of common stock and that this
plan is "inadequate to meet financial requirements, detrimental to the best
interest of all of its creditors, secured and unsecured, the interests of all of its
present stockholders, and will not afford adequate relief to creditors."
Charing that the company has not met its indebtedness, the petition
states that indebtedness of the company included approximately $80,000
to Sisto Financial Corp., New York, and that J. A. Sisto, until Nov. 4, last,
was President and Chairman of the Board of both companies and in control
of the affairs of the Barium Co.
Under the plan, the
petition stated,
the Sisto firm was to be given its $80,000 claim in the proposed new stock
which can be sold on the market after the proposed issue of 250,000 shares
had been sold, and that "this proposition constitutes a preference in favor
of Sisto Financial Corp. over all other creditors."
The company also gave the Sisto firm two 2-year convertible notes, one
for $41,899, with the privilege of obtaining new stock at $2.50 a share, and
another for $36,695, with the privilege or getting stock at $1.25 a share,
the petition states.
The petition further charges that included in the company's indebtedness
is an RFC mortgage for $150,000, and that when this loan was obtained,
there was other current indebtedness of $126,000, and that the company
secured consent of creditors to yield priority of their claims to the RFC loan.
Other charges in the petition are that the company has been delinquent
in payment of its general current indebtedness, principal and interest on
the RFC loan, real estate property Indebtedness, corporation taxes for 1939
and 1940, and capital and franchise taxes as a foreign corporation for 1938,
1939, and 1940;
that
Volume
The Commercial & Financial Chronicle
151
If properly reorganized and
adequately financed, the petition states, the
company could be an important factor in assisting the Government in the
national defense program, adding that another
plan, considered previously
to the present plan but not
adopted by the company, would be a better plan.
In connection with the
Court,
Frank
Huston,
statement:
'\y '
;
,
utterly without
merit, as two of the three creditors are owed approximately $300 each and
settlement will be made promptly with them.
The company has no knowl¬
edge of contemplated action, which appears to be an attempt to embarrass
the company but which definitely will not have the desired
effect.
"Corporation has resumed partial operations and we expect to conclude
near
future.
ditional shares of
Exchange has approved the listing of 452,600 ad¬
common
Corporation—Incorp. in Delaware May 9, 1929.
stock, par SI, upon official notice of issuance.
Pay STf^-Cent Dividend—
dividend of 37 M cents per share on the com¬
16 to holders of record Dec. 5.
This compares
a
stock, payable Dec.
H cents paid in three preceding quarters, 25 cents paid on Dec. 15,
1939; 6M cents paid on Sept. 15 and on June 15, 1939; 12K cents paid on
March 15, 1939; 10 cents paid on Dec. 15, 1938; 15 cents paid on March 15,
1938, and previously regular quarterly dividends of 20 cents per share were
distributed. In addition, an extra dividend of five cents was paid on Dec. 15,
1937.—V. 151, p. 2933.
mon
with 12
Batavia Body
now carried on by seven of the
corporation's subsidiaries.
This business
consists of the purchase of instalment notes arising from the retail sale of
household furniture and appliances or other
or
1
$323,292
Cost of sales
General, administrative and sales expense
241,546
50,096
._
Profit
$31,650
5,724
...
Other Income
Total income.....
.<
$37,375
Other charges......—5,200
........
Loss
sale of part
of properties not used for mfg. operations._
Other property account adjustments...
on
...
Federal income tax
-
...—
—...
37
Cr41
3,041
Depreciation—10,331
':"r
.....
and
merchandise
Capitalization—
Authorized
1H % promissory note, due June 14, 1943 $5,000,000
■
500,000 shs.
$2.50 div. series of 1938 (no par)
Preferred stock (serial) series A, $3.50
cum. div. (no par)
—A.
750,000 shs.
Common stock (no par)
4,000,000 shs.
Prior preference stock (serial)
Outstanding as of
June SO, 1940
$5,000,000
150,000 shs.
None
a2,315,701 shs.
Exclusive of 1,703 shares held in treasury.
Earnings—The following information is summarized from the consoli¬
dated profit and loss statement of the corporation and its
subsidiaries for
a
31,1937, 1938 and 1939, and for the six months ended
6 Mos. End.
Year Ended Dec. 31June SO, '40
1939 '
1938
1937
$10,935,224 $21,106,240 $20,585,475 $22,141,456
a Net operating income4,525,592
8,570,936
8,175,173
9,841 582
b Gross income
4,530,901
8,577,584
8,181,556
9,849,593
Income deductions
1,459,647
2,258,599
1,995,606
2,744,578
Net income
3,071,253
6,318,984
6,185,949
7,105,015
a After deducting operating
expenses,
b Includes other income.
Purpose—Net proceeds (estimated at $9,850,520, exclusive of accrued
interest, and after deducting estimated expenses and underwriting dis¬
counts or commissions) are to be placed in its general
funds.
It is the
present intention of the corporation to use such funds primarily for invest¬
Operating income
ments in or advances to subsidiaries for
use in their businesses or
to reduce
or for both of such purposes.
Debentures—No additional debentures may be issued under the
indenture.
Indenture, however, does not limit the amount of other securities which
be issued by the corporation, with certain exceptions.
With certain
exceptions the indenture provisions may be modified with the consent of
holders of not less than 66 2-3% of outstanding
debentures, and certain
other action may be taken or permitted by smaller
percentages of the
may
Total
i.—........
—
-
Dividend paid
per
$35,190
8,025
Earned surplus at Aug. 31, 1940
share
on
..i
53,500 shares capital stock (par $5)
$27,165
$0.35
Assets—Cash
hand and in
banks, $22,429; accounts and notes re¬
ceivable, less reserve for bad debts of $686, $16,954; accrued interest re¬
ceivable, $148; inventories, $46,815; instalment real estate contracts re¬
ceivable, $6,304; land, buildings and water power, machinery and equip¬
ment (less reserves for depreciation from Jan. 1, 1936, to Aug. 31, 1940,
$43,568), $219,813; insurance and other prepaid charges, $1,541; total,
on
$314,004.
Liabilities—Note payable to officer—unsecured, $1,500: trade accounts
payable, $4,116; property taxes payable, $1,215; commissions payable,
$2,548; due to officers and employees, $3,130; accrued payroll, $746;
accrued Federal income tax, $3,041; other accrued taxes, $2,407; capital
stock (par $5), $267,500; capital surplus (after quasi-reorganization as of
Jan. 1, 1936), $636; earned surplus (earned since Jan. 1, 1936), $27,165;
total, $314,004.
Beauharnois Power
Corp., Ltd.—Fractional Certificates
The current distribution of shares of Beauharnois Light, Heat & Power
Co. to the shareholders of Beauharnois Power
Corp., Ltd., is being made
only against surrender of certificates for full snares of the corporation.
The 1933 and 1938 reorganizations resulted in the issue of certificates for
fractions of shares of the corporation by National Trust Co., Ltd., and The
Royal Trust Oo.
So that holders of fractional certificates may realize
upon these without obtaining other fractional certificates making up one or
more full shares, Beauharnois Power Corp., Ltd., has
arranged for Collier,
Norris & Quinlan, 507 Place d'Armes, Montreal, Que., to purchase frac¬
tional certificates on the basis of the current market quotations for Beau¬
harnois Light, Heat & Power Co. shares.—V. 151, p. 3082.
Beaunit Mills,
Inc.—-25-Cent Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
Dividend of 40 cents
stock, payable Dec. 20 to holders of record Dec. 10.
was last paid on Sept. 1, 1937.—V. 151, p. 2634.
Bedford Pulp & Paper
Co., Inc.—Tenders—
The Guaranty Trust Co. of New York will until 3 o'clock p. m., Feb. 14
receive bids for the sale to it of sufficient first mortgage
sinking fund 6^ %
gold bonds, due Dec. 1, 1942 to exhaust the sum of $12,555 at prices not
exceeding 101 and accrued interest.—V. 151, p. 2036.
Bell Telephone
1940—Month—1939
Period End. Oct. 31—
1940—10 Mos.—1939
Uncollectible oper. rev..
$6,683,201
25,395
$6,312,303 $63,177,962 $59,395,699
23,034
205,536
236,403
Operating revenues.
Operating expenses.
$6,657,806
4,394,901
$6,289,269 $62,972,426 $59,159,296
4,141,944
42,306,245
40,487,534
$2,262,905
$2,147,325 $20,666,181 $18,671,762
581,306
6,362,321
5,251,854
_.
Net oper. revenues...
681,235
Operating taxes
Net oper. income
income
1,133,319
$1,566,019 $14,303,860 $13,419,908
1,120,862
9,837,305
8,925,059
•. v v.
Bendix Aviation Corp .—Expansion
Program—
Corporation has awarded contracts for design and construction of a $500,000 addition to its plant in South Bend, Ind., to the Austin Co.
The plant, which is to be completed by Jan. 1, will have total area of
154,000 square feet and will be devoted entirely to the manufacture of
national defense and now on order
carburetors for use in equipment for
under government contracts.
The structure will be of monitor
type, with continuous side wall sash and
modern details.
The plant will be 500 feet long and will have six 50-foot
bays. It calls for 730 tons of structural steel which will be entirely welded.
—V. 151, p. 3227.
Beneficial Industrial Loan Corp.—Debentures
Offered—
Eastman, Dillon & Co. headed an underwriting group which
on Dec.
5 an issue of $10,000,000 10-year 2%%
offered
debentures due Dec. 1, 1950, at a
price of 1003^ and accrued
offering group are:
Smith,
Barney & Co.; Blair & Co., Inc.; E. H. Rollins & Sons, Inc.;
Ladenburg, Thalmann & Co., and Riter & Co.
The issue
Other members of the
has been oversubscribed.
Dated Dec. 1,1940; due Dec. 1,1950.
Interest pay able J. & D.
Coupon
debentures in denom. of $1,000, registerable as to principal only.
Semi¬
Blair & Co., Inc.
of $125,000, payable May 1, 1941 and each Nov. 1
Debentures delivered to the trustee and debentures
otherwise retired and canceled or which have been
called for redemption may be credited against purchase fund requirements.)
Purchase fund payments, if any, are to be applied to the purchase of de¬
bentures.
Any balance of any purchase fund payment not exhausted by
paid
of the
several
by them respectively
Smith, Barney & Co
...
$3,000,000
1,250,000
underwriters and
the
several
are as follows:
Hemphill, Noyes & Co
$400,000
350,000
300,000
Dean Witter & Co..
850,000
Jackson & Curtis
650,000
Hornblower & Weeks........
Ladenburg, Thalmann & Co..
600,000
Whiting, Weeks & Stubbs, Inc.
Riter & Co
450,000
Putnam
400,000
Piper, Jaffray & Hopwood
Mitchum, Tully & Co
Rogers & Tracy, Inc
'
—
E. H. Rollins & Sons, Inc
Alex. Brown & Sons
.....
Hayden, Stone & Co
400,000
Merrill Lynch, E. A. Pierce &
Cassatt
&
Co
250,000
200,000
150,000
150,000
150,000
400,000 j
.........
To
150,000
Pay 50-Cent Common Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 31 to holders of record Dec. 16.
Three dividends of
45 cents were paid in preceding quarter; dividend of 50 cents was
paid on
Dec. 27, 1939, and previously regular quarterly dividends of 45 cents
per
share were distributed.
See V. 148, p, 1311, for detailed record of
prior
dividend payments.—V. 151, p. 3227.
Bessemer & Lake Erie
Salomon Bros.
awarded
&
Hutzler
RR.—Equipment Trusts Offered—
and
associates
on
Dec. 3
were
$4,000,000
equipment trust certificates on an
interests cost basis of 1.15%.
The successful bid was 99.216
for 1% equipments.
The certificates were immediately reoffered at prices to yield from 0.20% to 1.50%, according to
maturity.
Associated in the offering are Dick & Merle-Smith
and Stroud & Co., Inc.
The issue has been oversubscribed.
#
[Six other investment firms submitted bids, including Harriman Ripley
99.1667 for Is; Harris, Hall & Co. (Inc.), 99.072 for Is;
Halsey, Stuart & Co., Inc., 100.081 for l^s; Mellon Securities Corp.,
98.441 for Is; Union Trust Co. of Pittsburgh, 98.40 for Is; and The First
Boston Corp., 98.621 for Is.]
The 1% equipment trust certificates, which are non-callable, are dated
& Co., Inc., with
Dec. 16, 1940 and mature $400,000 on each Dec. 16 from Dec. 16, 1941 to
and incl. Dec. 16,1950.
Dividends payable J. & D. at office of J. P. Mor¬
gan
& Co., Inc., New York, trustee.
and dividends
Denom, $1,000, registerable as to
under the Philadelphia Plan.
unconditionally guaranteed as to par value
by the company.
These certificates are to be issued for the purchase of new equipment
estimated to cost $5,350,000.
These certificates are subject to approval of the Interstate Commerce
Commission.—V. 151, p. 3227.
Bethlehem Steel
Corp.—Plans Expansion—Asks Neces¬
sity Certificate to Spend $18,000,000—
An additional 850,000 tons a year of steel ingots will be made available
industry, for both military and commercial needs, under a new $18,000,000 expansion program announced Dec. 4 by the corporation.
The corporation is completing an $80,000,000 plant expansion.
"The Advisory Commission to the Council of National Defense," said
Eugene Grace, President of Bethlehem, "recognized the desirability of
having this increased capacity available to help supply the anticipated re¬
quirements of the National defense program."
In announcing the program Edward R. Stettinius Jr., Industrial Materials
Chief of the Defense Commission, said Bethlehem had applied to the Navy
Department for a certificate of necessity which would entitle it to
a
deduction for amortization over a five-year period.
In New York, Mr. Grace said that the plant extensions
make
tax
existing Bethlehem, Lackawanna, Maryland and Steel ton plants, and would
include six new open-hearth furnaces, two new batteries of coke ovens with
additions to one of the by-product plants, two new blast furnaces, and
rebuilding and enlargement of two old blast furnaces.
Mr. Stettinius said the present ingot capacity of the Nation's steel in¬
dustry is about 83,000,000 tons annually, and that production for the
week ended Nov. 23 was at the rate of about 78,000,000 tons annually.
Mr. Grace, however, said Bethleham had been operating in excess of its
rated capacity for five
consecutive months.—V. 151,
Black & Decker Mfg.
p. 2635.
Co.—Extra Dividend—
Directors have declared an extra dividend of 10 cents per share in addition
quarterly dividend of 25 cents per share on the common stock,
20 to holders of record Dec. 10. Extra of 25 cents was
Sept. 20, last.—V. 151, p. 2487.
to the regular
both payable Dec.
paid
on
Bondholders Management, Inc.—Extra Dividend—
$1.87 K per share in addition
regular semi-annual dividend of 62 M cents per share on the class A
payable Dec. 16 to holders of record Dec, 5.
See also V. 149,
3866.
Directors have declared an extra dividend of
or
would
available, in addition to the steel ingots, 800,000 tons of coke and 700,000
tons of pig iron a year.
He added that the new facilities would be constructed at the company's
annual purchase fund
and May 1 thereafter.
or
names
to
$1,581,670
—V. 151, p. 2794.
interest.
Underwriters—The
Eastman, Dillon & Co
par value only.
To be issued
The certificates are to be
Co. of Pa.—Earnings—
Operating revenues
debenture holders.
amounts underwritten
Balance Sheet Aug. 31,1940
redeemed
';.V
$18,807
Earned surplus, at Aug. 31, 1939....—16,384
Net
property
rendering of services.
outstanding bank loans
Net'profit.2S222L
Earnings
the
'
the years ended Dec.
June 30, 1940:
Co.—Earnings—
Earnings for Fiscal Year Ended Aug. 31, 1940
Net sales
holding company,
making small
,
Basic Dolomite, Inc.—To
a
mans to ind.v.duajs, and related activities.
The 194 subsidiaries engaged
in this business constitute one of the largest
organizations in this business
in the United States.
The acceptance business, commenced in
—V. 151, p. 2933.
Directors have declared
Is
the subsidiaries of which are engaged in the
personal finance business, and
the acceptance business, and activities related thereto.
Nost of the active
subsidiaries of the corporation are engaged in the business of
1935, is
Listing of Additional Stock Approved—
The New York Curb
102H%; thereafter, but not after Nov. 30, 1942, 102H% \ thereafter, but
Nov. 30, 1943, 101 *A%', thereafter, but not after Nov. 30, 1944,
101 }4%; thereafter, but not after Nov. 30,
1945, 10114%; thereafter, but
not after Nov. 30, 1946, 101%;
thereafter, but not after Nov. 30, 1947,
100 H %; thereafter, but not after Nov. 30,
1948, 100^%; thereafter, but
not after Nov. 30, 1949, 100M%\and
thereafter, 100%.
Central Hanover Bank & Trust Co., trustee.
not after
filing of the petition in the Federal
President, released the following
"With respect to action for reorganization
brought in the Federal Court
in Cleveland against corporation, tne same is in
my opinion
substantial business in the
3387
the purchase of debentures is to be repaid to
/the corporation.
Redeemable
as a whole or in part at
any time upon at Idast 30 days' notice at the fol¬
lowing prices and accrued interest: On Nov. 30, 1941, or prior thereto,
to the
stock, both
p.
The Commercial & Financial Chronicle
3388
Binks Mfg.
Co.—60-Cent Dividend—
dividend of 60 cents per share on the common
stock, payable Dec. 18 to holders of record Dec. 9.
This compares with
25 cents paid on Dec. 21, 1939; 10 cents paid on Dec. 21, 1938; 25 cents on
Dec. 23, 1937; 15 cents paid on Oct. 22, July 30 and on March 25, 1937; an
extra dividend of 25 cents paid on Dec. 21, 1936, and an initial dividend of
50 cents paid on Dec. 15, 1936.—V. 151. p. 99.
Directors have declared a
dividend of 50 cents per share on the
of record Dec. 16. Extra of 25
cents in addition to regular quarterly dividend of 25 cents was paid on
Nov. 1, last.
Special of 50 cents was paid on Dec. 15, 1939.—V, 151,
p. 3083.
stock, payable Dec. 26 to holders
;
Bond Stores,
Inc.—Sales—
1940— Month—1939
1940—11 Mos.—1939
$4,014,610
$3,060,286 $27,612,160 $21,281,840
Period End. Nov. Z0—
Sales
completion of this financing, which will constitute all of the
he company then outstanding.
Underwriters—The principal amount of bonds which
writers has severally agreed to purchase is as follows:
Harris. Hall & Co. (Inc.) — — 1,000,000
Tucker, Anthony & Co
—$8,550,000
4,500,000
4,500,000
Kidder, Peabody <fe Co
4,050,000
Harriman Ripley & Co., Inc.. 3,800.000
White, Weld & Co
3.050,000
Blyth & Co., Inc
2,550.000
Goldman, Sachs & Co__
1,750,000
Union Securities Corp—
1,750,000
Glore, Forgan & Co
1,500,000
Hornblower & Weeks—i
1,250.000
The Wisconsin Co
750,000
Hemphill, Noyes & Co
H.M. Byllesby & Co., Inc
750,000
600,000
Blair, Bonner & Co.-
1,250,000
1,250,000
Inc
R.L.Day&Co—-
Jackson & Curtis
1,000,000
Paine, Webber & Co
Putnam & Co
600,000
Newton, Abbe & Co
500,000
Alex. Brown <fe Sons
year_^V^_15E p. 2934.
"""Borden Co.—Final Dividend—
Liabilities—
First mtge. bonds.
hand & dem. deps.
on
Materials & supplies
March 1, 1939, and a final
151. p. 2183.
property
Claims for abatement of
as
November, 1940, of 1,189,281,000 cubic
1,206,701,000 cubic feet in November, 1939, a
1592.
compared with
121,860
926,954
637,887
Interest accrued
470,730
Prov. for empl's' pens. Ilab.
360,000
Provision for tax liabilities..
4,438,859
Dividend declared
1,234,328
250,515
Employees' savings deposits
22,341,535
broadcasting station
amortization
126,635
Contribution for extension.
Prems.
Dated Dec. 1, 1940; due Dec. 1, 1970.
Prin. and int. (J-D) payable at
Street Trust Co., trustee and of Old Colony Trust Co.,
office of State
paying agent, Boston, and at agency of company in New York.
Coupon
bonds in the denom. of $1,000, reglsterable as to principal only, and inter¬
changeable with fully registered bonds in denom. of $1,000 or authorized
multiples thereof. Bed. all or part at option of company at any time, upon
at least 30 days' notice, at principal amount and accrued int. to redemption
date plus a premium, except for sinking fund purposes, equal to 9% of
principal amount if redemption date is on or before Dec. 1, 1941, there
after reduced by 0.3% for each successive one-year period beginning Dec.
2 and ending Dec. 1 to 0.3 % for the period beginning Dec. 2,1969 and ending
Nov. 30, 1970; and, if red. for sinking fund purposes, plus a premium equal
to 5.75%
of principal amount if redemption date is during 12-months
period following Dec. 1, 1946, thereafter reduced by 0.2% for each of the
five successive corresponding 12-months periods to 4.75% in the 12-months
period following Dec. 1, 1951, thereafter reduced by 0.25% for each suc¬
cessive corresponding 12-months period following Dec. 1, 1952 to 0.25%
for period following Dec. 1, 1969, and ending Nov. 30, 1970.
Company—Is an operating public utility engaged in the electric and
businesses. It was incorporated in 1886 in Massachusetts. Company
steam
supplies electricity in the cities of Boston (except the Charlestown district),
Somerville, Newton, Chelsea, Waltham and Woburn, in the towns of Brookline. Arlington, Watertown, Framingham, and in 30 other smaller town
of a survey made
580 square miles.
The population of the territory served with electric energy at retail is
estimated by the company to be approximately 1,425,000.
In addition,
the company supplies electricity in bulk to 10 electric companies and
municipalities, and part of the electricity used by the Boston Elevated
Railway and the Eastern Massachusetts Street Railway.
Company sup¬
plies steam in part of the city of Boston proper to over 440 customers.
Company's radio broadcasting station WEEI, together with equipment
and studio space in the company's office building at 182 Tremont St,,
Boston, is leased to and operated by Columbia Broadcasting System.
Company is also engaged in the business of purchasing and selling electrical
in Eastern Massachusetts covering an area (on the basis
in 1915 by the Commonwealth of Massachusetts) of over
appliances.
Purpose—Company now has outstanding $53,000,000 first mortgage
bonds, series A, sinking fund 3>^s due 1965, all of which it proposes to call
for redemption and payment on or about Jan. 10, 1941, at 107.
The net
proceeds to be received by the company from the sale of the bonds will be
applied in payment of the principal and premium on the bonds so redeemed,
the balance of the redemption price, together with accrued interest, to be
provided from current funds of the company.
Capitalization Outstanding Upon Completion of Financing
1st mtge. bonds, series A, 2% % due 1970
Capital stock (par $25)
Premiums
on
$53,000,000
61,716,400
41,10o,947
capital stock
Earnings for Stated Periods
12Mos.End.
Sept. 30 '40
1939
1938
1937
Gross operating revenues;
Sales of electric energy,-$35,299,869 $34,118,358
Sales of steam.
1,238,433
1,219,124
Other oper. revenue
103,705
Operating expenses
Purch. electric energy
1,610,769
2,974,390
1,995,202
4,066,635
Prov. for pensions &c
Depreciation-Prov. for spec, property
retirements
Taxes (otner than Fed.)
$31,673,450 $31,809,477
1,097,588
960,704
105,806
127,319
141,007
36,642,007 $35,443,288 $32,898,357 $32,911,188
10,870,341
10,710,638
10,595,650
10,932,881
Maintenance
_
Prov. for Fed. inc. taxes
Net oper. income
1,599,989
3,136,947
1,844,779
3,661,931
750,000
5,211,265
1,720,596
750,000
5,123,581
1,141,853
1,633,632
3,302,380
465,577
3,482,581
1,689.893
2,590,239
759,535
3,460,000
5,487",056
823,889
$7,107,592
133,412
$7,364,793
229,823
Other int. & charges (net)
$7,587,977
1,855,000
56,503
$7,612,588
1,855,000
58,449
$7,241,004
1,855,000
214,041
$7,594,616
1,855,000
357,736
Net inc. for the period
$5,676,474
$5,699,139
$5,171,963
$5,381,880
Int.
on
outstand 3Ks—
Gross income of $7,587,977 for the 12 months ended Sept. 30, 1940 is
5.2 times the annual interest requirements of $1,457,500 on the $53,000,000
first mortgage
bonds, series A, 2% % due 1970 be outstanding
Total
-
$191,925,003
Bond Issue—
The stockholders and directors have approved the sale of $53,000,000
1st mtge. bonds.
At the stockholders' meeting there were present in person
or
by proxy the representatives of 1,593,553 of the 2,468,650 outstanding
shares and the vote to accept the First Boston Corp. bid "was 1,592,569 in
favor and 984 shares opposed .
'
Frank D. Comerford, President, issued this statement at the close of the
stockholders
"As a rest.It of this refunding operation, Boston
30-year life of these
interest rate of approximately 2.6%."•—V. 151,p. 3228.
meeting;
Edison Co.. will have the use of tnis money over the
bonds at
an
average
Bourjois, Inc.—To Pay $1 Dividend
—
a dividend of $1 per share on the common stock,
value, payable Dec. 24 to holders of record Dec. 21.
This compares
with $1 paid on Dec. 8, 1939; 40 cents paid on Dec. 19, 1938; $1 paid on
Dec. 11, 1937: 75 cents paid on Dec. 11, 1936 and 25 cents per share dis¬
Directors have declared
no par
tributed
June 1,
on
Bourne
1935.—Y. 150, p. 3813.
Mills—Earnings—
Years Ended Sept. 30—
1940
Other
Dividends.
Gain aiter dividends
.
Balance Sheet Sept.
$30,876
20,000
$85,627
income.
$8,464
22,412
$125,627
40.000
Depreciation
Other charges
Allowance for taxes.
$1,798,292
1,742,689
9,604
—
—
Cost of sales
1939
$1,815,578
1,623,964
45,000
2,491
28,100
$116,023
Net sales
$10,876
45,000
2,139
28, 1940
Assets—Cash,
$308,309;
accounts
receivable,
$72,382;
inventory,
$353,091; real estate and machinery, $449,148; note receivable, $1,300;
prepaid charges, $22,318; total, $1,206,54S.
Liabilities—Accounts
payable, $33,586; reserve for taxes, $68,531,
reserve for depreciation, $385,000; surplus, $719,430; total, $1,206,548.—
V. 151, p. 2487.
Briggs & Stratton Corp.—Government Contract—
Company
acture
recently awarded a contract totaling $1,346,700 to manuammunition component® for the U. S. Government.
3083.
was
artillery
—V. 151, p.
Brillo
Mfg. Co., Inc.—Earnings—
x
Period End. Sept. 30—
Net profit—
y
Earnings
per
1940—3 Mos —1939
z$32,595
$0.16
share
$72,156
$0.42
1940—9 Mos.—1939
z$163,980
$220,118
$0.91
$1.28
After
depreciation, amortization, Federal and State income taxes,
y On 145,310 shares common stock (no par) and after deducting preferred
dividends,
z After provision for new excess profits tax.'
The balance sheet as at Sept. 30, 1940 shows total current assets of
$723,040, including cash of $459,804 but excluding company's own securities
held at cost of $161,552, against total current liabilities of $191,248.
Total
assets are shown as $1,955,725.
In his letter to stockholders accompanying the report, Milton B. Loeb,
President, states that the company's position is satsifactory with regard to
cash, accounts receivable, inventory on hand and deferred charges.
Current
liabilities, except for heavy tax outlays, continue low.
Increased demand
for and sales or Brillo products continue in all areas except foreign countries,
where deliveries are impossible, and present prospects indicate that 1940
will show increased volume and favorable earnings, he declares.—Y. 151,
p. 2343.
x
British
Columbia Power Corp.,
Operating
expenses
Ltd.—Earnings—
1940—Month—1939
1940—10 Mos.—1939
$1,461,070
$1,331,265 $13,827,540 $13,006,643
906.024
801,4/8
8,517,608
/,897.986
Net earnings
$555,046
$529,787
$5,309,932
$5,108,657
—V. 151, p. 2795.
Broadway Department Store, Inc.—25~Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 10 to holders of record Nov. 29.
Last previous dis¬
tribution was the 20 cent payment made on March 1,1938.—V. 151, p. 682.
Brown Oil
Corp., Ltd.—Special Meeting—
A special general meeting
of the common shareholders willlbe held on
Dec. 16 for the purposes of:
of debentures for such
5,306,230
807,617
$7,473,570
139,018
Gross income.
Stockholders Approve
61,716,400
41,105,947
4,520,636
(1) Approving and ratifying the borrowing of $378,000 by the issuing
$7,442,809
145,168
Other income (net)——
Earned surplus
$191,925,003
Period End. Oct. 31—
Gross earnings.
Years Ended Dec. 31
capital stock
on
130,000
-
Capital stock (par $25).——
to
57,746
601,513
Reserve for depreciation
578,680
doned
-
526,452
Unamort. prem. on 3 Ks
Res. for
Unamort. cost of prop, aban¬
Total
907,340
136,365
—
Other current liabilities----
cor¬
decrease of 1.4%.—V. 151, P.
Boston Edison Co.—Bonds Offered—A nation-wTde underwriting group of 33 investing firms headed by The First
Boston Corp. on Dec. 4 offered $53,000,000 1st mtge.
bonds, series A 2M%, due 1970, at 105 and int. Associated
with the First Boston Corp. in the offering are:
Lee Higginson Corp.; F. S. Moseley & Co.; Kidder, Peabody & Co.;
Harriman Ripley & Co., Inc.; White, Weld & Co.; Blyth
& Co., Inc.; Goldman, Sachs & Co.; Union Securities Corp.;
Glore, Forgan & Co.; Hornblower & Weeks; Stone & Webster
and Blodget, Inc.; Estabrook & Co.; R. L. Day & Co.;
Hayden, Stone & Co;. Paine, Webber & Co.; Jackson &
Curtis; Harris, Hall & Co. (Inc.); Tucker, Anthony & Co.;
Whiting, Weeks & Stubbs, Inc.; Spencer Trask & Co.;
W. E. Hutton & Co.; The Wisconsin Co.; Hemphill, Noyes
& Co.; H. M. Byllesby & Co., Inc.; Putnam & Co.; Newton,
Abbe & Co.; Alex. Brown & Sons; Blair, Bonner & Co.;
Chas. W. Scranton & Co.; Bodell & Co., Inc.; Auchincloss,
Parker & Redpath, and Green, Ellis & Anderson.
$53,000,000
—
Payroll accrued..
Consumers'deposits-..
Special dep. in lieu of mtgd.
porate franchise taxes
Deferred charges.———„
Company reports output for
feet,
200,000
Accounts payable,
Mlscell. work in process
Co.—Monthly Output —
250,000
..
1940
589,264
34,491
8,396.102
3,907,505
2,028,257
119,344
stock, payable Dec. 20 to holders of record Dec. 7,
Three interim
dividends of 30 cents were paid in preceding quarters; 50 cents paid on
Dec. 20, 1939; 30 cents on Sept. 1, June 1 and
dividend of 40 cents paid on Dec. 20, 1938.—V.
Red-
..
Green, Ellis & Anderson
Assets—
Accounts receivable (net)—
final dividend of 50 cents per share on the
" 400,000
300.000
Sc
path—
Prop., plant & equlpment—$174,584,660
Intangible assets
Misc.security inv.,atcost—
Cash
common
500,000
400,000
Chas. W. Scranton <fc Co
Balance Sheet Sept. 30,
Directors on Dec. 2 voted an extra dividend of 40 cents'a share and the
regular quarterly dividend of 40 cents a share on the common stock, both
payable Dec. 30 to stockholders of record Dec. 26.
This brings total pay¬
ments for the year to $2 against$1.50 last
750,000
750,000
750,000
-
1,000,000
—
Extra Dividend—
750,000
Whiting, Week8& Stubbs, Inc.
Spencer Trask & Co
W.E. Hutton & Co
Bodell & Co., Inc
1,000.000 Auchincloss, Parker
Estabrook <fc Co
663.
Boston Consolidated Gas
o
each of the under¬
LeeHigginson Corp
F.S. Moseley & Co
Hayden, Stone & Co———— 1,000,000
a
1940
The First Boston Corp
Sales for month of November 1940, included $296,633 haberdashery sales
and for 11 months ended Nov. 30,1940, haberdashery sales totaled $2,066,-
p
Directors have declared
7,
funded debt
Stone & Webster and Blodget,
Co.—Extra Dividend—
Birtman Electric
Directors have declared an extra
common
Dec.
upon
the to
(2)
Considering
directors from five
Board,
sum.
if
and
to
thought advisable, increasing the number of
by electing two additional directors to the
seven
and
(3) Considering and if deemed advisable, passing the following resolu¬
tion, which resolution will be proposed as a special resolution:
"
Whereas the capital of Brown Oil Corp., Ltd. is $388,500 divided Into
4,200 preference shares with a nominal or par value of $92.50 each and
3,000,000 common shares without nominal or par value
And Whereas the capital of the company is In excess of its wants and it is
deemed advisable to cancel all of the preference shares of the company and
return to the holders of the preference shares $92.50 per share upon the
terms that such holders lend to the company $90 for each preference share
now
held
by them
to be issued
upon
the terms of repayment as set out in a debenture
in respect thereof
Volume
Now
The Commercial & Financial Chronicle
151
Therefore Be It Resolved that the capital of the
company be reduced
common shares without nominal or par value, 1,800,005 of
be issued for a maximum price or consideration of 10c. each,
199.995 of which may be issued for a maximum price or consideration of
$100,000 and 1,000,000 of which may be issued for a maximum price or
consideration of $1,000,000 and that such reduction be effected by canceling
4,200 preference shares of the par value of $92.50 each and returning to
the holders of the 4,200 preference shares $2.50 in cash and a debenture
of the company (already authorized and created by the directors) of the
value of $90 for each preference share held by such preference shareholder."
—V. 151, p. 1136.
to
3,000,000
which
may
Brown &
^
Sharpe Mfg. Co.—Extra Dividend—
Directors have declared
an extra dividend of $4.50
per share in addition
regular quarterly dividend of $1.50 per share on the common stock,
both payable Dec. 10 to holders of record Dec. 3.
Similar extra was paid
on Sept. 10, last, and extras of $1.51' were paid on June 10 and on March
11 last.
Special dividend of $6 was paid on Dec. 27,1939.—V. 151, p. 2344.
to the
Buckeye Steel Casting Co.-—Icy-Cent Common Dividend—
Directors have declared
dividend of 75 cents per share on the common
a
stock, payable Dec. 18 to holders of record Dec. 9.
Dividend of $1 was
paid on Nov. 1, last, and 50 cents was paid on Dec. 28,1939 and on Nov. 1,
1939. this latter being the first dividend paid since Dec. 23. 1937 when an
extra of 25 cents per
on
share was distributed.
Dividend of 50 cents was paid
Nov. 1. 1937 and previously regular quarterly dividends of 25 cents per
share
distributed.—V.
were
151, p. 2184.
All of the outstanding first refunding mortgage 5% gold bonds, due
Jan. 1, 1961 have been called for redemption on Jan. 1 at 105 and accrued
interest.
Payment will be made at the Bankers Trust Co. of New York.
Bunker Hill & Sullivan
Mining & Concentrating Co.
9 Months Ended Sept. 30—
—V.
depletion but
$488,370
$1,038,302
151. p. 2344.
Burco, Inc.—Earning9—
on
on
$6,413
14,738
8,106
$6,712
10,979
stocks
sale of securities.
—
...
—108
_
28
$17,799°
Gross income.
23.556
$376
$5,728
19,110
Net profit on operations.
Non-recurring expenses
74
period.
$299
Balance
1940
Assets—
Sheet
Liabilities—
$111,715
2,077
2,406
531,380
1939
1940
Accts. pay able
Def. credits.-.—
$503
—
$533
217,709
Taxes accrued
divs.
mmm,
+
im
818,802
Securities owned..
Com. stk. ol Delta
1
1
Furn. & fixtures-
80
1,238
Prepaid expenses-
129
Preferred stock-
297,450
297,450
z
Common stock.-
94,405
94,405
1,281,480
1,281.480
Earned deficit
1,023,926
1,023,723
$868,982
$651,384
5,762
$868,982
y
120
$651,384
Oil Co., Ltd
Total
Total
depreciation of $120 in 1940 and $80 in 1939. y Repre¬
sented by 29,745 no par shares stated value $10 per share,
z Represented
by 94,405 no par shares.—V. 150, p. 124.
After reserve for
x
Burdine's, Inc.—Earnings—
1940
$7,136,200
Years End. July 31—
sales
Net
Net profit
after
a
1939
$6,129,623
424,921
314,469
1 taxes
;
1938
$6,012,162
159,900
Consolidated Balance Sheet July 31
1940
1939
$859,096 51,043,865
Assets—
Cash
10.000
Govt. Amun. sees.
Accts
1937
$6,352,955
405,673
»
Liabilities—
1940
1939
Accounts payableAccrued expenses-
$330,097
$128,300
220.852
203.389
Z952.049
yl,460.247
358.586
314.840
Mtges
680,197
572,877
Reserves
39,720
28,567
44,245
3,180,814
250,306
3,151,832
receivable..
Merchandise
Value life insur'ce.
x
payable-—
27,930
27.768
Capital A surplus 3,882,036
3,555,471
Stocks,bonds,
mortgages, &c__
Fixed assets (net).
Deferred charges.-
$5,412,964
Total
55,375,1751
Total
$5,412,964 $5,375,175
Burlington Mills Corp.—Extra Dividend—
stock, payable Dec. 23 to holders of record Dec. 13.
Regular
quarterly dividend of 25 cents per share was paid on Nov. 15 last.
Extra
also paid on Dec. 28, 1939.
of 25 cents was
Earnings for 9 Months Ended
Sept. 28 '40 Sept. 30 '39
charges, Federal income and excess
profitstaxes
:
$1,716,037
$1,460,999
Earns, per share on convertible stock
$2.75
$2.34
Net profit after
Company has changed its fiscal year to end on
September instead of calendar year basis .
the last Saturday in
Registers with SEC—
See list given on
first page of this department.—V. 151, p. 3229.
(A. M.) Byers Co.—To Enlarge Activities—
long
a
leader in the manufacture of wrought iron, has
announced that it soon will enlarge activities.to include the production of
board line of alloy steels, including stainless.
Production will begin within four to six months.
built to the company's
a
An addition will be
Ambridge plant, and will be used
melt shop for
Other basic pro¬
duction equipment for heating and rolling alloys already is in existence with¬
in the plant, Mr. Rains states.
Initial products will be billets and bars for alloy steel fabrications.
—V. 151, P. 3229.
as a
electric furnace equipment that is to be installed.
Callahan Zinc-Lead Co.—Earnings—
3 Months Ended Sept. 30—
Profit after taxes, depreciation &c_—
1940
$3,315
1939
$2,960
1938
$2,849
1137.
Callite Tungsten Corp.—To Recapitalize—
proposed increase in capitalization and subsequent issuance of capital
The
shares to obtain working funds is "necessary to accelerate the future progress
of the
Motor Co., Ltd.—Extra Dividend—
Directors have declared
an
extra dividend of 30 cents in addition to the
regular quarterly dividend of like amount on the common stock,
payable Jan. 2 to holders of record Dec. 10.—V. 150, p. 1757.
both
Canada Malting Co.—Extra Dividend—
both
payable Dec. 14 to holders of record Nov. 30.—V. 150,
End.
Operating
Oct.
31—
...
expenses
Netearnings,
-
p.
1273.
Ltd.—Earnings —
1940—Month—1939
$404,671
$442,777
211,686
214,011
1940—10
$192,985
$1,992,635
$228,766
Mos.—1939
$4,179,010
$4,361,400
2,186,375
2,086,896
$2,274,504
25-Cent Common Dividend—
Directors on Aug. 27 declared a dividend of 25 cents per share on the
stock, payable Jan. 25 to holders of record Dec. 31.
Dividend of
23 cents was paid on Oct. 25, last and previously regular quarterly dividends
of 30 cents per share were distributed.—V. 151, p. 2795.
common
Dry
Bottling
Co.
of
Cuba— Stock
Offered —
U. S.
value) was announced Nov. 25 by F. J. Young
& Co., Inc., of New York.
The stock (offered as a specula¬
tion) is priced at $1.25 per share.
./
Public offering of 65,000 shares of common stock ($1
Transfer Agents—Continental Bank & Trust Co., New York.
Shares
also be transferred at the office of the company in Havana, Cuba.
Company and Business—Company (Compania Embottelladora Canada
Dry de Cuba, S.A.) was organized in Cuba March 7, 1938, for the purpose,
among other things, of acquiring and operating, under an exclusive license
to bottle, sell and distribute "Canada Dry" beverages under the trade name
and trade mark "Canada Dry," throughout the Republic of Cuba.
Com¬
pany operates under exclusive I icense from Canada Dry International,
Inc., a wholly-owned subsidiary of Canada Dry Ginger Ale, Inc.
Company commenced operations in Havana, Cuba, under the aforesaid
Canada Dry license on Oct. 16, 1938, and since that date has been bottling
and selling "Canada Dry" carbonated beverages.
The principal products
bottled and distributed by the company under the Canada Dry label are
"Canada Dry" ginger ale and sparkling water.
In addition, the company
bottles and distributes other flavored carbonated beverages under the
"Canada Dry" label.
Company also holds from Canada Dry International, Inc., the exclusive
right to bottle in the Republic of Cuba the carbonated beverage known as
"Spur," a 12-ounce bottled cola drink, subject to the terms and conditions
of the Canada Dry license.
Company introduced "Spur" to its trade on
may
Sept. 11, 1940.
Capitalization—Pursuant to resolutions adopted by the stockholders at a
special meeting on Oct. 21, 1940, capitalization consists of a single issue of
common stock (par $1, U. S. currency):
To Be Outstanding
Authorized
Common stock (par $1, U. S. currency)-- a150,000 shs.
b64,050 shs.
Of this total, the shares remaining authorized and unissued comprise
(1) For sale to F. J. Young & Co., Inc., at $1 (U. S. cur.)
share, pursuant to underwriting agreement (maximum), 65,000; and
(2) reserved for general corporate purposes, 20,950.
b This figure gives effect to the exchange of all of the previously outstanding common stock of $2 (U. S. cur.) par value, and (or) class A and
class B stock, for a total of 64,050 shares of common stock of $1 (U.S. cur.)
par value.
Underwriting Agreement—Company has entered into an agreement with
F. J. Young & Co., Inc., dated Nov. 13, 1940, under the terms of which,
among other things, the company agrees to sell and F. J. Young & Co.*
Inc., agrees to purchase, on or before Feb. 28, 1941 (or such extended date
as the parties may agree upon), at the price of $1 (U. S. currency) per share,
all or so much of 65,000 shares of its presently authorized but unissued com¬
mon stock of $1 (U. S. currency) par value as F. J. Young & Co., Inc.,
may desire to purchase, subject to the terms and conditions of said agree¬
the following:
Directors have declared an extra dividend of 25 cents per share on the
—V. 151, P-
to
per
common
new
were
of 4.9
a
24,854
228,340
x Represented by
16,211 (15,594 in 1939) shares preference stock out¬
standing ($45 per share, callable value), and 298,000 (286,340 in 1939)
shares common stock outstanding (par $1 per share),
y $258,515 payable
within one year,
z $33,809 payable within one year.—V. 151, p. 542.
The company,
assets
ratio
m
1,360
Capital surplus
receivable
x
a
currency par
_
$47,893
in banks
loss$13,382
Sept. 30
1939
Cash on hand and
&
At June 30, 1940,
$898,244, against total current liabilities of
1.
Total assets were shown at $1,628,500.
Merchandise inventory positions, including raw materials, have shown
continued Improvement, and substantial progress has been made in the
depreciation of patent costs and plant machinery.—V. 151. p. 3084.
current
$182,229,
Canada
6
Federal income taxes
Acer. int.
$29,284
17,423
—
Net profit for
Financial position of the company continues strong.
total
Gross earnings
1939
1940
Miscellaneous income
Expenses
in the aviation and automotive industries.
Period
Years Ended Sept. 30—
Dividends
Kraft's letter points out that company bank loans total $194,000.
has invested $200,000 in a supply of tungsten ore, or wolfram¬
recognized strategic material, sufficient for nearly two years at present
rate of consumption, and acquired at prices below today's market, accord¬
ing to the letter.
Earnings will also benefit by recent plant expansion and
centralization, which was accomplished at a cost of approximately $140,500.
It is understood that proceeds of the proposed financing, if approved,
will be used to repay bank loans and as added working capital to be applied
in part to further purchases of equipment.
No further plant expansion is
contemplated, according to the management.
Total sales of Callite Tungsten Corp. are expected to exceed $2,000,000
for the full year 1940, compared with sales of approximately $1,500,000
for 1939.
The increase is ascribed to added sales resulting from the com¬
pany's expansion program, enabling it to benefit from Government defense
orders and orders from companies working on national defense, particularly
a
Canada Northern Power Corp.,
Income—Interest earned
Profit
Mr.
The company
ite,
Directors have declared an extra dividend of 50 cents per share in addi¬
ction to the regular quarterly dividends of like amount on the common stock,
1939
1940
Profit after prov. for depreciation &
before Federal income taxes
To bring our expansion program up to its present state of development,
we have invested a large percentage of our profits and have obtained the
additional money necessary by exercising our open line of bank credit."
Canada Cycle &
Buffalo Creek RR. Co.—Bonds Called—
3389
it would necessitate keeping our bank loans at a high figure and paying
interest charges with money that could otherwise be applied to dividends.
company" and is in the interests of present stockholders, according
addressed Nov. 30 to shareholders by Charles Kraft, President.
ment.
Purposes—Company intends to use the proceeds, to the extent realized,
to pay fees and expenses incident to this offering (presently estimated
at not to exceed $2,000), to reduce its Indebtedness, to increase its working
capital, to purchase additional bottles and cases should the future demand
for the company's products make such additional purchases advisable,
and for any other corporate purposes.
Changes in Capital Stock—When company was organized on March 7,
1938, its total authorized capital was $100,000 (Cuban official currency),
represented by and divided into 50,000 shares of class A stock and 50,000
shares of class B stock; the par value of both clasess was $1 (Cuban official
currency) per share.
Class A and class B stocks had the same voting
and dividend rights.
50,000 shares of class A stock were publicly sold
and company realized $50,000 (U. S. currency) in cash therefor; 50,000
shares of class B stock were issued for certain considerations.
At a special meeting of stockholders held Jan. 31, 1939, the authorized
capital was increased to $200,000 (Cuban official currency), divided into
150,000 shares of class A stock and 50,000 shares of class B stock—both
classes of the par value of $1 (Cuban official currency) per share.
Company
sold 38,100 additional shares of class A stock for cash at various prices, but
at not less than $1 (Cuban official currency) per share.
At a special meeting of stockholders held May 8, 1940, the authorized
capital was reclassified so that there became authorized 110,000 shares of
common stock, all of one class, of the par value of $2 (U. 8. currency) per
share.
Holders of the 88,100 shares of class A stock issued and outstand¬
ing on May 8, 1940, were entitled to receive in exchange for their holdings
of class A shares, 1 share of new $2 (U.S. currency) par value common stock
for each 2 shares of class A stock or the par value or $1 (Cuban official cur¬
rency) per share; and the holders of the 50,000 shares class B stock issued
and outstanding on May 8, 1940, were entitled to receive, in exchange for
their holdings, 1 share of new $2 (U. S. currency) par value common stock
for each 2H shares of class B stock of the par value of $1 (Cuban official
to a letter
currency) per share.
Proxies received to date indicate a vote in favor of the proposal of about
special meeting of stockholders held Oct. 21,1940, the par value of
from $2 (U. 8. currency) to $1 (U. S. cur¬
the authorized capital was decreased from $220,000,
represented by 110,000 shares of common stock of the par value of $2
(U. 8. currency) per share, to $150,000 represented by 150,000 shares of
common stock of the par value of $1 (U. S. currency) per share.
Holders
of shares of common stock of $2 (U. 8. currency) par value, issued and out¬
standing on Oct. 21, 1940, became entitled to receive 1 share of new $1
(U S. currency) par value common stock in exchange for each share of $2
(U. 8. currency) par value common stock.
Holders of shares of class A
and class B stock who had not previously exchanged such shares became
letter states.
A special meeting has been called for Dec. 12 to vote on an increase In
capitalization from the 403,000 shares of common capital stock now out¬
standing to 1,000,000 common capital shares of the par value of $1 per
share.
Tentative plans call for the issuance of 250,000 shares, of which
200,000 will be offered to s cockholders at $1.50 per share.
Through rights
to purchase one new share for each two shares now held, stockholders will
be given the opportunity to retain them relative participation.
"If we were to rely solely on profits to carry expansion, our program would
be considerably retarded," states Mr. Kraft in his letter.
"In addition,
nine to one, the
At
a
the common stock was reduced
rency) per share; and
The Commercial & Financial Chronicle
3390
entitled to receive new common stock of $1 (U. S. currency) par value, on
the same bases as if they had exchanged said class A and class B stock into
S. currency) par value.
Thus, there became
issuable by the company a total of 64,050 shares of new common stock of
$1 (U. 8. currency) par value in exchange for its previously existing common
stock of $2 (U. 8. currency) par value and (or) class A and class B stocks.
Pursuant to resolution of the board of directors, the voting rights of the
common stock of $2 (U. 8. currency) par value were terminated on Nov. 4,
1940, all voting rights being thereafter vested in the common stock of $1
(U. S. currency) par value.
of $2
stock
common
a55,236
32,407
18,618
17,644
f
Net loss from operations..
„;
Chartered Investors, Inc.—To Pay
Directors have declared
$16,769
Chesapeake Corp.—Earnings—
Period End. Sept. 30—
x
Net profit
x
Includes depreciation of $1,873 and provision for damage of containers
in the amount of $2,247.
Directors have declared an extra dividend of 62
common
Canadian Breweries, Ltd. (&
Period Ended Oct. 31—
income
1940—3 Mos.—1939
to holders
1940—12 Mo*.—-1938
operations
$421,254
28,308
...
......
$471,775
32,044
$1,427,192
$449,562
taxes.
dividend of 75 cents
per
Directors also
share payable Jan. 1
of record Dec. 13.
Dividend of 75 cents was paid on Oct. 1, last; dividends of 62K cents per
were paid in the three preceding quarters, and previously regular
quarterly dividends of 50 cents per share were distributed.
In addition,
extra dividend of 50 cents was paid on Dec. 27,1939.—V. 151, p. 3230.
share
taxes, except
Other income
cents per share on the
stock, payable Dec. 27 to holders of record Dec. 13.
declared the regular quarterly
Subs.1)—Earnings—
1940—9 Mos.—1939
$361,900
$1,701,210
1940—3 Mos.—1939
$124,406
$582,788
After expenses, Federal and State income taxes, &c.—V. 151, p. 2185.
Chesapeake & Ohio Ry.— Extra Dividend—
Cuban official currency.—V. 150,
the above figures are in
p.3966.
40-Cent Dividend —
dividend of 40 cents per share on the common
a
This compares with
25 cents paid on Dec. 15 and March 1, 1939, and a dividend of 50 cents was
paid on Dec. 21, 1936, and on Feb. 15, 1931.—V. 151, p. 3085.
a
from
Strip Co.—20-Cent Div.—
dividend of 20 cents per share on the common
a
stock, payable Dec. 20 to holders of record Dec. 5.
263
.....
Net loss for period....
after all
Merge—
742.
Weather
Metal
Chamberlin
Directors have declared
$16,506
...
Income charges.
Profit
p.
1940
stock, payable Dec. 14 to holders of record Dec. 1.
This compares with
10 cents paid on Sept. 18, June 20 and March 20, last; 25 cents on Dec. 15,
1939; 10 cents on Sept. 15 and June 16, 1939, and on Dec. 16 and Sept. 15,
1938, and previously regular quarterly dividends of 20 cents per share were
distributed.—V. 151, p. 2489.
$107,400
sold
Selling and delivery expenses
Advertising expenses
Administrative and general expenses
Note—All
Corp.—V. 141,
7,
for Period from Jan. 1, 1940 to Oct. 22, 1940
Gross sales, less returns, and discounts,.
Cost of goods
I
Central States Utilities Corp.—To
See Ogden
(U.
Income Statement
Dec.
$1,496,140
123,508
471.807
$900,825
y340,200
34,180
$745,138
165,044
60,806
$526,446
$3.22
$519,288
$3.18
$1,203,957
93,354
68,948
Chicago Dock & Canal Co.—Extra Dividend —
Total income
Provision for deprec'n..
117,993
$503,819
22,814
104,174
Profit.-...-..—--..
x$301,775
x$376,830
29,793
Interest
Provision for Federal and Provincial income taxes
Net profits applicable to minority interests......
$1,297,311 •
102,490
449,683
an extra dividend of $2 per share in addition to
quarterly dividend of $1 per share on the common stock, both
payable Dec. 1 to holders of record Nov. 25.—V. 150, p. 1595-
Directors have declared
the regular
Chicago & Eastern Illinois RR.—Registrar—
The Chase National Bank of the City of New York has been appointed
registrar for the Class A $40 par value and common stocks of this railroad.
V. 151, p. 3231.
—
.
Net profits...
Earned per share of preference stock
—
Profits for the three months ended Oct. 31, 1939 and 1940, subject
provision for minority interest and income taxes,
y Calculated
at
prevailing income tax rates subject to determination of Standard profits.
x
to
Accumulated Dividend—
Directors have declared
accumulations on
>. ■
t
dividend of 75 cents per share on account o
pref. stock, payable Jan. 2 to holders of
a
the $3 cum,
Chicago Grain Corp.—Earnings—
'
Earnings for Year Ended June 30, 1940
Merchandising income
.
'
$200,877
129,463
Income from storage.
Total income
$330,340
173,582
Operating expenses
Administrative expenses
73.941
record Dec. 14, leaving arrears of $6.75 per share.—V. 151, p. 1427.
Net income before depreciation
Canadian National
Ry.—Earnings—
Ikilance Sheet June 30,1940
Earnings of the System for the 9 Day Period Ended Nov. 30
1940
Gross
.....$7,186,899
revenues
Assets—Cash
1939
Increase
$6,505,197
$681,702
—V. 151, p. 3229.
Canadian Pacific
Ry.—Earnings—
1940—Month—1939
Period End. Oct. 31—
..
—
Working expenses
Net
earnings.
1940—10 Mos.—1939
$
$
$
■
16,667,801 138,739,804 122,112,224
10,823,636 112,979,190 103,562,649
16,891,992
11,421,353
5,470,639
Gross earnings
5,844,165
25,760,614
18,549,575
Earnings for the 9 Day Period Ended Nov. 30
■■"4 ..tf■1• 3.9401930
Traffic earnings
$5,216,000
$4,756,000
—V. 151, p. 3229.
Increase
■
Canadian Westinghouse Co.,
Directors have declared
a
$460,000
Ltd.—87]4,-Cent Dividend
dividend of 87 H cents per share on the
common
stock, payable Jan. 1 to holders of record Dec. 16.
Dividends of 37M
cents were paid in five preceding quarters and previously regular quarterly
dividends of 50 cents per share were distributed.—V. 151, p. 2488.
Canton Co. of Baltimore
Company paid
(Md.)—Pays $9 Dividend—
dividend of $9 per share on its common stock on Dec. 2
to holders of record Nov. 29.
Dividend of $6 was paid on June 27, last.
—V. 151, p. 240.
a
Carnegie-Illinois Steel Corp.—New Vice-President—
E. E. Moore has been elected Vice-President,
Industrial Relations,
succeeding D. A. Barrett who Is retiring Dec. 1, 1940, upon completion of
44 years of service with the corporation and predecessor companies.—V.
151, p. 2346.
Caterpillar Tractor Co.—New Vice-President—
Donald A. Robison has been made a Vice-President of the company
with administrative direction of all selling and advertising activities.
The
office of general sales manager, which Mr.
duties and responsibilities
Spain.—V. 151. p. 3229.
higher
Robison leaves to assume his
is being filled by the advancement of
Gail E.
the
a
dividend of $3.50 a share had been declared
participating first preferred stock, payable on Dec. 23 to shareholders
The previous payment was one of $2, paid on April 4
of record of Dec. 12.
of this
151,
p.
year,
after which
Illinois Light
Period End. Oct. 31—
Gross revenue..
Operating
expenses
Taxes
Pro v. for depr. & amort.
Gross income
Int. & other deductions.
Net
income.
on
preferred stock.
pref. stk. exp.
Amort, of
the stock amounted
to
$44.25.—V.
Co.—Earnings —
1940—Month—1939
1940—12 Mos.—1939
$755,573
300,855
165,457
115,000
$734,916
299,566
133,603
90,000
$9,661,848
3,757,990
1,719,198
1,330,000
$9,058,582
3,703,375
1,465,266
1,065,200
$174,261
61,647
$211,747
$2,854,660
716,807
$2,824,741
780,229
64,907
$112,614
41,800
15,951
Balance.,
-—V.
on
2795.
Central
Divs.
arrears
$146,840
41,800
15,951
$54,863
$89,089
$2,137,853
501.607
191,406
$1,444,840
$2,044,512
501,607
191,406
$1,351,499
151, p. zbo7.
Central
Illinois Securities
Directors have declared
accumulations
on
a
Corp.—Accumulated Div.—
dividend of 25 cents per share on account of
the $1.50 cum.
conv.
Dec. 20 to holders of record Dec. 10.
pref. stock,
no par
value, payable
on Dec. 21,
Similar payment was made
1939, and on Dec. 20, 1938, and regular quarterly dividend of 37 K
per share was paid on Aug. 1, 1937.—V. 151, p. 407.
Central RR. Co. of N. J.—To
cents
Pay 60% of State Tax—
^Federal Judge Juy L. Pake
on Dec. 2 directed the company to pay $1,981
60% of its $3,464,812 State tax levy for 1940.
Company had presented a petition asking the court to decide how much
928,
or
of its 1940 tax bill it might pay.
the two trustees, testified that
Walter P. Gardner of Jersey City, one of
payment of the full amount would per¬
manently cripple the road.
Judge Fake's order gave Attorney General Wilentz permission to appeal
Dec. 16 from the ruling if a study of the road's books showed that payment
of the full sum would not imperil the existence of the line.—V. 151,
p. 3230.
Central States Power &
Light Corp.—Plans to Simplify
Capital Structure—
See Ogden Corp.—V. 151, p. 2935.
deposit and on hand, $354; inventories, $274,393;
unexpired insurance, $5,363; cash held by trustee, $488,218; fixed assets
before depreciation, $1,499,876; improvements at cost, $62,822; total,
$2,331,027.
• ■
Liabilities—Due to Norris Grain Co. (secured by grain receipts having
a market value of $93,193), $366,095; reserve for capital stock and property
taxes, $45,620; 1st mtge. bonds due Oct. 1, 1952, $1,169,000; $5 cum.
pref. stock, ($1,000 no par shares), $100,000; common stock (10,000 no par
shares stated value $100), $100,000; paid-in surplus (representing excess of
valuation placed on properties acquired at organization over bonds and
preferred stock issued therefor, less property taxes accrued at organization
and organization expenses), $632,734; deficit before depreciation, $82,422;
total, $2,331,027.
on
Chicago & Illinois Western RR.—Bonds Called—
A total of
$97,000 general mortgage 6% gold bonds dated July 1, 1907
due July 1, 1947, has been called for redemption on Jan. 1 at par and
accrued interest. Payment will be made at the Continental Illinois National
Bank & Trust Co. of Chicago.—V.
150,
p.
3655.
Chicago Mail Order Co.—Dividend—
of 25 cents
share, on the common stock (par $5), payable Dec. 23, 1940, to holders
Dec. 7, 1940.
Previous payment was 25 cents Dec. 1, 1939.
The directors of this company on Nov. 26 declared a dividend
per
of record
Payments last year totaled $1.—Y. 151, p. 691.
Chicago Molded Products Co.—Year-End Dividend—
Directors have declared
common
a year-end dividend of 25 cents per share on the
stock, payable Dec. 21 to holders of record Dec. 10.—V. 149, p.
4022.
Chicago Towel Co.—$2 Dividend—
The directors have declared
a
dividend of $2 per share on the common
stock, payable Dec. 20 to holders of record Dec. 10.
This compares with
$1.50 paid in each of the three preceding quarters; $2.25 paid on Dec. 21,
1939; $1.50 in three preceding quarters; $2 paid on Dec. 20 and on Sept. 22,
1938; $1.50 paid on June 23 and on March 31,
1937.—V. 150, p. 684.
1938, and $2.50 paid
on
Dec. 20,
Chicago Yellow Cab Co., Inc.— Transfer Agent—
Company has notified the New York Stock Exchange that effective
1940, the agency for the transfer of its capital stock will be the
Schroder Trust Co. instead of the company's office in the City of New
Yrork.—V. 151, p. 3231.
Dec. 2,
Celluloid Corp.—Dividend—
Directors announced that
on
$82,818
-
City Ice & Fuel Co.—Preferred Stock Reduced—
Company has acquired and redeemed by purchase 6,772 shares of its
6K% cumulative preferred stock (par $100). This reduces the number of
authorized shares to 316,698, the number outstanding to 165,950 shares
and the stated capital to $29,545,000.
V. 151, p. 2936.
City Stores Co. (& Subs.)—EarningsPeriod End. Oct. 31—
1940—3 Mos.—1939
1940—9 Mos.—1939
$629,097
$547,963
$955,607
$620,641
T56.800
77,273
223,500
110,217
107,217
99,736
147,500
78,439
on parent co.'s fund.
debt, &c
80,967
86,951
260,626
260,870
Consolidated net prof.
$284,112
$284,004
$323,982
$171,115
aConsolidated net profit
Fed. normal inc. taxes
(est.)
Propor.
applic.
to
min.
interests
Int.
a
Before Federal income taxes,
minority interest and interest on parent1
company's funded debt.
Note—The above figures include provision
for taxes at the higher rates
established by the 1940 Revenue Act but subject to any further Federal or
other taxes which may be subsequently enacted.—Y. 151, p. 1428.
City & Suburban Homes Co.—To Pay 30-Cent Div.—
dividend of 30 cents per share on the common
1.
This compares with
20 cents on June 5,1939,
and on Dec. 5, 1938 and a dividend of 15 cents, per share distributed on
June 4, 1938.—V. 150, p. 3968.
Directors have declared
a
stock, payable Dec. 4 to holders of record Dec.
25 cents paid on June 4, last, and on Dec. 4,1939;
Clark Controller Co.—lb-Cent Dividend—
Directors have declared
a
dividend of 75 cents per share on the common
This compares with
14 and March 26, last; 50 cents on Dec. 22,
1939; 25 cents on Aug. 12, 1939, and Dec. 1, 1938, a dividend of $1 paid on
Dec. 15, 1937; 50 cents on Sept. 29, June 30 and March 18, 1937, and an
initial dividend of $1 piaid on Dec. 28, 1936.—V. 151, p. 1139.
stock, payable Dec.
16 to holders of record Dec. 9.
25 cents paid on Sept. 12, June
Cleveland Electric Illuminating Co,—Year-End Div.—
dividend of 50 cents per share in addi¬
50 cents per share on the common stock, both
payable Dec. 20 to holders of record Dec. 7.
Like amounts were paid
on Dec. 20. 1939 and 1938, Dec. 31, 1937 and on Dec. 22, 1936.
Directors have declared a year-end
tion to the usual quarterly of
Volume
The Commercial & Financial Chronicle
151
Definitive Bonds Ready—
Commonwealth
Guaranty Trust Co. of New York
at its
corporate trust department is
?repared to exchange first mortgage bonds, 3% series due 1970, due July
1970, in definitive form for outstanding temporary bonds.—V. 151.
,
2937.
p.
Cleveland Worsted Mills Co.—$1 Dividend—
Directors have declared a dividend of $1 per share on the common stock,
payable Dec. 16 to holders of record Dec. 10.
Dividend of like amount
was paid on Dec.
21, 1939.
Earnings
x
jor 9 Months Ended
Manufacturing profit
,
Selling and administrative
Reserve for doubtful
_
.
Sept. 30, 1940
-
__________
_______
_$904,223
319,761
_
expenses
8,500
accounts
Profit
Interest earned and other income—-net
$575,962
22,043
_
....
Profit before depreciation and interest
Interest charges
Provision for depreciation_
Reserve for contingencies
Provision for Federal income
$598,005
34,753
_
-_
102,757
...
....
taxes
-
,.
_
-
_
_
-
Net profit
Earnings
$349,505
share
per
After
x
20,000
90,989
-.
$2.44
deducting
manufacturing
of goods
cost
sold,
including
materials,
labor
and
Balance Sheet Sept. 30, 1940
Assets—
Liabilities—
Cash
$381,246
Notes
x2,125,106
Inventories at lower of cost
or
market
2,228,956
Meter deposits
2,546
payable
to
banks for
money borrowed-
$1,300,000
309,590
487,799
Trade acceptance payable—
Accounts payable
Accrued taxes
160,540
Property, plant and equip... yl.996,652
Reserve for contingencies
Deferred
Capital stock
charges
32,221
61,995
z2,000,000
Capital surplus
2,075,329
Earned surplus (accumulated
since Jan,
Treasury
1, 1931)___
stock,
5,169
391,889
$6,766,7251
Total
Dr20,417
$6,766,725
-
xAfter reserves of $148,746.
y After reserve for depreciation of $1,882,795.
z Represented by 143,170 no par shares
(including 1,890 shares to be
exchanged for
a
like number of shares of
a
former issue not surrendered and
5,169 shares in treasury.—V. 150, p. 3197.
Climax-Molybdenum Co.—Year-End Dividend—
Directors on Dec. 3 declared a year end dividend of $1 per share in
addition to a regular quarterly dividend of 30 cents per share on the common
stock, both payable Dec. 23 to holders of record Dec. 14.
Year-end divi¬
dend of like amount was paid on Dec. 22, 1939; extra dividend of $1 was
paid on Nov. 10. 1939; year-end of $1 was paid on Dec. 23. 1938, and
one of 50 cents was paid on Dec. 23, 1937.—Y. 151,
p. 2639.
Coca
Cola
of the
Small Loan Laws of the States in which company has operated.
Upon its incorporation, company acquired 18 small loan offices theretofore
and operated by John H. Aufderheide and his associates.
The
members of this group organized the company, are still numbered
among
its principal stockholders and are active in its
management.
Company maintains and operates 57 small loan offices in the following
States: Illinois (14); Indiana (8); Iowa (2);
Kentucky (1); Michigan (9);
Minnesota (3); Missouri (9); Ohio (11).
At Sept. 3C, 1940, the principal
balances of outstanding borrowers' notes receivable amounted to $12,-
19378
19354
owned
945,639, representing 90,165 accounts with
of $143
Bottling Corp. of Los Angeles—Year-End
year-end dividend of 65 cents per share on the
common stock, payable Dec. 18 to holders of record Dec. 2.
Dividend of
60 cents was paid on July 22, last, and one of 65 cents was paid on Dec. 26,
1939.—V. 151, P. 545.
a
Colgate-Palmolive-Peet
the
on
common
Dec. 5 declared
Co.—Extra
an extra
Dividend—Bonus—
dividend of 50 cents per share on
stock, payable Dec. 23 to holders of record Dec. 12.
Extra
was paid on Dec. 15, 1939.
Regular quarterly dividend of
share was paid on Nov. 15 last.
of like amount
12)4 cents
per
Directors also authorized a Christmas bonus of one week's pay, to be
distributed on Dec. 20, to all employees who have served the company one
excepting those who are already being compensated under
the executive and sales department bonus plan.—V. 151, p. 1139.
year
or
more,
Colt's Patent Fire Arms Mfg. Co.—Government
Company
arms
a
contract totaling $1,014,869 to manu"
material for the U
S. Government.—V. 151, p. 3231.
Columbia Gas & Electric
to
Contract
recently received
facture small
Corp.—Four Units Ask FPC
of the Harrison Electric & Water Co., Hamilton Service Co. and
Loveland Light & Water Co. into the Cincinnati Gas & Electric Co.
The four utility companies are Ohio corporations and are subsidiaries of
Columbia Gas & Electric Corp. Consummation of the merger is proposed to be effected through the
issuance by the Cincinnati company of 21,635 shares of its common stock,
(no par) in exchange for the shares of common stock of the Hamilton,
Harrison and Loveland companies.
Prior to the merger it is proposed that
the outstanding demand obligations be paid and retired by the issuance and
sale to Columbia by the Hamilton company of 6,048 shares of its common
stock, ($100 par) for $604,700; by the Harrison company of 5,220 shares of
its common stock with a stated value of $10 a share for $52,200; and
by
the Loveland company of 620 shares of its common stock, $100 par value,
for $62.000.—V. 151, p. 2937.
merger
Commercial Mackay Corp.
(& Subs.)—Earnings—
Consolidated Earnings for the 9 Months Ended
Total operating revenues
Expenses of operation
Maintenance and repairs
Sept. 30, 1940
$4,883,529
—
General and miscellaneous expenses
Provision for U. S. Federal income tax
Other taxes
Provision for depreciation
on
2,675,081
690,725
698,865
23,100
145,861
679,726
foreign exchange
34,670
Net loss from operations
$64,499
Nonoperating income
a
80,357
Net income
Interest charges, &c. of subsidiary companies
Accrued int. on income debs, of Commercial Mackay
Net loss
$15,858
18,661
223,773
Corp
____
$226,576
Before interest charges, &c. of subsidiary companies.
No provision has been made in the accompanying income account for
Federal income taxes of subsidiaries which would have been
payable in
a
respect of net income of such subsidiaries but which are not expected to be
payable because of items deducted for Federal income tax purposes prior to
Jan. 31 1940.
No provision has been made for any new excess profits or
other taxes
which
may
be enacted applicable retroactively to
1940.—V,
151, p. 2186.
dividend of 25 cents per share on the common
stock, payable Dec. 23 to holders of record Dec. 6.
This will be the first
dividend paid on the common shares since Dec. 22, 1937, when 30 cents
share
a
disbursed.—V. 151, p. 2639.
was
Commonwealth Edison
Co.—Weekly Output—
Company has furnished the following summary of weekly kilowatthour
output of electrical energy adjusted to show general business conditions of
territory served by deducting sales outside of territory to other utility
companies:
—
Week Ended—
Nov. 30—
Nov. 23
-
Nov. 16
Nov.
9
—V.
151,
—
p.
c2,424,477
cumulative preferred stock,
c
as
5%
Before any deduction on account of
expenses
or
underwriting discount in connection with present offering.
Purpose—Company intends to apply the net proceeds to the reduction
of bank loans or commercial
paper of the company, or both.
Earnings Summary for Calendar Years
a
Gross
Income
1930_b
1932_b
1933-
Interest
a
Net
for Year
Income
$2,335,223 $958,512
2,377,111
930,477
2,228,691
803,864
1,816,986
512,537
1,750,693 cl69,956
1,855.645 c696,756
1936
Gross
Income
__
_
1929.
Net
for Year
Income
_$2,108,369 $858,402
2,549,636
998,172
2,396,063
718,495
2,512,209
795,285
1940 (9 mos end.
Sept. 30)
.'
2,342,364 d744,899
instalment notes receivable.
Includes in the years 1930 to
1935, both inclusive, comparatively small amounts of recoveries on instal¬
ment notes previously written off.
b Figures for these years include income
of a former subsidiary, all of the offices and assets of which
were acquired
by the company prior to Jan. 3, 1933.
For these three years the company's
accounting practice was to take up in its accounts accruals of interest
income.
Since Jan. 1, 1933 interest income has been included in
the
accounts on the receipt basis.
c The net income for
1934 is after deducting a $200,000 contingent reserve
a
on
for bad debts which was not required and
1935.
If these entries were reversed,
was
added back into net income
in
net income for 1934 would be
$369,956 and for 1935 would be $496,756.
d After provision for all Federal
income and excess profits taxes now in effect.
requirement
on
the 35,000 shares of 5% cumulative
preferred stock to be outstanding will amount to $175,000.
As appears
from the net income this sum was earned 4.25 times on the
average during
the 10 years 1930 to 1939, both
inclusive, and 4.55 times in the year 1939,
and the dividend requirement for 9 months on the
35,000 shares of 5 % cumu¬
lative preferred stock was earned 5.67 times in the 9 months
period ended
Sept. 30, 1049.
Preferred Slock—Preferred stock is redeemable at the option of company
any time in whole, or from time to time in part by lot, upon not less
than 30 days' notice, at $110 per share if redeemed before
April 1, 1943;
at $107.50 per share on or after April
1, 1943 and before April 1, 1946,
and at $105 per share on or after April 1, 1946;
plus accrued dividends in
at
each
case.
Underwriters—The names of the several underwriters and
of shares of preferred stock agreed to be
purchased by them,
are as follows:
the
number
respectively,
Shares
Lee
Higginson Corporation
4,177 The Illinois Co. of Chicago
4,177 Paul H. Davis & Co
Whiting, Weeks & Stubbs Inc._2,000 Carter H. Harrison & Co
Indianapolis Bd. & Share Corp.1,250 Piper, Jaffray & Hopwood
Blyth & Co., Inc...
1,000
500
500
500
3231.
Kilowalthonr Output —
1940
1939
152,012,000
138,017,000
147,933,000
143,260,000
139,165,000
131,524,000
133,761,000
134,406,000
Commonwealth & Southern Corp.—To Sell $34,231,000
Georgia Power Co. Bonds and Arrange $17,000,000 Bank Loans
—To Retire $51,857,500 Funded Obligations—
The
Securities and
Exchange Commission announced Dec. 4 that the
an application (File 70-207) under the
Holding Com¬
regarding the proposed retirement of $51,857,500 principal
amount of funded obligations assumed by it.
To obtain the necessary funds, the corporation proposes: to sell
$34,231,000 of 5% first and refunding mortgage bonds, due 1967, of Georgia Power
Co. to six insurance companies at 105)4% of the principal amount and
accrued interest; to borrow $17,000,000 from banks; to use a distribution
from Tennessee Utilities Corp. (a subsidiary) of about
$6,720,883; and to
use $356,235 of its treasury funds.
It is proposed to redeem the following securities:
$38,386,000 Southeastern Power & Light Co. 6% debentures, series A,
due Sept. 1, 2025, to be redeemed at 110;
$5,721,500 Penn-Ohio Edison Co. 6% debentures, series A, due Nov. 1,
1950, to be redeemed at 104)4;
$7,750,000 of Penn-Ohio Edison Co. 5)4% debentures, series B, due
Feb. 1, 1959, to be redeemed at 105.
The insurance companies purchasing the Georgia Power Co. bonds are:
The Prudential Insurance Co. of America, $10,000,000; Sun Life Assurance
Co. of Canada, $4,000,000; Mutual Benefit Life Insurance Co.,
$2,000,000;
Massachusetts Mutual Life Insurance Co., $2,000,000; Mutual Life Insur¬
ance Co. of New York, $2,000,000; Equitable Life Assurance
Society of
The United States, $14,231,000.
The agreements with the purchasers of the bonds provide that, if Georgia
Power Co. redeems any of the bonds on or prior to March 1, 1943, the
Commonwealth & Southern Corp. will pay the purchasers the difference
between the redemption price paid to them for bonds redeemed on or prior
to March 1, 1942 and the purchase price (105)4%), and will
pay one-half
the difference between the redemption price for bonds redeemed after
March 1, 1942 and on or before March 1, 1943 and the purchase price,
but not including accrued interest in any case.
According to the application, the Commonwealth & Southern Corp.
purchased $34,221,000 Georgia Power Co. bonds from that company for
$32,253,400, and acquired the remaining $10,000 by purchase in the open
market.
The corporation's profit from the sale of the bonds purchased from
the Georgia Power Co. will amount to $3,849,755, and will be paid to that
company for use in the financing of its current construction program.
corporation had filed
pany
Act
Arranges $17,000,000 Loans—
Commercial Solvents Corp.—Common Dividend—
Directors have declared
per
2,424,477
—V. 150, p. 2091.
Ay-prove Merger—
The Cincinnati Gas & Electric Co. and Harrison Electric & Water Co.
have applied to the Federal Power Commission for approval of a proposed
Loss
ablance outstanding
Sept. 30, '40
aAdjusted
b$2,008,700 b$3,500,000
3,079,565
3,079,565
5% cumulative preferred stock (par $100)
Common stock (257,529 shares, no par)
Surplus
The annual dividend
Directors have declared
an average
o
Capitalization Outstanding
Dividend—
Directors
group
Company—Company, since incorporation in Indiana in 1922, has engaged
exclusively in the business of making small loans pursuant to the provisions
1931.b
shs.
at cost--—
Total
Loan
Co.—Preferred Stock Offered—An
headed by Lee Higginson Corp. and
Blyth & Co., Inc., on Dec. 2 offered at $100 per share and
divs. 14,104 shares of 5% cum. pref. stock.
Other members
of the offering
group are:
Whiting, Weeks & Stubbs, Inc.;
Indianapolis Bond & Share Corp., and The Illinois Co.
of Chicago.
The issue has been oversubscribed.
underwriting
a Adjusted to reflect the sale since
Sept. 30, 1940 of 809 shares of 5%
cumulative preferred stock and the issuance of the shares now
being offered.
b Constitutes part of the 80,000 authorized shares of
cumulative preferred
stock of which 35,000 shares have been authorized for issuance
expenses.
Trade accounts receivable
3391
According to an amendment filed with the Securities and Exchange
Commission, the Commonwealth has made arrangements to borrow $17,000,000 from five banks: Bankers Trust Co., $5,000,000, Chase National
Bank $5,000,000, National City Bank $3,000,000, First National Bank
$2,500,000, and Central Hanover Bank & Trust Co. $1,500,000.
The loans will mature semi-annually over a 10-year period, and carry
interest at the rate of 2)4 % per annum.
Justin R. Whiting,
the
President of the corporation,
following statement Dec. 3:
9.2
4.9
10.6
6.6
out
are filing an application with the SEC on behalf of the corporation.
application seeks an order authorizing Commonwealth & Southern
$34,231,000 Georgia Power Co. 1st & ret. mtge. bonds 5% series due
March 1, 1967 owned by it to six insurance companies at a price of 105)4
plus accrued int. In accordance with our regular practice and an agreement
with Georgia Power Co., Commonwealth will pay out of the proceeds
derived from the sale of these bonds the difference between the several
We
% Increase
gave
This
to sell
paid by Commonwealth to Georgia during the past nine
different amounts
for these bonds and the amount received on this sale. It is estimated
Georgia will receive about $3,800,000. This will enable Georgia Power
Co. to finance in part its required construction program which includes the
installation of two units aggregating 100,000 kilowatt capacity which will
come on the line next year.
Commonwealth will realize out of this sale $32,263,950 and from the
completion of the dissolution of The Tennessee Electric Power about $6,700,years
that
Commonwealth seeks authority in the application filed to make a
with a group of banks payable semi-annually over the next 10
000.
10-year loan
yeTbe
total amount to be received by the
Commonwealth from the above
will be applied by it in redemption of debentures which have
three sources
been assumed by it.
This will leave Commonwealth
with its only debt, the bank loans of
$17,000,000 mati.ring semi-annually over 10 years. It is estimated that the
net savings resulting from the above transactions will, over the 10-year
period of the bank loan, amount to over $12,000,000.
The savings during the first four years will be applied by Commonwealth
to amortize the premium to be paid in redemption of the above debentures.
v
'■ ■" v •
■
hour output of electrical energy of subsidiaries of
Commonwealth & Southern Corp., adjusted to show general business
conditions of territory served for the week ended Nov. 28, 1940 amounted
to 181,797,469 as compared with 161,642,678 for the corersponding week in
1939, an increase of 20,154,791 or 12.47%.—V. 151, p. 3231.
Weekly Output—
The weekly kilowatt
The
$4,794,347
2,045,545
25,962
18,742
32,026
12,816
$5,126,851
2,135.386
245,526
416,451
177,363
$188,662
JDrl.,254
$199,383
Drl,273
$2,152,124
17,968
$2,028,004
$2,033,688
481,075
$431,729
168,763
$451,840
179,625
Operating revenues
Operation
22,923
34,668
Maintenance
General taxes..
a Fed. & State inc. taxes
income
b Utility oper.
Other income (net).....
$198,110
$2,170,092
44.689
512,083
$142,734
public-1,250
66,076
$153,420
1,365
$1,658,009
15,690
792,915
$1,552,613
66,076
8,796
6,334
89,824
58,945
1,027
1,859
1,027
1,698
12,327
28,889
12,327
34,079
""$718,364
106,391
1,952
$636,127
102,636
1,826
$610,021
$531,665
856,028
23,711
1,952
6,393
98,514
836,180
15,680
1,826
6,393
272
269
Gross income
parent company
Amortization of debt dis¬
count and expense
Other income charges—
Dividends on
$63,725
$76,919
preferred stocks—To public-
To parent company
Balance
18,220
792,915
from
advances
Net income
5,684
44,674
accruals
Int. on bonds, parent co.
on
218,154
394,950
107,694
$187,408
b Gross income
Retirement res.
Int. on bonds,
1940—12 Mos.~1939
1940—Month—1939
31—
Period Ended Oct.
Subs.)—Earnings—
applicable to parent company
companies deducted above:
Income from subsidiary
Interest earned
Interest not earned
-—
Preferred dividends
Discount on bonds
Common dividends from G.
P. U., Inc
Other income
125,029
Continental Baking Co .—Preferred Dividend—
4 declared a regular quarterly dividend of
per share, and a special dividend of $1 per share, on the outstanding
preferred stock, both payable, on Dec. 24, to stockholders of record Dec. 14.
The special dividend is in payment of a portion of the special dividend of
$8.50 per share on the preferred stock of this company which was provided
for in the agreement of merger, effective March 8, 1939, between this
company and Continental Baking Corp. in lieu of the arrearages of $8.50
per share then existing on the preferred stock of Continental Baking Corp.
After payment of the aforesaid portion of the special dividend, the unpaid
portion thereof will be $5 per share.—V. 151, P- 2493.
The board of directors on Dec.
Inc.—$21,000,000 Debentures
has sold privately $21,000,000
25-year 3% sinking fund debentures to three life insurance
companies. Arrangements with respect to this financing
were made through Goldman, Sachs & Co.
Debentures are
dated Dec. 1, 1940; due Dec. 1, 1965.
V Proceeds will be used to redeem on Jan. 2, 1941 the 200,000 shares of
Continental
$1,599,892
$1,517,043
850,250
823,651
$749,642
—
Net income
$693,392
Federal excess-profits tax pending determina¬
b Before retirement reserve accruals.
Note—General Public Utilities, Inc. and subsidiaries are excluded, except
to the extent of dividends received.—V. 151, p. 3232.
No provision made for
a
Can
Co.,
Sold Privately— The company
preferred stock.
Preferred Stock—
outstanding $4.50 cumulative
'
To Redeem
'VVr
price of the preferred stock is $110 per share, together
share (being an amount equal to unpaid accrued
dividends from Jan. 1, 1941) or a total redemption price of $110,013 per
The redemption
with the sum of $0,013 per
The
quarterly dividend of $1,125 per share
tion of liability, if any.
previously declared,
payable Jan, 2, 1941 to holders of record of the outstanding preferred stock
at the close of business Dec.
10, 1940, will be paid in regular course to
such holders.—V. 151, p. 2493.
Continental Motors Corn.—Agreement on
An agreement has been reached between the
Finance Corporation concerning a
struction
Notes—
corporation and the Recon¬
note dated June 21,
1935
whereby the amortization schedule covering payment of the note in the
original amount of $1,000,000, on which the balance now is $724,950, is
altered so that the instalments of principal heretofore made due and pay¬
able on Jan. 15, 1941, are to become due and payable on or before Dec 21,
1944.
At the same time the two 1941 instalments of $100,000 each are
to $50,000.
An agreement also has been reached respecting an additional note dated
July 28, 1939, in original sum of $300,000, on which $78,469 remains un¬
paid, whereby instalments of principal in the amount of $10,000 each
heretofore due and payable monthly during the calendar year 1941 are
extended to the maturity of the note, or June 28, 1942.
The unpaid balance
of the note now becomes due and payable $10,000 monthly on the 28th of
each month beginning Jan. 28, 1942 and successive months thereafter,
and the balance of principal on June 28, 1942.—V. 151, p. 2493.
reduced
Copperweld Steel Co.—Expansion Program—
Company will expand its Warren, Ohio, plant with expenditure of another
$1,000,000 within the next 90 days, according to announcement by F. E.
Bramer, President.
The plant addition will Include a third 40-ton electric furnace which will
insure a yearly capacity of at least 100,000 tons of high grade alloy steel.
An office building and a building for the engineering department also will
Company is rushed with defense orders, including alloy steels for air¬
plane motors, landing gear assemblies, bearings, gear shifts and other
equipment.—V. 151, p. 2493. 2349.
Cornucopia Gold Mines—Earnings—
Earnings for 9 Months Ended Sept.
Total
Expenses, taxes & other deductions from income..
7, 1940
$2
share.
Community Power & Light Co. (&
Int.
Dec.
The Commercial & Financial Chronicle
3392
Net income after operating expenses
30, 1940
and Federal taxes
Earnings per share, 957,500 capital shares.
—V, 151, p. 3086.
—$41,037
$0.04
Cramp Shipbuilding Co.—To Receive $14,500,000 in
Loans—Navy Contracts of $106,380,000 Executed—Plant Being
Rehabilitated—
concluded an agreement with a group of Phila¬
banks, acting through The Pennsylvania Co. for Insurances on
Annuit es, for a facilities loan in an amount not in
excess of $12,000,000, and an agreement with the Federal Reserve Bank of
Philadelphia for a working capital loan in the amount of $2,500,000, it was
announced by Joseph P. R pley, Chairman of the Cramp board of directors.
This action, Mr. Ripley said, followed the receipt Nov. 28 in Washington
of executed contracts with the Navy Department for the construction of
six naval cruisers, on a cost plus fixed fee basis, at an estimated cost of
$106,380,000, and for the acquisition and construction of the necessary
emergency plant facilities at an estimated cost of $10,000,000. Performance
and payment bonds aggregating $5,000,000 were delivered by Cramp to
the Navy Department in Washing on Nov. 28.
The following Philadelphia banks are participating with The Pennsyl¬
vania Co. for Insurances on Lives and Granting Annuities in the facilities
loan: Philadelphia National Bank, Fidelity-Philadelphia Trust Co., Girard
Trust Co., Corn Exchange National Bank & Trust Co., First National
Bank, Central-Penn National Bank, Provident Trust Co., Tradesmens
National Bank & Trust Co., Market Street National Bank and Land Title
Company on Nov. 29
delphia
Coppermines Corp.—Group Insurance—
Corporation has announced that a plan of group insurance for over 700
of its employees has been made effective as of Dec. 1.
The Aetna Life
Consolidated
Insurance Co. of Hartford, Conn.,
will underwrite the plan.
provides for group life insurance as well as sickness and accident
surgical fee benefits.
It is on a contributory basis with Consolidated
Coppermines Corp. paying a substantial part of the cost.—V. 151, p. 2798.
The plan
and
Consolidated Edison Co. of N. Y.—Production—
production of the electric plants of its
Company on Dec. 4 announced
system for the week ending Dec. 1,1940, amounting to 158,200,000 kilowatt
hours, compared with 152,300,000 kilowatt hours for the corresponding week
of 3.9%.—151, p. 3232.
of 1939, an increase
Consolidated Sand & Gravel,
Directors
declared
have
Ltd.—Accumulated Div.—
on account of
stock, payable
dividend of $3.50 per share
a
accumulations on the 7% cumulative convertible preferred
Dec. 18 to holders of record Dec. 7.—V. 150, p. 3353.
Consolidated Steel Corp.,
Ltd.—Earnings—
Earnings for 8 Months Ended Aug. 31, 1940
Net profit after charges and Federal income & excess
Earns, per share on 241,617 shares common stock
$232,326
$0.27
profits taxes
—V. 151, p. 3232.
-Earnings-
1940
1939
1938
1937
$5,285,787
1,685,445
290,093
9,793
$5,393,008
1,640,445
$5,562,836
1,485,037
269,646
7,016
216,446
7,229
$5,319,528
1,488,017
309,142
$7,271,118
$7,310,115
$7,271,547
$7,126,384
5,334,324
5,148,300
5,046.025
5,173,194
Years End. Sept. 30—
Gas sales.
produced
Merchandise sales
Miscellaneous
revenue.
_
Prod., distrib. & admin,
expenses and taxes
The loan agreements, together with the payment of $1,250,000 cash
common stock capital, provide the company with a total of about $15,000,000 of new financing for the reopening of the Cramp shipyard in Phila¬
delphia for the construction of warships. The common stock capital was
provided through an underwriting of common stock by Harriman Ripley
& Co., Inc. and the sale of additional common stock to Blue Ridge Corp.,
The Chicago Corp. and Orama Securities Corp.
Total capital and surplus
9,697
Department has agreed to repay to the company the cost of such facilities,
to exceed $12,000,000, in 60 equal monthly instalments commencing
the completion of the construction of the facilities
These payments
have been assigned by the company to the banks as security for the facilities
loan.
The facilities contract provides that it may be terminated by the
Navy Department at any time, in which event the unpaid balance of the
not
upon
60 instalments immediately becomes due and payable by the Navy Depart¬
If the facilities contract is so terminated, the company may be
ment.
$2,161,815
88,472
$2,225,523
94,499
$1,953,190
92,778
required at its option either to make payment to the Navy Department for
such facilities, at cost less an allowance for depreciation, obsolescence, &c.,
or to transfer the facilities to the Navy Department.
The Federal Reserve Bank working capital loan provides for a graduated
$2,020,880
537,347
$2,250,286
298,308
$2,320,021
216,141
$2,045,968
460,991
repayment from fees to be paid to the company by the Navy Department.
As security for this loan the company has assigned to the bank its fixed fees
$2,548,594
1,455,520
$2,536,162
1,455,520
$2,506,959
1,436,767
1,102,707
1,093,074
1,080,642
1,070,192
under
Total
Dividends
Plant and buildings, re-
newal.fund
sur.
Nil
Nil
Nil
Nil
145,552
145,552
145,552
145,552
$13.88
$15.46
$15.94
$14.06
1
acct. Sept.30
Shares of stock outstand►
ing ($100 par)
Earnings per share
be-
k. fore plant and b'ld'gs,
ic renewal fund. -
Comparative Balance Sheet Sept. 30
Materials,
§
5
1,984,636
1,927,435
&c
14,173
Cash
Acc'ts receivable..
1,013,681
Acer. int. (not due)
34,040
107,679
Prep'd taxes & Ins.
1939
$
Liabilities—
S
14,555,200 14,555,200
5,492,767
1,984,772 Reserve fund
4,955,420
6,441,263
7,102,746
1,390,239 Renewal fund
524,080
330,098 Accounts payable.
450,597
363,880
363,880
979.701 Reserve for divs__
22,979,253^22,729,681
Investments
1940
1939
1940
A. sscts
Plant, <fcc
Other
P
34,824
£* 105,631
Capital stock
Prov. for Dominion
& Ont. Gov't tax
Bank advance
245,520
387,534
177,756
28,060,897 27,554,947
-V. 149, p. 3869.
Total
28,060,897 27,554,947
the
naval
cruiser
contract,
aggregating
$6,378,480, and the last
$100,000 of the payments from the Navy Department on account of the
subject to an agreement by the bank to release a certain
cost of each cruiser,
portion of this collateral according to the company's needs for working
capital.
It has also been announced that more than 99% of the $2,499,500 out¬
standing general mortgage bonds of The William Cramp & Sons' Ship and
Engine Building Co. were deposited under an exchange offer for common
stock and subscription warrants for common shares of Cramp Shipbuilding
Co. These subscription warrants, which expired Oct. 15, entitled holders to
purchase 99,980 common shares at $11 per share. Of this total about 6,500
shares were taken up through the exercise of subscription warrants and the
balance was purchased by Harriman Ripley & Co., the underwriter.
Cramp Shipbuilding Co. has taken title to the plant and real estate
comprising the shipyard of the old Cramp company.
In addition it has
completed arrangements to purchase three large adjacent properties, these
being the so-called Lear property, the I. P. Morris property heretofore
Owned by the Baldwin Locomotive Works and to be used for the con¬
struction of gun turrets and the Ballston yard of the Lehigh Coal & Navi¬
gation Co.
The work of rehabilitating the shipyard commenced about a
month ago and will be pushed forward with all possible speed. Preliminary
work on the construction of the cruisers will be commenced in the relatively
near
future and will go on
concurrently with the carrying out of the plant
rehabilitation program.
reopening of the Cramp yard has been brought about with
active cooperation of many public spirited men including the Secretary
Under-Secretary of the Navy, the Mayor of Philadelphia, the President
The
Total
$4,500,000 which includes the
$2,558,227
1,455,520
earnings
Total net income..
Transfer from res. fund-
Spec.
of the company amount to about
shipyard property which has been turned into the company against issuance
of common stock of which there are now outstanding about 219,000 shares.
Under the terms of the emergency plant facilities contract the Navy
$1,936,793
84,087
Net oper. income
Interest
Bank & Trust Co.
accounts
Consumers Gas Co. of Toronto
Residuals
Lives and Granting
the
and
and
Volume
3393
The Commercial & Financial Chronicle
151
members of the Philadelphia
will not be
City Council, Congressman Michael J. Brad¬
ley, in whose district the shipyard is located and who is a member of the
Naval Affairs Committee, and a committee of Philadelphia business men
headed by George M. Richardson.
Mr. Ripley also acknowledged the con¬
structive assistance of the Philadelphia commercial banks and the Federal
Reserve Bank of Philadelphia.
Employment of between five and six thousand persons is expected to
result from the opening of the shipyard.
The management of the company includes four outstanding naval archi¬
Certificates are to be dated Feb. 1, 1941 and will mature $126,000 an¬
nually 1942-1951.
[Only one other bid, 100.01 for 2s by Halsey, Stuart
& Co., Inc., was submitted.]—V. 151, p. 3234.
tects and constructors—Admiral
now
William G.
DuBose (U.
S. N. Retired),
Chairman of the Executive Committee, who was formerly Chief Con¬
structor of the Navy; James Reed, President of the company, who is a
former Commander of the Naval Construction Corps and who was New
Work Superintendent at the Mare Island Navy Yard during the last war;
R. H. M. Robinson, a director of the company, who is a former Naval
Constructor and private ship builder; and R. D. Weyerbacher, VicePresident and General Manager, who as a Navy officer served in various
capacities covering naval architecture, construction and production.
In
addition, H. Birchard Taylor, with an eminent record in the field of en¬
gineering and until recently President of the Navy League of the United
States, is a Vice-President of Cramp.
Mr. Ripley also announced that
Cramp Shipbuilding Co., through a resolution of its board of directors, has
taken over the payment of the pensions of employees of the old Cramp
company.—V. 151, p. 2349.
Dec.
on
2
on
bid
a
of
Detroit & Mackinac Ry.—Interest—
1940 on the mortgage 4% bonds, due 1995, [Is
Interest is payable at office of J. P. Morgan & Co., Inc.,
151, p. 3234.
The interest due June 1,
being paid.
New York.—V.
Diamond Match
Co.—Earnings—
1940
1939
1938
1937
$2,613,408
974,281
173,891
$2,562,729
797,169
179,315
$2,497,938
770,339
187,330
$2,580,779
$1,465,236
3,466,833
Dr45,063
$1,586,245
2,762,438
518,890
$1,540,270
3,977,196
6,267
$1,595,079
5,313,828
Drll6,239
Total surplus
dividends
$4,887,006
1,050,000
$4,867,574
900,000
1,050,000
$5,523,732
1,200,000
dividends
2,625,000
$6,792,668
1,200,000
2,100,000
$2,937,006
$2,917,574
$1,698,732
$3,492,668
stk.(no par)
$1.13
—V. 151, p. 1430; V. 150, p. 3658.
$1.30
$1.24
$1.31
9 Mos. End. Sept. 30—
Gross
earnings from
all
sources
Fed., State & city taxesDepreciation
Net
income
Surplus Jan. 1
Surplus adjustments
900,000
Preferred
Crandall-McKenzie & Henderson, Inc.—Delisting—
The Securities and Exchange Commission on Nov. 29 granted the ap¬
plication of company to withdraw its common stock (no par) from listing
and registration on the Pittsburgh Stock Exchange.
The application
stated, among things, that of the 50,000 shares of stock authorized to be
be issued there are outstanding 27,957 shares, of which 22,491 are jointly
owned by two persons.
It further stated that because of the small number
of shares outstanding in the hands of the public there is not sufficient public
interest in the trading of the security to warrant its continued listing and
that there are not sufficient shares available for trading to indicate that a
good auction market can be maintained on the exchange.
The order
granting the application becomes effective Dec. 9.—V. 151, p. 2187.
Crane Co.—80-Cent Common Dividend—
Directors have declared
p.
Crescent Public Service Co.—Interest—
Interest of 3% for the six months ended Oct. 1, 1940, was paid Dec. 1,
1940, on the coll. trust 6 % income bonds, series B.
The applicable earnings,
computed in accordance with the formula set forth in the trust indenture
securing the bonds, exceed 3% and therefore this payment is at the maxi¬
mum rate.
This interest payment, together with the 3% paid on June 1,
makes a total of 6% for the year 1940, which is the first time that, in
accordance with the formula, the company has earned and paid a full 6%
interest during any year.
Interest payments during 1939 consisted of 3%
on June 1 and 1 H % on Dec. 1, making a total for that year of 4 SA %.
Consolidated results of the company and subsidiaries, for the nine
months ended Sept. 30, 1940, show operating revenue of $2,049,101, an
increase of $139,051, or 7.3%, compared with the results for the corre¬
sponding period of 1939.
Consolidated gross income, before provisions
for renewals,
replacements and retirements and income deductions of
subsidiaries, for the nine months amounted to $678,648, an increase of
$68,864, or 11.3%, compared with corresponding results for 1939.
Con¬
solidated net income, after provisions for renewals, replacements and re¬
tirements and income deductions of subsidiaries (but before fixed charges
of the company) for the nine months amounted to $247,546, compared with
$133,488 for the corresponding period of 1939.
The savings in interest
charges, due to the refunding of outstanding indebtedness of Central
Ohio Light & Power Co. and Colorado Central Power Co. during 1939
are reflected in the improvement shown by the foregoing figures.
These
figures have not been computed in accordance with the formula contained
in the trust indenture.
Central Ohio Light & Power Co., a subsidiary, has recently placed an
order for a 7,500-kw. turbo-generating unit, together with a 90,000 pounds
hour boiler and incidental auxiliary equipment, for installation in its
This is scheduled
installation in 1941 in order to meet the growing demand for electric
Woodcock Electric Generating Station at Bluff ton, Ohio.
for
Balance Sept. 30
Earns, per sh. on
shs.
Distilled Liquors Corp.
1940, the subsidiaries served 29,818 electric customers
total increase of 935 customers as com¬
pared with Sept. 30, 1939.—V. 151, p. 2349.
Co., Inc. (& Subs.)—Earnings—
1940
9 Months Ended Sept. 30—•
1,080,290
87,126
$2,701,579
258,915
282,939
$3,486,727
424,160
555,879
447,406
$2,960,494
358,717
543,159
431,069
$2,585,410
325,523
440,687
466,307
$2,059,282
sales
Interest and amortization.
Federal income taxes, &c
-
-
$1,627,549
379,701
379,700
258,799
$1,247,848
$714,394
$2.41
$1.88
Note—No provision was made for excess profits taxes as it is estimated
that such tax, if any, for the entire year 1940 will be insignificant.
For the quarter ended Sept. 30, 1940 net profit was $741,094 equal to
$1.18 a share on common, comparing with $831,655 or $1.36 a common
$1,679,580
$3.24
25,084
943,453
$41,857
$80,459
charges (net)
Idle plant expenses
Net loss fr. sale of office
furn.', fixt's & plant..
66,294
30,614
55,200
54,937
20,928
62,068
51,728
Cost
of
75.652
925
of
cancellation
31,069
contract
Write-off of obsolete
ma¬
706
9,071
$114,690
$74,149
terials and supplies
Net loss for the year..
$65,249
$34,262
Includes commission income of $13,604 ($4,144 in 1939).
x
Note—No
provision for depreciation of idle plants was made during the
year because the book value of these plants was reduced, at Aug. 1, 1939,
to an amount which, in the opinion of the board of directors, represents
their reasonable realization value.
Consolidated Balance Sheet Aug. 31
1940
Assets—
Cash
1939
51,532
Capital stock
Capital surplus...
23,293
acceptances
484,867
Inventory
y
Paid-in surplus
Deficit
Land, bldgs., ma¬
chinery, equlp't,
939
97,470
631,696
...
833,394
573,574
67,274
$1,067,550 $1,109,091
Total
for losses and allowances of $10,086.
reserve
$8,050
z743,750
97,470
15,094
...$1,067,550 $1,109,0911
After
x
$33,784
a371,875
49
15,758
Deferred charges..
>'.
1939
,
461,363
424,583
furn. & fixtures.
Trademark
Total
1940
466,147
94,558
Trade
■
Liabilities—
Accts. payable and
accrued expenses
$114,905
$23,552
Accts. receivable..
y
depreciation of $107,752 in 1940 and $91,288 in 1939.
shares of $5 par.
a Par $2.50.—V. 151, p. 1569.
District Bond Co.
^
After reserve for
Represented by
(Calif.)—Delisting—
Securities and Exchange Commission on Nov, 29 announced that
The
of company to withdraw its common stock
($5 par) from listing and registration on the Los Angeles Stock Exchange.
application stated, among other things, that listing of this stock on
the Los Angeles Stock Exchange is ineffective and serves no real purpose,
and that only a very small volume of the stock is traded on the Exchange.
It further stated that most of the stock which has been traded on the
Exchange has been purchased by the company for the account of its officers
and directors and employees.
The order granting the application becomes
effective Dec. 13.—V. 151, p. 2041.
it had granted the application
The
Dividend Shares, Inc.—Earnings1940
$1,870,013
Years End. Oct. 31—
Income—Cash dividends
Net
cash
1939
1938
1937
$1,132,785
$1,396,111
$1,544,268
3,585
17.714
31,212
39,911
23,867
29,480
149*567
$1,203,908
390,123
$1,453,043
367,804
proceeds from
sale of secur. rec'd as
div. distrib. on invest¬
55,848
19,484
ment held
z
bonds, &c
on
Net cash
proceeds
$1,945,345
Total
Expenses
y$l ,564,638
income
Net
Divs.
on
380,707
—...
capital stock—
2,179,872
$1,711,548
381,800
x$813,785 x$l,085,238 x$l,329,749
2,131,040
1,973,598
3,430,117
x Including proceeds of regular stock dividends and rights sold, but ex¬
cluding security profits and losses,
y Excluding security profits and losses,
z From sale of regular stock divs. and rights incl. per certificate of incorp.
of 1939.-
Balance Sheet Oct. 31
1940
Directors have declared a dividend
payable Dec. 27 to holders of record Dec. 16.
This will be the
paid since March 7, 1938, when 50 cents per share
also distributed.—V. 151, p. 2937.
50,698
Cash divs. rec'le..
Danbury & Bethel Gas & Electric Co.—Voters Reject
Amt.
Purchase—
35,577
$
scriptions to cap ¬
stock
15,391
37,486
ital
Total
34,427
55,126
52,910
Prov. for Fed. cap.
35,999
miscell.taxes
71,632
78,691
Cap. stk.(par 25c.) 8,920,576
9,067,269
Capital surplus...35,210,594 35,948,964
Earned surplus...
*
59,956
stock, State and
due on sub¬
Deferred charges..
Voters of Danbury, Conn., at a town
3233.
1939
$
Investments
first common dividend
meeting held Nov. 29, defeated a
resolution for "the purchase of the Danbury & Bethel Gas & Electric Light
Co., or any portion of said company which is necessary to furnish gas,
electric light and power for the town of Danbury."
The vote was 589 to 19.
1940
1939
Liabilities—
^
§
.....41,284,137 41.548,083 Paym't for capital
stock repurch'd.
Cash on dep. with
Accts. pay. & ac¬
Guar. Tr. Co. of
crued expenses..
5,027,425
N. Y., trustee.. 4,322,675
A-8 CCtS
of 50 cents per thare on the common
stock,
—V. 151, p.
$1,023,912
442,243
5Q-Cent Common Div.—
was
$484,100
$16,868
379,702
share in September quarter
$387,745
370,877
$1,352,893
Common dividends
Surplus
Earnings per share on common stock.
$730,976
$31,659
Int.
Net profit
Preferred dividends.
$1,048,997
699,317
$2,302,471
112,267
-
.
Total income
on
995,494
180,940
$3,374,460
&c
Operating profit
Discount
1938
1,073,832
229,003
Depreciation
Amort, of experi. expense,
Other income
1939
$26,501,742 $21,806,672 $19,797,196
21,824,447
17,928,659
16,327,309
Costs and expense
$489,004
4,904
selling expenses..
30,
Net sales
1937
1938
1939
x$401,441
13,696
Net profit from sales__
General expenses & other
and
and 5,219 natural gas customers, a
Crown Cork & Seal
(& Subs.)- -Earnings-
1940
x$749,090
18,114
Returns & aUowances—
service in the communities served by the subsidiary.
As of Sept.
794,634
191,067
700,000
com.
Years End. Aug. 31—
Sales.
dividend of 80 cents per share on the common
a
2640.
per
Common
Net sales.
Cost of sales, advertising
stock, payable Dec. 23 to holders of record Dec. 9.
Dividend of 60 cents
was paid on Dec. 20, 1939 and one of $1 was paid on Dec. 15,1937.—V. 151,
issue
The
100.5973.
publicly reoffered.
45,710,387 46,647,0841
Total
1,385,443
1,471,882
....45,710,387 46,647,084
fiscal
31, 1937 through 1940 as the corporation has distributed
income for such years, and, on advice of counsel, has
claimed classification as a "mutual investment company."
Such classifi¬
cation and distribution will eliminate Federal income taxes, which would
otherwise amount to approximately $306,000, $120,000, $193,000 and
$92,000 for the respective fiscal years.—Y. 150, p. 3355.
Note—No provision has been made for Federal income taxes for the
Dayton Union Railway
Co.—Bonds Called—
bonds has been called for redemption on
par and accrued interest.
Payment will be made at the City Bank
Trust Co., N. Y. City.—V. 151, p. 3233.
A total of $14,000 4% mortgage
Jan. 1 at
Farmers
Delaware Lackawanna & Western RR.—New President
White, Vice-President and General Manager of the Virginian
William
Railway, on was Nov. 27 elected President of this company to succeed
John M. Davis, President since 1925, who resigned.
Mr. Davis was elected
to the nerwly created office of Chairman of the Board.
The officers will
ssume their new positions Jan. 1, when Mr. Davis's resignation as President
is
effective.—V. 151, p. 3234.
Delta Electric Co.—Extra
Directors
addition
Dividend—
declared an extra dividend of 10 cents per share In
regular quarterly dividend of 20 cents on the common
have
to the
stock, both payable Dec. 20 to
Denver & Rio
holders of record Dec. 10.—V. 150, p. 1597.
Grande Western RR.—Equipment Trust
Certificates Placed—An issue of $1,260,000 2% equipment
certificates, series G, were awarded to Blyth & Co.
trust
years ended Oct.
all of its taxable
Dome
Mines, Ltd.—Dividend—
dividend of 50 cents per share on the no par
stock payable In Canadian funds on April 21, 1941, to holders of
record March 31, 1941, subject to consent of foreign exchange control
board of Canada.
Facilities will be provided to enable shareholders residing in the United
States to convert their dividend checks into United States funds at official
rate of Canadian foreign exchange control board.
In October directors also declared quarterly dividend of 50 cents, payable
Jan. 20, 1941, to holders of record Dec. 31, 1940.—V. 151, p. 2494.
Directors have declared a
common
Dominion Woolens & Worsteds, Ltd.—Initial Div.—
initial dividend of 60 cents per share on the
6% non-cum. partic. pref. stock, payable Jan. 2 to holders of record
Dec. 14.—V. 151, p. 413.
Directors have declared an
The Commercial St Financial Chronicle
3394
Years End. Sept. 30—
Profit from operations
Interest, &c
Net profit-a
Directors have declared
1937
1938
1939
1940
d$315,677
100,420
b$200,332
103,080
$295,146
106,308
$203,957
105,560
c$215,257
b Includes $2,002 income from
and $29,736 accumulation of net profits from miscellaneous operations of
which $11,499 arose during the year,
c Before providing for depreciation
including
and
depletion,
d Includes $2,109 income from investments,
$1,117 interest on company bonds held in treasury.
Balance Sheet
1940
Cash—-----Accts, & bills rec—
Inventories
$7,193 Accounts payable174,110 Bank loan, secured
374,827 Accrued charges—
8,592 Dominion 3c other
taxes
15,681
579,777
147,983
389,647
—
Deferred charges.
Inv. in bds. &stks.
7,974
24,556
_
timber
&
powers..------
1,475
Increase
Total.— .—$5,914,391 $8,201,160
The above figures do not include the sj
appearing in both periods.—V. 151, p.
inputs of any companies not
The corporation announces that interest for the half-year to Dec. 31,
1940, of Z H % on the $100 par 7 % perpetual cumulative income debentures
and a dividend for the quarter to Dec. 31,1940. of 3 cents per share on the
6,400,000
ordinary shares of the company have been declared payable Jan. 1, 1941,
to holders of these securities of record Dec. 10, 1940.—V. 150, p. 1763.
Ecuadorian Corp.,
Sales-
—V. 149. P. 3870.
Ltd.—Interest and Dividend—
Edison Brothers Stores, Inc.—Sales—
Period End. Nov. 30—
Includes accrued liabilities.
y
7.5
3.6
17.3
1,501
—$5,914,391 $8,201,160
Total
tem
9,136,000
2,347,000
13,303,000
12,850
1,482,371
1,234,000
Common stock &
Represented by 150,000 (no par) shares,
121,476,000
65,539,000
77,001,000
90,304,000
P.C.
Amount
1939
1940
13,816
surplus---—— 4,614,715
x
28, 1940 the kilowatt-hour system input of
subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co. as
compared with the corresponding week during 1939, was as follows:
13,620
7,620,758 6% 1st mtge. bds. 1,214,000
*
Inc.—Weekly Input—
National Power & Light Co—
25,000
10, 1936.—V. 151,
the operating companies which are
American Power & Light Co—130,612,000
Electric Power & Light Corp. 67,886,000
See y
Reserves-.......-
5,264,455
Services
Ebasco
Last previous pay¬
_
' v.'1
V\,v '
$43,963
y?58,241
1st mtge. bonds-
water
,
For the week ended Nov.
Interest accrued on
Mills, bldgs.,mach,
& plant, real est.,
'v
1570.
1939
1940
Liabilities—
dividend of 50 cents per share on the common
a
to holders of record Nov. 26.
dividend distributed on Sept.
Operating Subsidiaries of—
Sept. 30
1939
Dec. 10
the 30 cent
ment was
$188,839
$98,397
c$97,252
investments, including $978 interest on company bonds beld in treasury
Assets—
stock, payable
p.
Includes income from investments,
7, 1940
Eastern Malleable Iron Co.—To Pay Common Dividend—
Dryden Paper Co., Ltd.— Earningsa
Dec.
—
.
—-
1940—Month—1939
1940—11 Mos.—1939
$2,159,424
$1,858,188 $23,482,489 $22,171,517
—V. 151, P. 2799.
Duke Po^er Co.—To
Pay $1.75 Common Dividend—
Directors have declared a dividend of $1.75 per share on the common
stock, payable Dec. 21 to holders of record Dec. 6.
Three quarterly divi¬
dends of 75 cents were previously distributed this year; dividend of $1.75
Edmonton Street
Period End. Oct.
Total revenue-
31—•
....
was
paid
Dec. 22, 1939 and a regular quarterly dividend of 75 cents
paid on Oct. 2, 1939.—-V. 150, p. 1598.
on
share
per
was
Duquesne Brewing Co. of Pittsburgh—40-Cent Div.—
Directors have declared
dividend of 40 cents per share on the common
a
stock,«payable Dec. 19 to holders of record Dec. 9.
Regular quarterly
dividend of 15 cents was paid on Nov. 1, last.
Extra dividend or40 cents
was also paid on Dec. 18, 1939.—V. 151, p. 845.
Durez Plastics &
Gross
Total oper. expenditures
Operating surplus
Taxes
—
Selling, administrative and general
231,037
expense
428,716
.
1.
Net income from operations
Other income——-—
$679,245
18,012
—
—
Total income
Deductions from income
$697,257
83,869
138,894
------
—————————
——
—.
...
Provision for Federal taxes on income.
—
—
$474,495
Net income for the period.
Note—The provision for Federal taxes on income is calculated on the
income for the nine months ended Sept. 30,1940 at the rates of income and
profits taxes, applicable to that income, established by the Revenue
Act of 1940, plus the proportionate part of Federal taxes upon the income
for the three months ended Dec. 31,1939 calculated at the rate established
by the Revenue Act of 1938.—V. 151, p. 413.
excess
Eason Oil Co.—Earnings—
——
1939
15.40^
$1,028,602
$1,071,048
703,891
185,481
778,106
216,463
$139,239
5,043
$76,478
4,048
$144,273
2,061
204,292
$80,527
1,225
$62,082
——
Operating and general expenses
$86,164
21,524
—
Net loss
deple., deprec., Ac...
———;
...
——
——
—
Dividend paid
or
payable-
165,466
21,524
...........
—
Balance Sheet Sept. 30
x
on
hand--——,
Receivables
....
Inventories
...
Defd. receivablesInvestments
y
$138,975
$45,835
284,147
85,746
225,451
30,985
Pref.
927,104
Electrical Products Consolidated
908
Directors have declared a special dividend of 50 cents per share in
addition to a semi-annual dividend of 25 cents per share on the common
stock, par $5, both payable Dec. 20 to holders of record Dec. 10.
Elgin National Watch Co .—Dividend—
Directors at their regular meeting on Dec. 2 declared a cash dividend of
$2.25 per share payable Dec. 23 to stockholders of record at the close of
business Dec. 11.
With three previous dividends of 25 cents each this
brings 1940 dividend payments to a total of $3 per share equivalent to
$1,200,000 on the 400,000 shares of stock outstanding. This compares with
a year-end dividend of $1.25 in 1939 and total dividend
payments of $2
The action reflects a "satisfactory" increase in sales, T. Albert Potter,
President, told his Board, citing evidence that merchandise is moving
readily from retailers' shelves.—V. 151, p. 698.
17,345
23,318
20,303
8,130
cum.
37,324
22,536
—_
N et
cost
operating revenues
Exploration & develop¬
ment costs...
at
Dr841,479
x After reserve for dountful receivables of $13,490 in 1940 and $21,313
y After reserve for depletion, depreciation and amorization of
$2,113,720 in 1940 and $1,304,717 in 1939.
z After charging thereagainst
deficits at June 30,1936, Dec. 31,1937,1938 and 1939, aggregating $822,977
and dividends on preferred stock during the years 1938, 1939 and 1940 of
$78,921.—V. 151, p. 2189.
—
Operating
expenses——
Net earnings
-V. 151, p. 2799.
$34,583
$27,472
1940—Month—1939
$747,193
$843,914
777,060
796,267
$240,429
$205,551
1940—10 Mos.—1939
$7,965,303
7,798,580
$8,520,141
$962,081
——
1,828
53,149
$166,723
27,435
526,969
Net Income-..--—
*$83,115
x$3,674
*$332,811
Other expense
x
597,549
$2,746,518
1,810
"
——
20,755
$2,353,718
51,452
$2,746,518
13,368
32,420
$229,502
30,528
$2,405,170
367,462
$2,759,886
346,730
and expenseb Miscell. inc. deducts..
1,185
698
10,809
2,889
11,564
*Crl25,439
$167,075
$198,276
2,024,009
$2,527,033
8,631
8.632
103,579
103,579
$158,443
$189,645
$1,920,430
$2,423,454
$0.26
$0.32
$3.19
$4.03
13,331
$201,017
Interest.
337
quirements..—
Balance
for
common
divs. and surplus...
Earns. per sh. on 601,594
shs.
of
com.
stock
(par $3)
Carried in operating expenses in 1939.
b Non-recurring income and
expense, and donations (carried in operating expenses in 1939), are charged
to miscellaneous income deductions in 1940.
x Federal Income tax accrual
in December, 1938, was reduced by $124,768 due to the write-off of unam¬
ortized debt expense and premium on funded debt retired by refinancing
consummated Dec" 15, 1938.
Adjustment was credited to non-recurring
income instead of*tax expense for the purpose of retaining normal com¬
parison of operations.
1940
1939
$
Assel*—
$
7,558,060
1940
Liabilities—
$
Com. stk. ($3 par)
Plant, prop'y, pipe
1939
$
1,804,782
1,804,782
equip...23,210,860 21,943,953
Inv. A fund acc'ts. 2,473,389
252,359
Cash.
336,842
1,452,017
6,606
Special deposits—.
444,590
Notes receivable—
4,591
13,275
7% cum. pref. stk.
(par $100)—.. 1,479,700
1,479,700
Acc'ts receivable.
c
544,055
153,611
14,761
622,235
205,423
16,907
297,897
.
Mat'ls A supplies.
Prepayments
$441,665
$47,647
Other income.—
1,330,100
$2,374,473
lines &
x$29,867
1,869
55,117
Operating income.--.
99,409
$228,331
Consolidated Balance Sheet Oct. 31
1939
1940—7 Mos
$360,343
$316,444
110,893
119,914
Eastern Steamship Lines, Inc. (& Subs.) —Earnings—
Period End. Oct. 31—
Operating revenues-.--.
Operating expenses
$5,710,930
1,632,364
102,666
631,833
117,777
$187^686
Ltd.—Earnings—
1940—Month—1939
$50,885
$45,734
16,302
18,262
Mos.—1939
$6,384,181
1,834,204
135,758
709,646
$228,331
1,172
Dr841,479
$1,901,642 $1,764,081
in 1939.
East Kootenay Power Co.,
1940—12
$189,497
...
Balance
a
Period End. Oct. 31—
Gross earnings.—
(Del.) & Subs.)—Earnings-
1940—Month—1939
$525,187
$552,436
143,597
154,782
8,788
15,498
58.819
61,127
Pref. stock dividend re¬
382,620
460,520
1,702,738
86,164
Treas. com. stk.—
Total-.--
......
Depreciation
Taxes (Includes Federal
income tax).
66,563
7.175
3,200
25,196
382,620
460,520
z Paid-in surplus- 1,676,885
Earned surp. (def.)
62,082
Total.---. —-$1,901,642 $1,764,081
;
Maintenance
con v.
shs.
31—
Gross income.
pref. stock (par
$20).
Com. stk. (par $1)
146,328
Oct.
revenues
Other income
7,175
pay.———.
$1.50
Period End.
Operating
Operation
750
Deferred credit...
In the business-
(Seattle, Wash.)—
Special Dividend—
$20,425
Long-term liabils.
Prepaid exps. and
deferred charges
$41,458
Amortiz. of debt discount
&
bldgs.
$68,545
Suprlus.—V. 151, p
Net income.......—
$148,200
91,671
div.
stock
equip, not used
Land,
$130,792
57,764
70,000
44,487
Egry Register Co.—1 o-Cent Dividend—
1939
1940
Notes payable-Accounts payable.
226,794 Due to officers and
employees.—
151,852
256,778 Accrd. taxes, com¬
missions, Int., Ac
31,129
Property,
plant
& equipment... 1,191,829
4,791
$132,290
65,264
90,000
45,571
Directors have declared a dividend of 15 cents per share on the common
stock, payable Dec. 16 to holders of record Dec. 9. Dividend of 10 cents
was paid on Dec. 21, 1939 and one of $1 was paid on Dec. 20, 1936.—V.
150. p. 127.
a
Liabilities—
1939
1940
Assets—
Cash In banks &
$595,740
464,948
$17,053
5,776
5,000 'y
$5,285
El Paso Natural Gas Co.
Net operating profit—
Other Income
———;—
Depletion, depreciation, &c
$628,847
496,557
in that year.
9 Months Ended Sept. 30—
Gross operating income
Cost of sales and services—-—
Net profit before interest,
Interest charges
1940—10 Mos.—1939
x$l,485
$12,790
6,526
7,000
4,548
Total deficit
x
Depreciation and amortization of patents - —
1940—Month—1939
$62,702
$66,419
49,366
49,912
Fixed charges
Renewals
Chemicals, Inc.—Earnings—
Earnings Statement for 12 Months Ended Sept. 30, 1940
income from sales
..$1,338,999
Ry.—Earnings—
Deferred debits
b
Reacqu'd securs
160,846
25,967
25,967
12,020
532,436
a
Prem.
stock
on
com.
3,497,212
3,497,212
Long-term debt—11,062,500 10,015,000
—
Serial notes...—
Accounts payable.
Taxes accruedInterest accrued..
652,500
338,942
1,182,550
138,101
530,000
195,609
502,195
103,830
Divs. decl'd —pref
Deferred credits..
198,612
507,453
2,841,585
Res. for
25,895
deprec.3,546,339
Contrib. In aid of
construction—
8,317
Earned surplus—. 3.737,831
8,317
3,047,190
Deficit.
Note—The above statement covers operations after depreciation, interest,
but before Federal income tax, capital stock tax,
capital gains or losses and other no-operating adjustments.—V. 151, p. 2799.
rentals and local taxes,
Easy Washing Machine Co., Ltd.—-Accumulated Div.—
dividend of 17 M cents per share on account of
accumulations on the 7% pref. stock, par $10, payable Jan. 2 to holders
of record Dec. 20.
Like amount was paid on Aug. 15, last; 35 cents was
paid on April 1, last; 7M cents on Jan. 15 last, and on Nov. 15. 1939; 35
cents paid on Nov. 1, 1938; 70 cents on Feb. 1, 1938, and dividends of 35
Directors have declared
cents were
paid
distribution
on
on
a
Oct. 1 and on March 1,1937, this latter being the initial
the issue.—V. 151, p. 846, 413.
Total—
27,647,385
24,5^8,768
Total.—.
27,647,385 24,558,768
a Represents excess upon retdaafcification of no par value common stock
into $3 par value common stock as of Sept. 4,1936, plus excess of amounts
issued since that date,
b 1,252 shares
$3 par value common stock at cost, acquired for resale to employees under
employees' stock purchase plan,
c Payable to bank, maturing within
one year.—V. 151, p. 2939.
received over par value of shares
Empire Reinsurance Co.—Stock Dividend—
Directors have declared
holders of record Jan. 31.
a
stock dividend of 33 1-3% payable Feb. 15 to
Dividend of $1 was paid on Dec. 2,
Engineers Public Service Co. (& Subs.)—Earnings—
Period End. Oct. 31—
Operating
Operation
$4,809,511
1,812,572
340,980
Depreciation
525,872
Taxes...
801,018
revenues
—
Net oper. revenues...
$53,951,759
19,603,565
3,575,876
5,967,542
c8,091,909
c6,911,161
582,354
to
$1,329,069
Dr27,591
Federal Light &
Directors
addition
of 50 cents in
Federal Screw Works—Government Contract—
was recently awarded two contracts totaling $2,315,650 to
artillery components for the U. S. Government.—V. 151,
8,109,064
7,608,538
Dividend—
Traction Co.—Special
Dec. 4 declared a special dividend
the
$1,429,907 $17,259,822 $17,617,630
647,620
on
quarterly dividend of 25 cents per share on the common stock,
both payable Dec. 23 to holders of record Dec. 14.
Special dividend of
$1.75 was paid on July 1, last.
See V. 150, p. 3660 for detailed record of
previous dividend payments.—V. 151, p. 2940.
$1,457,205 $17,403,295 $17,893,614
Dr27,298
Drl43,473
Dr275,984
Balance
$1,301,477
Interest and amortizat'n
627,440
(net)
income
on
extra dividend of 25 cents was
$4,620,135 $56,373,270
1,732,286
20,716,095
300,740
3,740,898
547,549
6,421,072
25 cents were
In addition, an
special dividend
last, and dividends of
Sept. 3 last and each three months previously.
paid on March 1 last and a
of 50 cents was paid on Jan 27, 1940.—V. 151, p. 2643.
paid
1940—12 Mas.—1939
1940—Month—1939
Maintenance
Other
3395
The Commercial & Financial Chronicle
Volume 151
Company
manufacture
niBfJanSe
Dividends
on
Cumula tihrV
$674,038
preferred stocks, declared
preferred~dividends'' earned" but-
declared
7^508,566
2,314,813
$9,651,284
$782,287
2,751,690
-
'
■
-*■-
■.
dividend of 20 cents per share on
Firestone Tire & Rubber
' 18!l45
19,220
a
Co.—25-Cent Dividend—
$5,101,300
$5,260,611
b Preferred dividends not declared..
b Amortization on bonds
...
sources
102,726
_
341,847
_
Sales
_____
Divs.
on
151,
p.
$5,220,760
2,285,192
common
stock and surplus
common
stock.
___________
$2,919,583
$1.53
allowing for unearned
$2,989,844
$1.57
Applicable to Engineers Public Service Co., before
preferred dividends of a subsidiary company,
b Charges
applicable to securities of subsidiary companies owned by parent company,
a
cumulative
^eluded above
$1,170,884).
c
8,256,548
6,675,919
404,150
6,817,665
396,155
9,468,500
420,228
$1,714,666
421,715
$1,057,373
395,313
$756,966
259,097
$2,075,472
227,746
Total income$2,136,381
$1,452,686
245,268
$1,016,063
157,595
$2,303,218
c448,749
39.008
17,930
by the
the last
$1,670,704
$1,168,410
$840,537
$1,854,469
90,000
640,014
180,000
586,680
180,oOO
586,658
102,802
1,351,288
1940
1939
1938
1937
426,676
$3.70
426,676
$2.23
428,924
$1.55
426,633
$4.10
$1,351,373
145,666
$1,408,528
131,221
$1,444,672
125,631
$1,540,176
145,962
$1,497,039
345,546
123,505
7l539J49
expenses...
$1,686,138
354,590
123,505
Real estate taxes.______
Prov. for doubtful acc'ts
430,650
9,193
425,333
6,868
24,411
31,611
$1,570,303
359,753
123,505
424,850
7,215
24,476
30,893
7,838
57,730
7,890
65,049
10,092
71,196
$518,191
802
$526,671
$648,276
671
7,123
$518^993 ~~ $527,343
521,379
538,663
____
Total oper. income...
B'ldgs oper.
Depreciation
23,759
26,270
Taxes
Alterations for tenants..
400,200
5,546
27.867
44,868
Net
exp. in connection
with
lease
at
139
8,070
57,843
Broadway
Other general expenses.
Net oper. income....
Other income
„
y
$472,202
1,363
$473,564
Net income
Interest
on
funded debt.
509,529
x3,000
552,521
18,000
______
12,400
Prov. for Fed. inc. tax..
Federal surtax on undistributed
,.
21,000
v
profits......
......
$35,965
Net loss......
Federal income tax payable on income
less than par, of the
Write Down of Stated
meeting of the directors held shortly afterward, the book values of
building and equipment, and of the intangible assets consisting
of rights, privileges, tenancies and going value, were written down, the
balance in the earned surplus account, and the reserve previously appro¬
priated from earned surplus from redemption of funded debt, were applied
sufficient amount of the capital surplus
created
by the reduction of stated capital was also applied to the reduction of book
value of the above-mentioned assets, leaving a balance in the capital surplus.
This action was made effective as of Sept. 30, 1940.
The resulting changes
in the balance sheet are shown as follows:
Before Write-Down and
Capital Adjustment
1P4<T0>/t
A
After Write-Down and
Capital Adjustment
1' «V '•
"
$14,400,000
$17,816,156
$17,638,310
8,141,231
.,$20,222,432
Building.
8,141,231
Less: Reserve for deprec.
.
'•
■
\-
$23,897,079
$34,287,357
;
./ /.
Reserves—
surplus
appropriation
redemption of funded debt
Earned
...
Total.
None
$2,158,481
-
862,098
968,363
$1,830,461
None
$10,390,278
■
charged against reserves,
$10,390,278, has been
capital stock and surplus, as above.—V. 151,
fixed assets, aggregating
2351.
151,
contract
$625,200
Co.—To Pay 50-Cent Dividend—
50 cents per share on the common
7. Like amount was paid
July 1 and April 1 last; 40
cents paid on Dec. 22, 1939; and previously regular quarterly dividends of
20 cents per share were distributed.—V. 151, p. 2941.
Formica Insulation
Directors have declared a dividend of
stock, payable Dec. 23 to holders of record Dec.
on Oct. 1 last: dividend of 25 cents was paid on
Corp.—New Director—
Foster Wheeler
Charles
A.
Dana
elected
been
has
Brush, deceased.—V.
a
director to succeed
(Peter) Fox Brewing Co.—Extra
Dividend—
share in addition
declared an extra dividend of 5( c. per
Directors have
Mathew C.
151, p. 1431.
regular quarterly dividend of 25c. per share on the common stock,
both payable Dec. 28 to holders of record Dec. 12.
Like amounts were
paid on June 29 and April 1 last; extra of 25c. was paid on June 30 and on
April 1, 1939.—V. 151, p. 3236.
to the
Natural Gas Co.—Year-End
Frankfort Kentucky
Div.
end dividend of $2 per share on the
16 to holders of record Dec. 2.
Previously
regular quarterly dividends of $1 per share were distributed.
Directors
common
have
declared a
year
stock, payaole Dec.
& Schmidt Brewing Co.—-2%-Cent Div.—
dividend of 2 % cents per share on the common
Fuhrmann
record
30.
Dividend of
15, 1938,
stock, par $1, payable Dec. 20 to holders of
Nov.
five cents Was paid on Dec, 15, 1939: six cents was paid on Dec.
and a dividend of four cents per share was distributed on Dec. 28,
V. 149, p.
1937.—
3556.
& Cotton Mills—Pays $1.25 Dividend—
of $1.25 per share on the common stock <pi
Nov. 28.
Dividends of 25 cents were paid
29, May 29 and Feb. 29, last.—V. 150, p. 1600.
Fulton Bag
Company paid a dividend
28 to holders of record
Nov.
on
Aug.
Galveston-Houston Co. (&
Operating re venues
Operation—.
Maintenance
General taxesa
....
Federal income taxes.
income.
Other income—net.
Depreciation...
on
_
-
equip, notes, &c.
Amort. of debt expense.
c
$82,289
$81,815
571
$918,629
3,478
$842,530
2,832
442,511
18,171
$82,592 V
30,826
$82,386
31,837
$922,107
371,922
$845,362
383,849
$50,549
$550,185
$461,512
13,501
4,266
13,501
2,726
162.018
47,890
161.540
35.879
242
242
2,907
3,109
$33,756
$34,080
income bonds.
$337,369
$260,984
18,283
$337,369
58,415
$242,700
14.604
bonds—Houstont
on
Int.
42,834
2,004
537,651
480,155
15,027
$51,766
_
.......
_
$3,701,702
1,835,043
563,447
48,200
39,014
2,185
46,377
_
Gross income...
Int.
1940—12 Mos.—1939
$3,851,758
1,900,296
303
-
_
Subs.)—Earnings-
1940—-Month—1939
$337,832
$333,114
164,328
161,899
Period End. Oct. 31—
paid on G.-H. Co, see'd 6%
Net income..........----
Dividends declared on common
stock...
....
determination of
(1939. $214,dividends.—V.
a No
provision made for excess profits tax pending
liability, if any. b Before depreciation, c Includes $283,159
159) net incomj of Houston Electric Co. restricted as to
151, p. 2800.
Galveston Wharf
Co .—Acquisition by City
of Galveston—
Commerce Commission on Nov. 28 approved the acquisi¬
by the City of Galveston of the line of railroad and other
properties of the company in the city and county of Galveston, Tex.
Authority was also granted to the City of Galveston to issue not exceeding
$6,250,000 of wharf and terminal facilities revenue bonds in connection
with the acquisition of the line of railroad and other properties of the
The Interstate
tion and operation
Exolon Co.—Extra Dividend—
declared an extra dividend of 30 cents per share on the
stock, payable Dec. 16 to holders of record Dec. 6.
Regular
quarterly dividend of 30 cents was paid on Nov. 15, last.—V. 151, p. 2643.
Directors have
common
Fafnir Bearing
Co.—Extra Dividend—
declared an extra dividend of $1.50 per share in addition
to the regular quarterly dividend of $1 per share on the common stock,
par $25, both payable Dec. 16 to holders of record Dec. 4.
Extras of $1
were paid on 8ept. 30 and June 29 last: extra of 50 cents was paid on March
30 last: one of $2 was paid on Dec. 15, 1939, and one of $1 was paid on
June 30, 1939.—V. 151, p. 1894.
Directors have
Fairbanks, Morse & Co.—Special
Dividend—
declared a special dividend of 50 cents per share on the
stock, no par value, payable Dec. 27 to holders of record Dec. 7.
Directors have
common
processes.-—V.
(Detroit)—Government Contracts—
Ford Motor Co.
Balance...
8,986,645
None
1,075,613
1,830,461
Total write-down of the
machinery and
The U, S. Government recently awarded this company one
totaling $1,387,500 to build trucks and another contract totaling
to build five-passenger light sedan cars.—V. 151, p. 2941.
Int.
$12,220/739
Earned surplus..
leased
from
revenue
Electric Co.
'./•
for
Capital Stock and Surplus—
Capital stock, common (862,098 shs.
no par)
Capital surplus.
p.
Including
b Gross income.
None
4,390,COO
Total
_
1572.
p.
b Operating
9,497,079
12,081,202
Intangible Assets—•
Rights, privileges, tenan¬
cies and going value._
_
shs.
a
Land
_
outstanding
$10 par value
...
Earnings per share
the land,
to that write-down, and a
465,677
_
Directors have declared a
Capital, &c.—
On Sept. 18, 1940 the stated capital was reduced from $8,986,645 to
$862,098, that is, to an amount equal to $1 for each outstanding share of
stock, and the certificate of incorporation was correspondingly amended.
At
_
dividends
Common dividends....
$14,321 prof$63,877
$14,785
arising from the purchase, at
corporation's 35-year 5% sinking fund debentures as
required by sinking fund provisions.
This income is credited to surplus
account,
y Before interest on funded debt, provision for Federal income
tax and surtax on undistributed profits.
x
income
Net
Preferred
a
344,261
123,505
_
Plant removal expense..
$655,399
corp's own offices)
...
Prov. for Federal taxes.
Rental inc. (incl. rent on
Other oper. income
profit
Miscellaneous income.
Com,
Equitable Office Building Corp.—Earnings—
415,708
Depreciation
Includes Federal income taxes of $2,169,409 (1939—
Provision for the additional Federal taxes imposed
is being made over
Second Revenue Act of 1940 enacted in October
three months of the year.—V. 151, p. 2799.
6 Most. End. Oct. 31—
1937
$7,970,786 $11,964,199
$8,137,442
Net oper.
Balance for
Years Ended Sept. 30
1938
1939
1940
$10,386,921
Net sales......
2,301,171
pref. stock of Engineers Public Serv. Co.
Earnings per share of
Subs.^—Earnings—
Consolidated Income Account,
Cost of sales & oper. exp.
$5,275,036
1940—11 Mos —1939
$3,918,489
$3,715,800
2800.
Machinery Corp. (&
Food
a
Balance applicable to stocks of Engineers Public
Service Oo
1940—Month—1939
$416,982
$366,859
....
—V.
$5,471,311
250,551
$5,616,883
...
Expenses and taxes
175,665
70,308
102,838
187,859
53,113
Total...
(M. H.) Fishman Co.—Sales—1
Period End. Nov. 30—
Preferred dividends declared..
Interest.
Earnmgs from other
dividend of 25 cents was paid on Oct. 21
12,194
9,005
_
7 574
Earnings from subsidiary companies, included in
charges above:
25 cents per share on the common
record Dec. 12.
Regular quarterly
last.—V. 151, p. 2940.
Directors have declared a dividend of
stock, payable Dec. 20 to holders of
«
the common
stock, payable Dec. 14 to holders of record Dec. 7.
Last previous payment
was the 10 cent dividend distributed on Dec. 26, 1936.— v. 144, p. 278.
$5 119,445
$5 279 831
.....
minority"inter^tsIIIIIIII
Directors have declared
2,074,308
1,619,762
_
Balance.
Amount applicable to
Ferry Cap & Set Screw Co.—Common Dividend—
"$7^193^753
not
1142.
p.
C°Irf payment
for the properties the city proposes to issue to the wharf
$6,250,000 of wharf and terminal facibtirarevenue bonds, con¬
$3,750,000 of series A bonds and $2,500,000 of series B bonds.
The city will also deliver to the wharf company for cancelation the cer¬
tificate covering the 6,222 shares of stock of that company.
The series A bonds will be dated Aug. 1, 1940. will bear int. at rate of
3H% per anuum, and will mature serially $90,000 Aug. 1, 1941, with an
increase of $5,000 in amount maturing on Aug. 1 of each year thereafter to
and incl. Aug. 1, 1965.
Series B bonds will also be dated Aug. 1, 1940, will
bear non-cumulative interest from Jan. 1, 1941, at a rate not exceeding 4%
company
sisting of
per annum.
The Commercial & Financial Chronicle
3396
The wharf company has outstanding $3,358,000 refunding mortgage
5M% bonds.
Of this amount, $1,242,000 of series A bonds is due June 1,
1951, and $2,116,000 of series B bonds is due July 1, 1954.
It is stated that the wharf company will sell the proposed series A bonds
at par and accrued int. to A. C. Allyn & Co.; John W. Clarke, Inc., and
Mosle & Moreland, and will use so much of the proceeds as will be necessary
to pay the cost of redeeming the outstanding bonds on Jan. 1, 1941.
The
remaining proceeds, estimated to be $367,765, and all cash and other assets
of the wharf company, including accounts receivable and securities owned
by it, are, on the date of the transfer of the properties to the city, to be
delivered to the board of trustees in which the management of the properties
Is to be vested, and will be used for the payment of the expenses, estimated
at not to exceed $18,850, incurred by the city in connection with the pro¬
posed issue of the series A and series B bonds, for the payment of all liabilities
of the wharf company as of the date of transfer, for the establishment of an
emergency fund in the amount of $400,000, and for working capital.
It is
estimated that the amounts to be so placed in the emergency fund and in
the operating fund will total approximately $700,000.
The moneys in the
emergency fund are to be used only for payment of debt service on the series
A bonds in years when there would otherwise be a default in such
payment,
and in repairing or replacing
damage to the wharf properties.
Provision
is made in the indenture for replenishing the
emergency fund from earn¬
ings of the properties so that it will be maintained continuously in the
amount of $400,000.
The series B bonds will be distributed by the wharf
company for the benefi t
of its individual stockholders, and will represent full payment for the
privately-owned interest in all the assets of the wharf company, including
cash, securities owned, net receivables, and the physical properties to be
conveyed to the city.
Bonds Called—
Company has called for redemption on Jan. 1, 1941, all of its outstanding
refunding mortgage b%% gold bonds, series A, due June 1, 1951, and all
of its outstanding refunding mortgage 5%% gold bonds, series B, due
July 1, 1954. The bonds will be redeemed at the principal office of City
Bank Farmers Trust Co., 22 William St., at par and accrued interest in the
case
of the series A bonds, and at
102% and accrued interest in the
151, p. 3237.
the series B bonds.—V.
case of
Gardner-Denver Co.—Extra Dividend—
Directors have declared
an extra dividend of 25 cents
per share in addition
the regular quarterly dividend of like amount on the common stock.
The extra dividend will be paid on Dec. 23 to holders of record Dec.
13, and
the regular quarterly distribution will be made on Jan. 20 to holders of
Jan.
Y. 151, p.
10.
Extra
of
25 cents
was
2497.
also
paid
on
Dec. 23,
1939.—
.
(Theodore) Gary & Co.—Accumulated Dividend—
Directors have declared a dividend of 15 cents per share on
of accumulations on tne $1.60 cum. 1st pref.
stock,
holders of record Dec. 2.
Dividends of like amounts
March 23, and Jan. 19, last.—V. 151, p. 1896.
General
The
account
payable Dec. 19 to
were paid on Oct. 15,
Cable Corp.—Sells $8,500,000
33^s Privately—
announced Nov. 29 that it has completed
arrangements for the private sale to two insurance com¬
panies of $8,500,000 1st mtge. 3lA% sinking fund bonds,
company
series
C, at
par
plus accrued int.
as
of Nov. 29, 1940.
New bond issue is dated Oct. 1, 1940, and matures Oct.
1, 1950.
callable at 104% during the first year and a
Bonds
are
J^-point less each year
certain earnings and
special sinking fund payments whereby as much as two-thirds of the entire
issue might be retired by maturity.
The proceeds of the new issue is to be used to retire the present
5%%
series A and series B first mortgage sinking fund bonds, of which
$9,263,000
are currently outstanding.
Treasury funds will be used to reduce this issue
from the present total to $8,500,000. This latter sum is
being retired at the
call price of 105 plus accrued interest as of Jan. 1, 1941.
thereafter.
The
new
issue
is understood to contain
Bonds Called—
Corporation has called for redemption on Jan. 1, 1941, all of its out¬
standing first mortgage 5% % sinking fund gold bonds, series A, due July 1,
1947, and first mortgage b% % sinking fund gold bonds, series B, due July 1,
1950, at 105 and accrued interest. The bonds will be redeemed at the prin¬
cipal office of Central Hanover Bank & Trust Co., 70 Broadway. Holders
may receive the full amount of the redemption price immediately
upon pre¬
sentation of the bonds to the trustee.—V. 151, p. 2498.
General Electric Co.—Number of Stockholders—
Stockholders
212,840,
the
an
total
of
on Nov. 22, record date for the Dec.
20 dividend, totaled
increase of 3,105 over the number a year ago and 1,229 above
the last record date, Sept. 20, 1940, President Charles E.
Wilson announced
New
on
Dec.
2.
any previous "F" lamp, has been de¬
veloped.
It lists for $3.75, and produces more than double the amount of
light given off by the standard GE 40-watt white fluorescent lamp.
A second new pencil size lamp has been introduced
which is smaller than
any previously in the line.
Listing for $1.15, it is a 6-watt 9-inch lamp and
be used for cabins of airplanes, pullman
berths, and in business
ma¬
chines.
The third new "F" bulb is a soft-white
lamp which comes in four sizes
and ranges in price from $1.05 to $1.35.
Assistant
Secretary & Transfer Agt.—
Paul B. Currier, a traveling auditor for the
company since April, 1939,
been elected an assistant
secretary and transfer agent.
In his new
position Mr. Currier will be in charge of the stock transfer office at
570
Lexington Avenue in New York.
He replaces Leland W.
Mosher, who has
been transferred to the staff of
Comptroller I. D. LeFevre in Schenectady.
has
—V.
Officials—
.
Alfred P. Slaon Jr., Chairman of the
Board, issued the following state¬
regarding action taken at the meeting of the Board of Directors on
ment
Dec.
2.
"W. C. Williams Jr., Frederick C.
Kroeger and Edward F. Fisher were
elected Vice-Presidents of the
Corporation, and Mr. Williams was elected
a member of the Administration
Committee of the Corporation.
"Mr. Williams is on the staff of C. E.
Wilson, Acting President, as
assistant in charge of the
manufacturing section, with offices in Detroit.
Mr. Kroeger is general manager of the Allison
Division of General
Motors at Indianapolis, Ind., to which
position he was named last August.
he had been general
manager of the Delco-Remy Division.
Mr. Fisher is general manager of the Fisher
Body Division of General
Motors, with headquarters in Detroit."—V. 151, p. 2941.
General Realty & Utilities
Corp.
(& Subs.^—Earnings
Consolidated. Income Account (Exclusive
of Lefcourt Really Corp.)
Year Ended 9 Mos. End.
■Calendar
Years
Sept. 30 '40 Sept. 30 '39
Gross income, real estate
operations
$3,559,045
Profit of improved prop.
Profit of other
consolidated
1938
1937
cos.
$2,641,297
$3,552,748
$3,474,943
128,993
21,47 7
70,863
18,731
112,543
25,368
180,035
23,409
5,146
after int., deprec., &c_
Loss on unimproved prop
14,237
10,853
32,787
$112,663
$66,370
$98,028
$189,412
not
Inc.
from
operation.
other
__
...
General
144,207
tax
213,469
212,310
$192,267
$311,497
$401,723
xl80,754
State
125,897
$256,870
Salaries,
xl46,911
207,957
208,558
$76,116
$45,356
$103,540
$193,165
and
Net profit
Company has notified the New York Stock Exchange that on Nov. 25,
1940, options were granted to Thomas B. Boyd, Vice-President and Robert
F. Briggs, Secretary and Treasurer, for the purchase at $20 per share not
exceeding 300 shares and 100 shares, respectively, of common stock exer¬
or in part at any time until Dec. 20, 1941.
Corporation
reports that the option granted to John Winn for the purchase of
400 shares of common stock has expired.—V. 151, p. 3237.
cisable in whole
also
General Theatres
Directors have declared
Equipment Corp.—2o-Cent Dividend
a
dividend of 25 cents per share on the capital
Dec. 10.
Dividends of 20 cents
stock, payable Dec. 20 to holders of record
were paid on Oct. 15, July 15 and on April
and on Oct. 16, 1939, and 25 cents paid on
on Dec. 22, Oct. 18, July 16 and April 1,
18 last; 15 cents paid on Dec. 18
July 14 and April 17, 1939, and
1938.—V. 151, p. 2498.
Giddings & Lewis Machine Tool Co., Fond du Lac,
Offered—New capital financing-for the companywas effected Dec. 3 through public
offering of 100,000 shares
of common stock by Hornblower & Weeks; Paul H. Davis
& Co., and associated underwriters.
The stock, priced at
$15 per share, has been sold.
Wis.—Stock
History and Business—Company was organized in Wisconsin Dec. 23,
1895, as Giddings & Lewis Manufacturing Co., to effect the incorporation
a partnership formed in 1878 as successor to a sole
proprietorship which
began business in 1859.
On Mar. 2, 1920 the name of the company was
changed to Giddings & Lewis Machine Tool Co., as being more indicative
of the nature of its business.
The business began as a foundry, the plant
being the first gray iron foundry in Wisconsin.
Machine shop equipment
was installed in 1862, and after the Civil War the
plant was used to manu¬
facture saw mill machinery.
Lumbering was then an important industry
in Wisconsin and neighboring States.
However, the local importance of
the industry declined towards the end of the
century and about 1902 the
company sold its line of saw mill machinery.
It was then that the com¬
pany, seeking new products, entered into the manufacture of machine
The first machine tools built were 17- and 19-inch engine lathes.
Subsequently the company built gear cutting machines and related equip¬
an arrangement with the Fawcus Gear Co.
In 1911 and 1912
the company built under contract a number of
six-spindle-type automatic
vertical turret lathes.
Throughout this period and even in later years the
company conducted a general foundry and machine shop business.
Foun¬
dry operations were discontinued in 1933.
tools.
ment under
In the fall of 1915 the company acquired from the Fosdick Machine Tool
a line of and designs for small .size horizontal
Co.
boring, drilling and milling
which subsequently were improved and enlarged to include
2%, 3% and 4^-inch spindles.
In 1921 the company acquired exclusive
rights to manufacture a patented
automatic internal grinder and in the succeeding six years built and sold a
substantial number thereof.
The grinder business was sold in 1927 and
thereafter the company devoted its entire efforts to the
manufacture and
improvement of horizontal boring, drilling and milling machines.
As the result of a development program initiated in
1924, the company
machines,
sizes with
in 1930 offered to the trade a
complete redesigned iine of table, planer,
floor and multiple-head planer types of
high power precision horizontal
boring, drilling and milling machines with main spindle diameters ranging
2% inches to 8 inches.
Such machines range in weight from 20,000
from
pounds to 250,000 pounds each.
To accommodate the manufacture and
assembly of machines of such size, the plant facilities were considerably
enlarged and modernized in 1929 and again in 1938 and 1940.
Further
development of the complete line, as well as of accessories and attachments,
has continued since 1930 and
was
a
new
line of 6 and 7 inch spindle machines
offered to the trade in 1939.
Proposed New Plant Facilities—The company proposes to erect, with a
portion of the proceeds of the sale of the common stock, an addition of
brick, steel and glass construction to its plant at Fond du Lac, Wis., on
land owned in fee.
The addition will contain
approximately 41,000 square
feet of floor space, of which approximately 25,000
square feet will be devoted
to machine shop space,
approximately 9,000 square feet for paint shop,
maintenance shop and power house space, and
approximately 8,000 square
feet to machine assembly space and storage
space for finished parts.
The
old foundry buildmg and the old high
bay and low bay machine shop,,
approximately 25,000
considered inadequate
square feet of space and which are
and obsolete for present and estimated production
requirements, will be replaced by a portion of the new construction.
Ac¬
cordingly, the net increase in plant floor space will be approximately 16,000
square feet.
Company sells Its machines to authorized exclusive agents in the United
States and principal foreign countries and allows them a deduction of a
customary commission from list prices.
The machines so purchased from
the company are sold by these agents for their own account.
The company
also
sells
its
machines
to
certain
foreign governments through their pur¬
at certain principal industrial
engineers for the purpose of assist¬
ing its sales agents in engineering problems arising in connection with sales
of its products.
The company sells repair and
replacement parts for its machines, acces¬
sories and attachments, but such sales account for between
only 1% and
2% of the company's annual volume of business.
The gross sales (less discounts, returns and
allowances) of the company
have been as follows for the respective periods shown;
chasing agencies.
The company maintains
centers of the United States trained sales
Domestic
*
Foreign
Total
Gross Sales
1937-....
1936
*
Since the
....
...
Gross Sales
Gross Sales
$1,808,167
1,165,768
1,033,561
1,402,777
1,096,958
1940 (9 months)..
1939
1938.
$667,075
1,196,017
1,224,685
169,931
151,677
$2,475,242
2,361,785
2,258,246
1,572,707
1,248,635
beginning of 1938 foreign sales represented principally ship¬
ments to customers in or the
governments of Canada, France, Great Britain*
Japan and Russia.
The unfilled orders
the company's books for horizontal boring, drilling
and milling machines, accessories and attachments have been
approximately
as follows for the
respective dates shown:
Nov. 25, 1940
on
b $6,581,000
Dec. 31, 1939
5,885,000
4,112,000
.a
Dec. 31, 1938
Dec. 31, 1937
Dec. 31, 1936
Sept. 30, 1940
June 30, 1940
Mar. 31, 1940..
3,348.000
$2,281,000
—
—
988,000
1,522,000
526,000
Of the unfilled orders on hand at Nov. 25, 1940, approximately $4,283,represented domestic orders and approximately $2,298,000 repre¬
a
000
sented
foreign orders.
The foreign unfilled orders at Nov. 25, 1940 repre¬
principally orders from customers in or the governments of Canada,
Great Britain, Japan and Russia.
b In addition to these orders, the company on Nov. 27, 1940, received
a letter of intent dated
Nov. 25, 1940, from the War Department of the
U. S. Government stating, among other things, that it intended to enter
into a contract with the company for the purchase from the company of
sented
$6,837,500 of the company's standard size machine tools.
Company con¬
templates that the contract will also provide (a) for substantial completion
by Dec. 31, 1942, and (b) for the manufacture and sale of an undetermined
paragraph does
list prices.
not
include
these
extras
The amount stated above in this
which are to be sold at regular
Capitalization—Stockholders at a special meeting held on Nov. 18, 1940,
approved an increase in the authorized common stock from 100,000 shares
(par $2) to 400,000 shares (par $2).
Stockholders also authorized the issu¬
of 100,000 shares of common stock in payment of a stock dividend of
ance
Including $500 provision for Federal income tax.—V. 151,
W
.
Telephone Cor p.—Options Granted—
greater working ranges than standard.
sources
(net)
x
1573.
amount of accessories and attachments and for some of these machines with
Total profit from real1
estate
Corp.—Extra Dividend—
on
a
151, p. 3237.
General Motors Corp.—New
1940
Nov. 28 declared an extra dividend of 25 cents per share in
quarterly dividend of like amount (or a total of 50 cents per
share) on the capital stock, both payable Dec. 16 to holders of record
Dec. 9Like amounts were paid in the 10 preceding quarters.—V. 151, p.
Directors
addition to
which contain
Lamps Introduced—
To meet the broadening demand for flourescent
lighting, company has
introduced three new "F" (fluorescent) lamps.
For general lighting needs, a 100-watt, 60-inch tubular bulb
2% inches
in diameter, which is longer than
can
Reinsurance
7,
of
to
record
'General
Dec.
p.
1280.
one
share of common stock
ing when and
on
each share of
common
stock then outstand¬
as declared by the board of directors.
On Nov. 18, 1940,
directors declared such stock dividend, payable on Dec. 6, 1940 to holders
of record Nov. 25.
'Mf
Volume
The Commercial &
151
and stock dividend
Capitalization after giving effect to the stock increase
is
follows:
as
Upon the issue and sale of the 100,000 shares of common stock now
offered, the total outstanding common stock will amount to 300,000 shraes.
Note—Company intends to borrow from time to time from a bank or
banks or other financial institutions such funds as may be needed to build
a
and equip a proposed new separate plant.
The aggregate amount of such
loans may be as much as $1,100,000 and the maturities thereof may be
for as long as five years.
No such loans have as yet been made nor have
the terms of any such loans been agreed upon.
Company intends to
as the only security for such loans the proposed contract with the
assign
U. S.
Government.
Purpose—Net proceeds will be approximately
$1,268,900.
Company
employ approximately $650,000 to enlarge manufacturing facili¬
ties as follows: (a) Approximately $250,000 for the erection of proposed
new addition to the plant, including plant equipment other than machine
tools; and (b) approximately $400,000 will be used for the acquisition of
new machine tools.
The balance of the net proceeds will be used as addi¬
intends
to
tional working
and the number of
find purchasers for,
of the several underwriters
names
to
purchase from, the company,
respectively, are as follows:
&
Piper, Jaffray & Hopwood, Minneapolis
Singer, Deane & Scribner, Pittsburgh
Stern, Wampler & Co., Inc., Chicago
Alfred L. Baker & Co., Chicago.^
2,000 shs.
1,500 shs.
1,500 shs.
1,000 shs.
Hoyne, Mellinger & Co., Chicago
Soucy & Co., Boston
Barclay, Moore & Co., Philadelphia
O'Brian, (Mitchell & Co., Buffalo
s
Income
»•
Account for
9 Mos. End.
Sept. 30, '40
loss
Gross sstlos
discounts',
participating preferred stock, class A and
to holders of record Dec. 21.
Dividends
$8 per share.—V. 151, p. 2646.
31
Dec.
arrears
Great Northern Iron Ore Properties—To Pay SI Div.declared a distribution of $1 per share on the certificates
payable Dec. 18 to holders of record Dec. 6.
A divi¬
dend of 75 cents was paid on Jan. 31, last; 50 cents was paid on Dec, 23,
1939; one of 75 cents was paid on Jan. 31, 1939, 50 cents paid on Dec. 20,
1938, and one of 75 cents was paid on Jan. 31, 1938.—V. 150, p. 690. d
(H. L.) Green Co.—Sales
$4,394,561
—V.
p.
The
ployees having six months or more of continuous service will be granted a
one-year leave of absence.
In addition to the leave of absence, every such
employee of the Gulf companies will receive his usual compensation, less
governmental pay and allowances, for the period of his military service, or
three months, whichever is the lesser.
Regarding employee insurance, the company declared that group
surance in effect at the time of any such employee's entrance into Govern¬
ment service will be continued throughout the period of his leave of absence.
In¬
$457,158
1,800
$382,029
27,431
a267,000
97,414
75,503
51,662
Prov. for
39",750
30,964
26",370
25,999
21,794
Int. & other deductions.
$328,288
$395,727
$353,484
$255,140
tributed profits
Wise. State income taxesi
income
payroll,
During the three-month period an employee is carried on the Gulf
regular monthly deductions will be made to cover monthly premiums.
For the remaining nine months, however, all premium payments will be
the
by the Gulf companies.—V.
made
Grossrevenue
Operating expenses
Taxes
depreciation..
on
$462,547
99,000
156,351
657,716
hand and in bank
Marketable securities
Accounts
receivable
Inventories
2,692
Other current assets
Value of insurance on
lives
of
Fixed assets
(net)
Common stock (par $2)
200,000
Period End. Oct. 31—
Railway oper. revenue
Railway oper. expenses.
$448,990
238,934
$22,553
5,584
$284,470
67,014
$210,\055
67,014
$16,968
$217,456
$143,041
p.2647.
rev.
$957,341
906,466
$993,705
867,373
$126,332
$12,968
8,089
x$6,875
1,317
1,907
$4,878
x$31,782
21,337
19,156
$45,990
x$10,100
$1,960
x$72,275
10,792
$1,511
10,381
$11,892
3,269
$8,623
968
1,950
269
911
$9,831
$2,872
343
303
x$61,483
3,380
x$10,174
$2,568
x$64,864
.
Gross income
Deductions from income
Surp. applic. to int
80,342
24,881
19,597
Loss or deficit.
Jan. 1 to Nov. 21
Week End. Nov. 21
1940
$23,775
1940
1939
$1,026,841
$1,065,130
1939
$22,650
Operating revs. (est.)..
—V. 151, p. 3237.
Gisholt Machine Co.—Earnings—
Earnings for AO
—V. 151, p.
operating expenses. Federal income
267,000 shares common stock—
and excess
$670,292
$2.51
3238.
(Adolf) Gobel, Inc .—New Director—
been elected a director of this company. Mr. GumArchibald W. MacLaren who resigned.—V. 151, p. 2498.
Louis J. Gumpert has
pert succeeds
(B. F.) Goodrich
Co.—Dividend Arrearage Certificates —
has announced that on Nov. 30, last, the expiration date
exchange dividend arrearage certificates for capital stock,
a total of 222,709 shares of capital stock were outstanding or reserved for
issuance against old preference and common stock, which up to that time
had not been presented for exchange.
The company also reported that as of the above date dividerd arrearage
certificates with a redemption value of $117,641 were outstanding.
These
certificates r,o longer have the right of conversion into capital stock, but
Grand Union
holders of record Dec. 7.
50 cents paid on Dec.
paid on April 30, last;
quarters.
the common
This compares with
20, 1939 and 20 cents
31 and April 30,
1937.—V._ 151, P. 2801.
Accumulations after the current
share.—V. 151, p. 1573.
dividend will amount to $3.50
• ' ■ '
.
:
^
Hammermill Paper Co.—Registers with SEC—
See list given on first page of this department.—V. 151, p.
Dividend—
Class^A
*
declared an initial dividend of 6 M cents per
payable Dec. 30 to holders of record Dec. 20.—V.
Directors have
class A stock,
H
2352.
Richardson Arms Co.—Initial
Harrington &
"Harrisburg Steel
share on the
151, p. 2942,
Corp~.—To~Pay 45-Cent Dividend—
declared a dividend of 45 cents per share on the common
16 to holders of record Dec. 2.
This compares with
25 cents paid on Oct. 15 last, and 20 cents paid on July 15 last, and on
Dec. 22, 1939, this latter being the first dividend paid since 1937.
During
that year 90 cents per share was distributed.—V. 151, p. 1898.
,,
Directors have
stock, payable Dec.
~Hartford~Times, Inc. — Notes Sold Privately—The com¬
through Hemphill, Noyes & Co., New York, and
Putnam & Co., Hartford, has sold privately to three banks,
four insurance companies, and one university an issue of
$2,375,000 serial notes maturing annually from 1941 to 1950.
Interest rates range from %% to 3.50%.
Proceeds, to¬
gether with other funds, will be used to redeem the $2,491,000
4p£% debentures of 1951 called for payment at 103 and
interest on Dec. 16, 1940.—V. 151, p. 3089.
Co.—Company Boosts Latex Sponge Out¬
production unit which increases by 400% the output of Air-Ceil
latex sponge cushioning material for national defense and industrial uses
has been installed in the Akron plant of the company, J. H. Connors, VicePresident in charge of the company's mechanical division announced
Dec. 6.
Utilizing ultra-modern engineering and production technique,
the new unit streamlines the output of the material, which is derived by an
exclusive process from pure rubber latex.
A compact installation pours the
latex and other ingredients into mixing tanks and molds, while automatic
conveyors carry it through vulcanizers, and through washing, drying and
special finishing processes, Mr. Connors said.
In addition to cushioning uses, forms of sponge latex are finding new uses
in the mass molding of airplane body parts and are also being applied to
sleeping bags and other portable military equipment, he said.
The new unit is the second to be installed by Goodrich since development
of new methods of processing and finishing the frothy rubber product, Mr.
Conners pointed out, production having been hiked 300% in 1939 to meet
heavy needs attributable to railway moaernization and automotive buying.
—V. 151, p. 3089.
The company
__
including
Hamilton Cotton Co., Ltd.—Accumulated Dividend—
Directors have declared a dividend of $1.75 per share on account of
accumulations on the $2 cum. sinking pref. stock, par $30, payable Jan. 2
to holders of record Dec. 14.
Dividend of 75 cents was paid on Oct. 1,
July 2 and April 1, last, and dividends of 50 cents were paid in preceding
Gold Mines, Ltd*—Earnings—
Hedley Mascot
400%—
A new
of the right to
and
pany,
Weeks Ended Oct. 5, 1940
profits taxes
Earns, per share on
and surplus
depreciation
stock, payable Dec. 10 to
per
income.
Net income after
After
Oct. 31, July
$1,446
8,321
Equip, rents—(net)-Dr.
Jt. fac. rents—(net).Dr.
Net ry. oper.
Balance for dividends
1940
1939
$10,678,999 $10,318,257
3,751,775
4,011,699
2,467,302
2,556,972
non-operating income (net).—V.
Said1938; 50 cents1939, paid latter being the first dividend25 cents paid on
on April 29, was this on Jan. 26, 1938, 1938, and paid since April
0,
Ry.]
1940—10 Mos.—1939
$50,875
82,657
Railway oper. income.
Co.—Earnings-
Balance for interest
25 cents
1940—Month—1939
$91,001
$102,576
89,555
89,608
from ry. oper.
Non-operating income.
Gulf States Utilities
Halle Bros. Co.—To Pay 50-Cent Dividend—
declared a dividend of 50 cents per share on
RR.—Earnings—
Railway tax accruals
put by
$527,124
242,653
Directors have
.$2,204,642
Total
[Including Statesboro Northern
x
$42,497
19,944
12 Months Ended Oct. 31—
Operating revenues
a
209,578
207,917
151, p. 2942.
3237.
Georgia & Florida
Net
336,028
1,020,862
Capital surplus
Earned surplus
12,418
$2,204,642
p.
88,419
15,059
amortiza'n.
Total—
151,
$135,505
423,828
Other current liabilities
261,091
187,500
$12,172
stock
Balance
a
Deferred charges
—V.
payable—trade
Accrued liabilities
90,317
708,541
officers
Patent exps., less
Accounts
985,365
1,006,475
$17,757
5,584
Net income
Divs. on pref.
—V. 151,
1940—12 Mos.—1939
$1,982,190 $1,851,849
$37,674
19,918
Gross income
Liabilities—
Assets—
Cash
1940—Month—1939
$155,401
$154,985
75,048
78,211
26,845
19,694
15,833
14,583
Period End. Oct. 31—
estimated excess profits tax accruing under
Revenue Act of 1940."
Balance Sheet Sept. 30, 1940
151, p. 1280.
Power Co.—Earnings—
Gulf
Includes $115,000 for the
the "Second
announced that 25.000 employees have been advised oi
policy regarding their entering military service.
All em¬
company
the company's
$541,096
16,990
profits taxes
Federal surtax on undis¬
Months Pay for
~Gulf Oil Corp.—Employees to Receive 3
Military Service—
$652,670
i.7,631
excess
151
___
$375,042
6,986
Federal normal income &
$34,770,130
150
2800.
$454,893
Income deductions
1940—10 Mos.—1939
$4,000,645 $36,348,628
in operation
151,
$528,777
12,318
2,264
—
1940—Month—1939
Period End. Nov. 30—
Sales
$1,572,707
872,523
325,141
Total income
both issues are in
on
Trustees have
$2,258,246
1,397,080
406,268
4
Other income
class B both payable
of beneficial interest
$2,361,784
1,375,588
457,418
Gross income
a
Great Lakes Paper Co., Ltd.—Accumulated Dividends—
dividend of 50 cents per share on the $2 cumu¬
Directors have declared a
lative
$649,181
3,488
& adm. expsBad debts charged off—
gen.
Net
..
3238.
$2,475,242
1,318,145
501,859
6,054
&c—
Cost of goods sold
Sell.,
Stated Periods
Years Ended Dec. 31
1939
1938
1937
1940—11 Mos.—1939
$9,316,360 $90,961,054^ $84,493,411
1940—Month—1939
$10,568,696
—V. 151, p.
Stores
38,500 shs38,500 shs.
5,000 shs.
5,000 shs.
5,000 shs.
2,000 shs.
Weeks, Chicago
Paul H. Davis & Co., Chicago
Hornblower
151, p. 2800.
(W. T.) Grant Co.—Sales—
Period End. Nov. 30—
Sales.
capital.
Underwriters—The
shares which the several underwriters have agreed to
or
capital stock of the company.—V.
a200,G00 shs.
400,000 shs.
Common stock (par $2)
be declared on the
before any dividends may
be redeemed in cash
must
Outstanding
Authorised
3397
Financial Chronicle
1940—3 Mos.—1939
Period End. Sept. 30
Est. net income
before
-1939
$69,171
$153,778
$0.03
depl. & deprec
$199,323
$0.01
$0.09
$0.07
Earn, per share
—V. 151,
1940—9 Mos.-
$23,626
p.1144.
Hein-Werner
Motor
Parts
Corp.—Extra and Larger
Dividend—
declared an extra dividend of 35 cents per share in addition
quarterly dividend of 20 cents on the common stock, both
16 to holders of record Dec. 6.
Previously regular quarterly dividends
of 15 cents were paid.
Extra of 30 cents was paid on Dec. 22, 1939.—V.
150, P. 3827.
,
Directors have
to
payable
a
Dec
Div.
Helena Rubinstein, Inc.— To Pay 25-Cent Common
have declared a dividend of 25 cents per share on the common
payable Dec. 2 to holders of record March 28.
This compares with
75 cents paid on Sept. 30; 25 cents on Aug. 1; 50 cents on May 1, 25 cents
on Feb. 1, last; 75 cents on Nov. 15, 1939; and on Dec. 23, 1938, and an
initial div dend of $1 was paid on Dec. 15, 1937.—V. 151, p. 1723.
Directors
stock
(George W.)
Directors have
to the
Helme Co,—Extra Dividend—
of $2 per share in addition
dividend of $1.25 per share on the common stock,
declared an extra dividend
regular quarterly
amounts
$25, both payable Jan. 2 to holders of record Dec. 7.
Similar
have been paid at the beginning of each year since and including Jan. 2,
1929.
In addition, a special extra dividend of $4.75 per share was paid
on Jan. 2, 1935.—V. 150, p.
1437.
par
The Commercial & Financial Chronicle
3398
tj-
i
Hickok
Frfr/i
Dimrlfinrl
As
UiIJCorp.—LXtra Uiwaena
an extra
Directors have declared
dividen^flO^ntss per share injiddi-
tion to the regular
Quarterly dividend of 25 cents per share on the common
stock, both payable Dec. 15 to holders ofrecord D®®* .6 *
was paid on iSept. 14 last, and one of 20 cents was paid on June 15 last.
Y.
151. p. 2942.
Preferred Slocks Called—
^
(Edward) Hines Lumber Co.—Certificates Called—
Company has called for redemption on Jan. 1 next its outstanding 6A%
and 6% cumulative preferred stocks at $110 a share plus accrued dividends,
which will amount to $1,625 per share upon the 6M% issue and $1.50 on
the 6% issue.—V. 151* p. 3240.
issued under and secured by the indenture of mortgage dated
July 1,
1933, by and between Hines Land & Timber Co. and Continental Illinois
National Bank & Trust Co. of Chicago and Edmond B. Stofft, as trustees,
are being notified that the company has determined to redeem,
pay and
retire, and does hereby call for redemption, payment and retirement on
Jan. 1, 1941, all of said scrip at par (there being no interest accrued on said
,
■
Sept. 1, 1939;
1938; $1 on
Inland Steel Co.—Bonds Called—
r>
i
Homestake Mining Co.—Christmas Bonus—
A total of $100,000 first mortgage 3% bonds, series E due
Jan. 15, 1952
has been called for redemption on Jan. 15 at
101XA and accrued
Guy N. Bjorge, General Manager of the company announced that annual
Christmas bonuses for regular employees of the company will be distributed
Dec. 20.
Checksof $100 each will go to about 2,100 men.
The 1940 bonuses
will raise to
interest,
at the First National Bank of
Chicago, Chicago, 111.
Guaranty Trust Co. of New York.
This redemption is in addition to the $3,000,000 principal amount of
same bonds previously called and mentioned in our issue
of Nov. 9, page
2801.—V. 151, p. 2801.
Payment will be made
and at the
approximately $1,470,000 the amount the company has dis-
tributed to employees in the past seven years.—V. 151, p. 1144.
,
«
Horder
,
,
„
n-
.
7
-
7
Inc.—Extra Dividend—
s,
Directors have declared
common
stock,
payable
quarterly dividend of 25 cents was paid on Nov. 1, last.
Extra of 25 cents
was paid on Dec. 28, 1939, and one of 15 cents on Jan. 28, 19,38.—Y.
151,
p.
.
.
...
Hoskins
The
m
n
rr\
n
Mfg. Co.— I0 Pay ov-Cent Dividend
-
directors
have declared a dividend of 50 cents per share on the
stock, par $2.50, payable Dec. 26 to holders of record Dec. 11.
This compares with 25 cents paid in the three preceding quarters; 40 cents
and
heard.—V. 148,
c
*
c
Period End. Oct. 31—
Railway
&
by Hummel-Ross Fibre Corp., which allows
a secondary sheet of pulp to be
placed on a base sheet of pulp on a Fourdrinier paperboard machine. Asa
result, the quality of the sheet is improved, the cost is lowered, and greater
production is obtained.
It can be used for making a wide
variety of fibre
products.—V. 151, P. 2047.
(torn)
Huston
rFrtvn<iV>no
reanut
Co.
Bamings
Earnings for the Period from Aug. 27, 1939, to Aug. 31, 1940
Net sales (incl. $53,079, commissions on
jobbing sales)
$2,356,452
(^Aof
y
X
cost
oi
Tiffirliipffi qnlf]
prouucis soiu
"I
-
Gross profit
x
Selling,
shipping", "adml nfstrative" arid
Income ch&r&cs (not})
Provision for Federal and State of
general
expenses
I 111" I
Net inrnmn for th«
00
voar
«9oa
"
Preferred dividends
Common dividends
x
per
share
It,
100 000
*i
c°ram°n swct\for depreciation
;
955
--
96
*
"
Includes provision
aggregating $20,726.
Condensed Balance Sheet Aug. 31, 1940
Assets—Cash on hand and in banks,
$74,642; notes receivable (distributors and others), $101; accounts receivable
(less reserve of $12,696),
$95,005; inventories, $134,597; cash surrender value of insurance
policie^
life of officer (policies total
$150,000), $7,281; plant property, $375,503;
patents, trademarks and copyrights (nominal value), $1:
display equipment (nominal
value), $1; deferred charges, $40,017; total, $727,147.
Liabilities—Notes payable—banks, $80,000; accounts
payable—trade,
$5,467; credit balances in customers' accounts, $2,529; accrued
accounts,
$77,645; reserve for contingent losses (on discounted automobile
purchase
notes of distributors),
$624; common stock, 100,000 no par shares, stated
value of 50 cents per
share, $50,000; surplus (since Sept. 1. 1935),
$510,882;
total, $727,147.—V. 151 p 3089
on
\.v'
Huylers of Delaware, Inc.—Reorganization
Effective—
Colonial Trust Co. has been appointed
Registrar of the common stock and
of the voting trust certificates for the
first preferred stock.—V. 151,
p. 3089.
Illinois Bell
Telephone Co.—Earnings—
Period Ended Oct. 31—
1940—Month—1939
unconectioie oper. rev..
Operating
Operating
revenues...
$8,485,793
226,434
239,285
$7,944,275 $80,426,070 $75,840,945
expenses...J^OIS
5,155,081
63,960,911
50,926,943
Op?St?n|taxSenU^""" $1
$11,262,603 $13^^076
262^*603
1,478,913
13,976,446
446
'w
12,440,612
11,119.432
$f?
6?S
11,066,639
operating taxes
iNecmcome
NeUncome
To
478 913
inc°me— $}'273 274
1,273,274
306 968
1,396,268
.
nfi«
Pay $2.50 Dividend—
^
i
*„
m
.
n
i
r-
Incorporated Investors—To Pay 15-Cent Dividend—
,
t-\
*
m
i
7
The board of directors voted a
dividend of 15 cents per
share, payable
Dec. 21 to shareholders of record
Nov. 29.
Like amounts were paid on
y 30 and April 30, last, and compare with
40 cents paid on Dec.
22, 1939; 15 cents paid on Oct. 31,
July 31 and April 29,1939; 50 cents paid
on Dec.
22, 1938; 15 cents paid on Oct. 31, July 30 and
April 30, 1938;
and 40 cents paid on Dec.
22, 1937.—V. 151, p. 2801.
i«.
i.
r»
©
i
.
,
Indianapolis rower & Light
Take 78% of New Issue—
w
Holders of ™ a\oC l
u
preferred
cew
„
-
,
„
,
Co.—Preferred Stockholders
,
78.41% of 115,777 shares of 6J^% and 24,814 shares of
6%
accepted the company's offer to
exchange one share of
n
stock
5}4 % pref. stock ($100 par) and $2.50 in
casn
72,981
of $182 578
139,320
1,625,453
1,754,376
$54,028
$805,002
$883,279
,
V
.
151
.
d
p.
,
2649
.
International Silver Co .—Clears
Directors
have
declared
Up Accruals —
dividend
of $6.25 per share on account of
the 7% cumulative preferred stock, payable Dec. 24 to
holders of record Dec. 12.
This payment clears up all back dividends on
accumulations
a
on
the issue.
.
Directors also declared the regular
quarterly dividend of $1.75 per share
the same issue payable Jan. 1 to holders of record Dec. 12.
SeeV. 151.
p. 1282 for detailed record of previous dividend payments.
Z.
v
™
Cn
Obituary —
George H. Wilcox, 84, Chairman of the board of directors, died at his
on Nov. 26.—V.
151, p. 2944.
home
¥
.
.
*«»».**,
International White
^
Cement
r>
.
,
Co.—Promoters Convicted
The Securities and Exchange Commission and the
Department of Justice
reported Dec. 3 that Eugene S. Gates had been sentenced to
eight years
imprisonment and to pay fines totaling $2,300 by U. S. District Judge
John Foster Symes, at Denver,
Colo., after having been found
guilty
14 counts of
an
vlCVClftDu S*
indictment charging fraud
lilCG,
in the sale of
on
International
tm
^TclS 86Dt8flC6(l tO S0FV0 tlir68 yCftFS UH*
Sd/l6SHldj]l|
prisonment, while Frank C. Carpenter and William C. HaUam, who pleaded
to a term of one year.
Richard W. Givens was
guilty, were each sentenced
f£r
u8f6iiQ2U]itsf .Addison 13*
S^a pl^
JVX&nnin^y
Denver
0
attorney«■ d>nd
^SJ^mendere0^"011 f<>r tW° ye&T*
of
t?~
H.«
Ch&rles
°Ctober' after enter*
The indictment charged that the defendants defrauded
stockholders of
International White Cement Co. by making payments of fictitious dividends
for the PUG5®8®
inducing them to purchase additional shares, when the
company had no income.
It further charged, that the defendants represented to stockholders and investors that the company was
operating and
manufacturing cement when, in fact, the indictment charged, the company
had never engaged in such operations and did not have the
necessary ma-
chinery and equipment,
jp.
tftatf JeJ.ep:^?ne
RnnJo PnlJoA
,[T®?!egra?h
A11 °/ <jhe outstanding 25-year first lien sinking fund 5.50% gold bonds
serjes A due Jan. 1 1953 have been called for redemption on Jan 1 at 102
^nd accrued interest. Payment will be made at the Chemical Bank &
mrus!j i?°'' /'L*. X* Cityor at the Continental IUmois National Bank &
-Trust Co. of Chicago.—V.138,
^
p. 150.
Ph;iaJ/»l«U;a
j!
i
i
f
f
1
©i
75
cents per share were
of $2 was paid
riJwAonA
Dividend
k
Rectors have declared a dividend of $1 per share
payable Dec. 15 to holders of record Dec. 1.
„
on the common stock,
Regular quarterly dividends of
previously distributed. In addition, special dividend
on Dec. 15,1939.—V. 149, p. 3559.
PE?/^IVes*:0r8 Syndicate of America, Inc.
bEC—
Registers With
page of this department.
Iowa Southern Utilities Co. of Delaware—Earnings—
31-
Gross operating earns.__
°P|rating exp., maint. &
Prov.^
Net operating
for each r-hare of old pref.
1940-Mon(ft-1939
$373,882
$364,088
1940-12 Mo,.-1939
$4,368,821
$4,198,152
205 691
2 571 922
32.000
'430,500
374,000
$126,397
240,000
$1,366,399
$1,461,683
2 362 469
earns..
$112,783
3,140
3,614
36,918
43,978
Total net earnings....
$115,923
$130,011
$1,403,317
$1,505,661
43,308
12,500
58,520
12,553
648,705
150,119
702,234
150,688
13,213
7,507
107,245
Other income
Int.
Int.
Directors have declared a dividend of
$2.50 per share on the common
stock, payable Dec. 14 to holders of record Dec.
3.
Dividends of $2 per
share were paid in the three
preceding quarters; $2.50 was paid on Dec. 15,
1939, and previously regular
quarterly dividends of $2 per share were distributed.—V. 151, p. 2801.
„.
$4,937,141
1,950,333
See lisfc given 011 fir8t
1940—10 Mos.—1939
uScXSKSr™-- *8'522'52S $7'9i'^3
22,528
22,792
$4,746,621
1,870,701
Deficit
x
n7n
7
""
——on"common stock
,
HQ7
58',530
1940—10 Mos.—1939
$450,760
166,766
x$7,575
347',092
Georgia"in"come taxes".::::::
»•
„
America—Earnings —
Note—The net income for the 9 months Ended Sept.
30, 1940, appearing
in the "Chronicle" of Nov. 2,
page 2649, should have been $812,578 instead
fifto
$648 589
x
Earnings
r7(Y7
i,/u/,»0d
recently announcM-V- 151 ■
$341,202
99,893
charges
fnrn
Ghesap^ke Corp., Australian Paper Mfrs., Ltd., Filqr Fibre Co., Hinde
from ry. oper__
avail, for fixed
Net income
added to the rolls of the company since the introduction of the 1941 models.
—V. 151, p. 2943.
Dauch Paper Co., International Paper Co., Kieckhefer Container
Co.,
Pacific Mills, Ltd., Schmidt & Ault Paper Co. and Union Bag & Paper
Corp.
The secondary head box is a device, the patents of which are controlled
to
1940—Month—1939
oper. revenues-
rev.
Income
territory has
v
Gorp.
Licenses Ornnfpd
uraniea
Corporation has announced the granting of licenses to St. Joe Paper Co.,
Port St. Joe, Fla., and to Fox Paper Co., Lockland,
O., to use the secondary
head box. The following have also been licensed
up to this time: Albemarle
Corp.—Manager—
the position of Advertising
He succeeds Arch Davis, whose promotion
was announced Dec. 3.
Net
*
where the Los Angeles
.
Machines
Rumwell
International Kys. of Central
already absorbed 75% of its entire 1940 volume, the Portland temtory,
68%; and the Seattle territory, 67%.
Mr. Pratt revealed that the Hudson
selling organization was continuing its record growth, with 375 new dealers
FiLr*
rinre
Reginald
_
George H. Pratt, General Sales Manager of the company, disclosed on
Nov. 30 that Hudson domestic shipments of 1941 models, for the first four
months of the current selling, season, already exceed one-half of the volume
of cars shipped in the entire 1940 season.
Mr. Pratt stated that in many
cities distributor and dealer requirements had substantially bettered this
riummei-KOSS
Business
of
|°0$e po8t of Bxecutive Secretary
Co.—Shipments—
ratio, notably on the Pacific Coast
promotion
Manager
stock, both payable Dec. 20 to holders of record Dec. 9.—V. 151, p. 2194.
tui
3224.
.
(Harvey) Hubbell, Inc.-Extra Dividend-
j
p.
__
The
Directors have declared an extra dividend of 25 cents per share in adedition to the regular quarterly dividend of 40 cents per share on the common
u
..
Meeting—
_
International
Dec. 22, 1939; 20 cents paid in each of the three preceding quarters
15 cents paid on Dec. 23, 1938.—V. 151, p. 2647.
on
Hudson Motor Car
,
on claims which have been allowed.
The final report of Harry A.
Bigelow,
trustee, which shows cash of $267,906 on hand pius notes, accounts receivable and securities judged worthless by the trustee, will be examined and
passed upon.
Petitions of attorneys for payment of legal fees will also be
common
paid
t-,
meeting of creditors has been called Jan. 7, 1941, by Garfield
Charles, Referee in Bankruptcy, to consider the question of a final dividend
n-
i
xy
final
a
2047.
..
*
Insull Utility Investments, Inc.—Creditors
extra
,
.
,
dividend of 25 cents per share on the
Dec. 20 to holders of record Dec. 10.
Regular
an
a
$1 on June 1 and March 1, 1939; $1.50 on Dec. 1 and
Sept. 1,
June 1, 1938, and $1.50 on March 1, 1938.—V. 151,
p. 2500.
.
m
,
dividend of $1 per share on the common
stock, no par value, payable Dec. 24 to holders of record Dec. 9.
This
compares witlr„$2 paid on Dec. 2 and on
Sept. 3, last, $1 paid on June 1
and March 1,last, and on Dec. 26, 1939; $1.50 on Dec. 1 and
the office of the Continental Illinois National Bank & Trust Co. of Chicago,
231 South La Salle St., Chicago, Illinois.—V. 151, p. 2647.
„
_
Ingersoll-Rand Co.—To Pay $1 Dividend—
The directors have declared
surrendered for redemption and payment at
De
1940
taken in the exchange offer
All owners and registered holders of interest scrip certificates, payable on
or before July 1,
1948, issued in payment of interest on Hines Land &
Timber Co. first mortgage and collateral trust bonds series A and series B
Certificates should
7,
The 6 H% preferred stock (par $100), has been removed from
unlisted
trading by the New York Curb Exchange.
_
scrip).
Dec.
result, an underwriting group of 64 investment banking bouses, headed
by Ijehman Brothers, Goldman, Sachs & Co. and The First Boston Corp.
took up 30,738 shares of 514% preferred, being the number of shares not
a
on
mtge. bonds....
other funded dt—
on
Amortiz.& other deducts
a Provision
...
^
Net income
a
ono
tTvToTa
AQO
$46,902
93.061
28,604
-
$51,432
$497,248
*Mi
mi
$531,074
For legal fees and other expenses in connection with plan of
recapitaliza-
tion, and other special charges.—V. 151,
¥
„
p.
3241.
n.
,
,
Ironrite Ironer Co.—Extra Dividend —
Directors have declared
dividend of 10 cents per share on the
common stock, payable Dec. 16 to holders of record Dec. 2.
Regular
quarterly dividend of five ceDts per share was paid on Nov. 1, last.—V.
151,
f
an extra
107.
p.
.
.
.
^
v
.
n.
-A
■,
,
Irving Air Chute Co.—Extra Dividend—
Directors have declared an extra dividend of 25 cents and a regular
quarterly dividend of 25 cents per share on the common stock, both payable
Dec. 27 to holders of record Dec. 16.
An extra of 15 cents was paid on
Dec. 28, 1939; one of 10 cents on July 1, 1939; extra of 25 cents paid on
Dec. 15, 1938, and one of 15 cents was paid on Dec.
24, 1937.—V. 151,
p. 3091.
Volume
The Commercial & Financial Chronicle
151
Kansas Gas & Electric
(F. L.) Jrcobs & Co.—Earnings—
Period End. Oct. 31—
[Excluding Operations of Air-Track Mfg. Co.]
3 Months Ended Oct. 31—
Profit after depreciation and interest
Federal taxes
—V. 150, p. 3515.
Operating revenues.
Operating expenses
55,000
55,000
660,000
330
457
4,567
5,692
$239,963
$186,797
$2,519,446
$2,164,844
_
_
Jamaica Public Service, Ltd. (& Subs.)-—Earnings—
Period End. Oct. 31—
1940—Month—1939
1940—12 Mos.—1939
Operating
„
49,548
-
Direct taxes
loss$51.321
$105,286
-
1940—12 Mos.—1939
$6,485,836
$6,292,111
2,569,433
2,568,570
892,142
733,253
$537,793
223,222
72,317
Amortiz. of limited-term
investments-
before
—
Co.—Earnings-
1940—Month—1939
$548,417
203,576
Property retirement re¬
serve appropriations.
1939
1940
but
3399
$88,853
$84,322
$1,063,930
$1,001,860
39,292
37,541
470,691
426,645
8,877
8,358
7,066
8,701
98,242
95,078
90,049
71,422
$32,325
Dr53
$31,014
2,368
$399,919
Or334
$413,744
Dr832
$32,272
7,500
$33,382
7,500
$399,586
90,000
$412,912
90,000
$24,272
$25,882
$309,586
$322,912
J. P. S. Co., Ltd—
Amort, of debt discount
7,107
7,281
86,012
87,294
and expense
Other income charges---
762
557
774
1,533
9,217
11,745
9,349
5,255
$16,346
$16,293
$202,611
$221,015
660,000
revenues
Operation.——— .—
Maintenance
Taxes
a
Utility
oper.
income
Other income (net).—-
across income—
Retirement
res.
accruals
on
Gross income.
Int. on mtge. bonds
——
Int.
on
158
163
4,983
8,596
$240,121
45,000
15,000
19,325
$186,960
$2,524,429
688,500
180,000
$2,173,440
720,000
$160,796
$102,611
-
—
60,000
15,000
9,349
Netincome-.--.--—
182,892
Cr744
deben. stock
$1,473,781
520,784
Net income
Dividends declared—
J. P. S.
Co., Ltd.—Preference shares.
Preference B shares.------Preference C shares
J. P. S.f Ltd.—Common shares--
Key West Electric Co.- -Earnings12 Months Ended Oct. 31—*
Operating
a
——.
surplus
45,048
...
Koppers Co.—Government Contract—
Division of this company was recently awarded
totaling $9,956,000 to manufacture artillery material for the
151, p. 2945.
contract
U. S. Government.—Y.
Corp.—Preferred Stock Called—
Kysor Heater Co .—Extra Dividend—
Directors have declared an extra dividend of five cents per share in addi¬
tion to the regular quarterly dividend of 15 cents per share on the common
stock, both payable Dec. 16 to holders of record Dec. 2.
An extra of
15 cents was paid on June 15 last; extra of 25 cents was paid on Dec. 15,
1939; one of 20 cents was paid on June 15, 1939; one of 10 cents was paid
Dec. 15, 1938; 50 cents on Dec. 20, 1937, and one of 15 cents was paid
Sept. 15,1937.—V. 150, p. 3664.
on
on
Lake Superior District Power Co.-
(Mead) Johnson & Co.—jExtra Dividend—
extra
dividend
75
of
Period End. Sept, 30—
share in
addition to the regular quarterly dividend of 75 cents per share on the
common stock, no par value, both payable Jan. 2 to holders of record
Dec. 14.
Like amounts were paid on Oct. 1, July 1, and April 1, last.
Extra of $1.75 was paid on Dec. 28, 1939, and extras of 75 cents were paid
on Oct. 1, July 1, and April 1, 1939.—V.
151, p. 1576.
cents
per
Operating revenues
Oper. exps. and taxes
Net oper. income
Called—
To
Pay $1 Accum. Div.
$2,186,235
1,564,133
.
Balance
$675,715
9,308
$622,102
35,737
$117,190
58,838
$685,023
230,854
$657,839
234,778
$58,352
59,179
$454,168
236,407
$423,060
236,717
$46,720
_
$109,292
7,898
$105,589
58,869
Net income
Pref. stock dividends.
def$827
$217,762
$186,343
Note—Provision for Federal income tax in the current periods has been
Directors have declared a dividend of $1 per share on account of accu¬
mulations on the 7% cum. pref. stock, payable Dec. 23 to holders of record
Dec. 9.
Like amount was paid on Oct. 22, July 22, and April 15, last,
and
$2,331,313
1,655,598
$164,025
58,436
Int. and other deduct'ns
—
1940—12 Mos.—1939
$171,016
Dr6,991
Other income (net)
A total of $1,050,000 first mortgage bonds, series B 4% due July 1,1941
has been called for redemption on Jan. 1 at par and accrued interest.
Pay¬
ment will be made at the Union Trust Co. of Pisttburgh.
-Earnings—
1940—3 Mos.—1939
$608,282
$578,698
437,266
469,406
Gross income.
Jones & Laughlin Steel Corp.—Bonds
151,
3092.
The Bartlett Haywood
a
2802.
Corporation on Dec. 6 notified holders of record at the close of business
4, 1940 of its cumulative 7% preferred stock that 17,500 shares,
represented by stock certificates, have been called for redemption on
Jan. 1,1941 at $121.75 per share, being $120 per share plus an amount equal
to dividends accumulated and unpaid at the redemption date.
Certificates
should be presented for redemption at the office of J. P. Morgan & Co.,
Inc., 23 Wall St., N.ew York, paying agent of Johns-Manville Corp.—
V. 151, p. 3091.
an
$195,023
62,581
39,372
After depreciation and including non operating income (net).—V.
a
P.
Dec.
declared
1939
1940
$224,682
68,537
revenues
Balance for interest-
Balance for dividends and
21,992
2,319
87,187
a Before retirement reserve
accruals.
Note—The operating companies' figures included in this report have been
have
$641,210
-V. 151, p. 2501.
30,460
29,463
21,992
13,152
91,350
converted from £ sterling at the rate of $4.86 2-3 to the £.—V. 151, p.
Directors
$1,161,994
h20,784
Balance-.
-
Johns-Manville
180,000
112,423
Cr977
$952,997
deb. bonds
Other int. & deductionsInt. charged to constri ct
Divs. applicable to pref. stock for tne period
Gross income
Interest
Net oper. revenues:
Other income (net)
computed in accordance with the requirements
Act of 1940.—V. 151, p. 1148.
of the Second Revenue
the last
previous disbursement made on these shares was the $1.75
dividend paid on Oct. 15, 1937, which also was on account of arrearages.
—V. 151, p. 2501.
Lawrence Warehouse
Net income after operating expenses, Federal income taxes &
other deductions
Joy Mfg. Co. (& Sub.)—Earnings-
_
Gross Stiles
Sept. 30 '40 Sept. 30 '39
less
Cost of goods sold—-..-
3,312,510
365,403
Sell., gen. & admin, exps
Taxes, other than income
taxes..
1937
$2,453,741
1,672,965
285,729
$2,245,189
1,489,127
249,444
$3,494,137
2,359,288
316,505
70,221
32,112
40,875
101,300
29,980
$474,506
60,787
7,028
$454,172
59,682
5,664
$1,451,220
18,743
$528,264
16,155
$508,190
43,878
$838,292
42,101
Other income
Experimental expenses..
Interest expense. ——
Loss on sale of capital
_
Lefcourt Realty Corp. (&
Year End.
&c
#5 287
Normal Federal ta£?L IT
Surtax on undistr. profits
260',775
74".354
-------
Period—
117",335
74,366
24,100
25,050
$413,710
$364,908
Gross income.
4,531
42,558
$631,766
—
Pennsylvania taxes.81,500
—
—
.
$1,084,915
$199,956
1,799,113
1,630,310
113,009
1,763
.
Notes and accounts receivable (net)..
Inventories
—
—
Instalment notes and contracts receivable
Sundry non-current receivablesAccounts receivable in litigation
Due from affiliate..
-
—
—
—
-
Property, plant and equipment (net)
Patents—
....
392,501
7,372
23,979
-
Prepaid expenses and deferred charges—
— .
70,000
274,242
Liabilities—
Note payable to bank (current)
Accounts payable, trade.
Customers'credit balances
Accrued liabilities
Unearned interest
on
$3,363,495
103,867
246,139
3,381
353,107
3,626
75,000
102,048
301,465
5,705
148,854
—
...
—
...■
notes receivable discounted--
Provision for adjust, due to engineering changes..
Provision for reorganization expenses, &c
_
Note payable to bank..
—
Common stock (par $1)_.
Paid-in surplus
Earned surplus
...—
$107,788
352,932
$221,622
352,273
35,200
$193,214
$165,851
$113,385
*44,600
,
bonds re-
Eurchased added to tne reserve for depreciation of improved income and
been during the period over cost has been excluded from properties.
as
Consolidated Balance Sheet Sept. 30
87,000
Dep. with trustee
Bents
and
other
tenants' charges
1940
1939
$41,781
336,592
$33,067
353,206
Def. income, rents
receivable in adv
1270,798
y
Accrued liabilities-
21,882
15,995
10,338
20,295
Liabilities—
1939
1940
Assets—
rec. and accrued
35,172
Improved property 5,166,510
Prepaid exps. and
deferred charges
281,638
39.274
Mis cell, assets....
1,808,508
700.815
—
$82,528
264,342
11,400
$282,083
350,868
11,200
$209,959
88,959
33,738
Accts. pay.,
z
x
trade.
Res. for contlng,
& Fed.
5,445,051
$3
inc. taxes
cum.
conv.
316,844
preferred stock.
1,818,135
1,863,135
49,875
Com. stk. (par $1)
Earned surplus—
210,000
276,034
210,000
522,125
3,126,601
384,106
1,826,475
—
$253,472
28,612
40,000
572,815
477,494
384.100
i—
...—
—,— —
$215,872
5,749
x Includes $17,200 provision for Federal surtax.
Note—The excess of $40,047 of the face amount of mortgage
1,233
15,979
$4,168,004
...
|,538,952
5,699
$256,344
Cash
—...
1,534,543
$76,828
Net loss.
f
1937
1,152,564
Prov. for Fed. inc. taxes
—
62,093
-
_
$105,799
-
Depreciation
$234,425
1,484,567
1,089,710
131,246
$1,792,424
„
1,507,799
—.
Total income—
1939
1940
—
31—
■
1938
$1,750,415
Sept. 30,'40 Sept. 30,'39
$1,613,598
$1,229,393
Other income
Consolidated Balance Sheet Sept. 30
Assets—
—
Subs.)—Earnings—
9 Mos. End. —Years Ended Dec.
1,989
Oper. exp., incl. int.
Operating income.
—
Cash—..-
Total
$3.21
Lehigh Coal 8c Navigation Co.—To Pay 30-Cent Dividend
$773,346
66,612
1,666
—
$78,365
_
- -
Directors have declared a dividend of 30 cents per share on the common
stock, payable Dec. 20 to holders of record Dec. 7.
Dividends of 10 cents
were paid on Dec. 22,1939, and on Dec. 24,1938, and a regular semi-annual
dividend of 15 cents per share was paid on Nov. 30, 1937.
The company has paid dividends every year since 1881.
In announcing
the dividend, the company estimated that consolidated earnings for the
calendar year 1940 would be approximately $1,000,000, equal to more
than 50 cents a share on the outstanding 1,929,127 shares of no-par stock.
This will compare with earnings of $18,674 in 1939.—V. 151, p. 2945.
44,997
Operating profit —$1,379,900
Net income-
_-
—Y. 151, P. 3242.
1938
disc't/S
&'allowances-'$5,128,034
returns
Earns, per share on 23,267 shares common stock (no par)
Calendar Years
Year Ended 9 Mos. End.
Period—
Co.—Earnings—
Earnings for 9 Months Ended Sept. 30, 1940
Capital surplus... 3,165,631
Total.
—
—
.—$5,880,392 $6,144,425
Total
—
.$5,880,392 $6,144,425
Represented by 40,403 (41,403 in 1939) no par shares,
y Deposit with
of real estate taxes and interest on funded debt.
z Re¬
serve for possible additional taxes.—V. 151, P. 990.
x
Total..-.
—
—
$4,168,004
$3,363,495
—V. 151, P. 1725.
trustee for payment
Lehigh & Wilkes-Barre Coal Co. of N. J .—Common
Kalamazoo Stove & Furnace Co,—50-Cent Dividend—
Directors have declared
a
dividend of 50 cents per share
on
the common
stock, par $10, payable Dec. 23 to holders of record Dec. 10.
Regular
quarterly dividend of 12H cents per share was paid on Nov. 1, last.—
V. 151, p. 2944.
Kansas City Gas
Keith-Albee-Orpheum Corp.—Accumulated Dividend—
Directors
have declared a
dividend of $3.50 per share on account of
accumulations on the 7% cum. conv. pref. stock, par $100, payable Dec. 19
to holders of record Dec. 13.
Dividends of $1.75 were paid on Oct. 1,
July 1 and April 1 last and dividend of $3.50 was paid on
V. 151, P. 2649.
was
paid
common
tributed.
on
Dec. 22, 1939.—
p.
April 18, last,
stock, since Jan.
Dividend of 30
cents was
Co.—Bonds Called—
City Bank Farmers Trust Co., successor trustee, has selected by lot
for redemption out of sinking fund moneys on Feb. 1, 1941, at 102%,
$16,500 principal amount of first mortgage gold bonds, 5% series, due 1946.
Payment will be made at the offices of the bank. 22 William Street, New
York.—V. 151, p. 2353.
Div.
share on the common
record Dec. 7.
Dividend of 80 cents
this latter being the first dividend paid on the
19, 1939, when 21H cents per share was dis¬
cents was paid on Oct. 20, 1938, one of 62H
1938, and 75 cents on Dec. 28, -4937.—V. 150,
Directors have declared a dividend of 60 cents per
stock, payable Dec. 23 to holders of
paid on Dec. 29,
2582.
Lerner Stores
Corp.—Sales—
Period End. Nov. 30—
Sales
-------
—V. 151, P.
------
1940—Month—1939
1940—-10 Afos. -1939
$3,507,600
$3,267,385 $33,319,629 $31,572,642
_
2803.
Liggett &
Co. has sold
Myers Tobacco Co. —Stock
Sold—Shields &
95lA net, after the close of the market
—V. 151, p. 2502.
dealers at
of
Nov. 29.
1,5C0 shares common B stock to a group
The Commercial & Financial Chronicle
3400
Securities
Link-Belt Co.—Extra Dividend—
Directors have declared
an extra dividend of SI per share in addition
regular quarterly dividend of 25 cents per share on the no par common
stock.
The extra dividend will be paid on Dec. 21 to holders of record
Dec. 6 and the regular quarterly distribution will be made on March 1,
1941 to holders of record Feb. 7.
Extra of 50 cents was paid on Dec. 26
1939.—V. 151. p. 2649.
to the
Loew's Boston Theatres
Co.—Earnings—
Years Ended Aug. 31—
1940
$498,969
151,189
46,293
24,140
......
$258,172
578,114
116,437
$836,286
116,437
$880,850
302,736
$873,930
$719,849
$578,114
discount and
expense
Federal income taxes
...
Net profit
Earned surplus balance Sept. 1„.
Dividends paid.
Balance, earned surplus, Aug. 31-.
x
Less prior year's
adjustments.
Balance Sheet Aim. 31
Assets-
1940
Cash
1939
Accts.
5191,849
1940
payable...
1939
$16,685
$4,828
Real estate and per¬
sonal prop.taxes
94,878
93,326
Fed'I & State taxes
88,957
82,116
U. 8. Gov't secure.
50,000
50,000
Accts. receivable.,
1,835
2,020
Deposit with Old
Colony Tr. Co..
Land, bldgs. and
^,556
2,715
Int. accrued on 1st
equipment
4,886,198
Deferred assets...
106,808
Goodwill
124,870
5,032,682
115,130
c
Guaranteed
unconditionally as to principal and dividends by endorsement by company.
Principal and dividends (J-D) payable in New York City. Denom. $1,000,
registerable as to principal.
Not redeemable prior to maturity.
Issuance
and sale subject to approval by the Interstate Commerce Commission.
Certificates are to be secured by the new standard-gauge equipment to
cost in the aggregate not less than $7,522,223.—V. 151, p. 3243.
Lunkenheimer Co.—Year-End Dividend—
Directors have declared a year-end dividend of 50 cents per share on the
stock, payable Dec. 14 to holders of record Dec. 4. Dividends of
25 cents per share were paid on the 15th day of Nov., Oct., Aug., May and
Feb. this year.—V. 151, p. 991.
common
McCrory Stores Corp.—Listing—
The
1,167
Guaranty Trust Co., New York, has been appointed transfer agent for
60,000 shares of 5% cumulative preferred stock (with warrants attached),
an additional 150,000 shares of common stock, of the corporation.
2,576
Extra Dividend—
Directors have declared
to a
Due minority stk.holders of State
stock
2,715
$1
was
and
To
cover
Total
2,556
in
advance,
c
After
854,479 In 1940 and $1,713,798 in 1939.
year.—V. 151, p. 419.
2,845
b2,870
3,881,233
3,881,233
873,929
719,848
common stock,
b On leases
for depreciation of $1,d Includes amounts due within
reserve
(Marcus) Loew's Theatres, Ltd.—Accumulated Dividend
Directors
dividend of 25 cents per share in addition
per share on the common stock, par $1,
Year-end dividend of
Dec. 22, 1939.
on
have
declared a dividend of $3.50 per share on account of
on the 7% cumul. pref. stock, par $100, payable Dec. 21 to
holders of record Dec. 7.
Like amount was paid Sept. 30, June 29, April
accumulations
1, last; Dec. 15, Sept. 30, and in June, 1939, and dividend of $21
March 31, 1939.—V. 151, p. 3243.
was
Preferred Stock—
..'
All of the outstanding convertible 6% cumulative preferred stock have
been called for redemption on Feb. 1 at $110 per share and accrued dividend.
Payment will be made at the Guaranty Trust Co. of New York.
"/
Sales—
Vgc-';
Period End. Nov. 30—
$5,522,251 $5,519,266
redemption of State Theatre Co.
received
rents
......
paid
To Redeem
.....
Surplus
an extra
quarterly dividend of 25 cents
both payable Dec. 24 to holders of record Dec. 12.
Co....
Tenants deposits.Com.Btk. (par $25)
$5,522,261 $5,519,266
Exchange has authorized the listing of 60,000
($100 par) without common stock purchase warrants attached, upon
the exercise of the common stock purchase warrants above referred to;
making the total amounts for which listing is applied for 60,000 shares of
5% cumulative preferred stock and 1,240,253 shares of common stock.
Theatre Co. com.
a
Stock
attached to the certificates for shares of 5% cumulative preferred stock,
with authority to add up to 60,000 shares of 5% cumulative preferred
Due for red .of State
Total
York
of 5% cumulative preferred stock ($100 par) with common stock
purchase warrants attached, and 150,000 shares of common stock ($1 par),
reserved for issue upon the exercise of the common stock purchase warrants
729,750
.....
payable
Theatre
New
shares
and
560,000
mortgages
124,870
Corp.; McMaster Hutchinson & Co., and First
Corp.
The certificates will be issued under the Philadelphia plan.
d Mtges. andnotes
a
1940
stock
Liabilities—
$349,983
7,
of Michigan
$302,125
578,724
$990,367
Amortization of mtge.
1938
$429,220
102,955
$270,518
719,849
profit
Depreciation
1939
$405,912
101,446
10,872
x66,390
Net cash
Dec.
Sales..
-
'
1940—Month—1939
1940—11 Mos.—1939
$4,057,303
$3,622,100 $38,180,210 $35,538,627
Stores in operation
—V. 151, p. 3244.
202
201
,
McGillivray Creek Coal & Coke Co., Ltd.—Extra Div.—
Directors have declared an extra dividend of one cent per share in ad¬
dition to the regular semi-annual dividend of 134 cents per share on the
common stock, both payable Dec. 10 to holders of record Dec.
5.
McKesson & Robbins,
paid
Inc.—Offer Approved—
Judge Alfred C.
Coxe decided Nov. 29, after brief discussion, that it
be proper for the trustee to accept $522,402 from the accounting
firm of Price, Waterhouse & Co.
The firm did some of the auditing of the
on
would
Lombard Electric Co.—Interest Not Paid—
The interest due Dec. 1, 1940, on the first mortgage 7% external sinking
fund gold bonds, series A, due 1952, is not being paid.—V. 133, p. 2266.
Lone Star Brewing
Co.—Earnings—
Earnings for Seven Months Ended Sept. 30, 1940
Net
Income
before
Federal
income
tax
$20,706
Lone Star Cement Corp.—Year-End Dividend—
Directors
Nov.
27 declared a regular quarterly dividend of 75 cents
per share and a year-end dividend of 50 cents per share on the common
stock, both payable Dec. 23 to holders of record Dec. 11.
Year-end divi¬
dend of 25 cents was paid on Dec. 22, 1939.—V. 151, p. 2502.
on
Louisville Gas & Electric Co. (Ky.) (& Subs.)—Earns.
0Year Ended Oct. 31
Operating
1940
1939
SI 1,920,308 $10,920,197
3,749,305
3,293,468
602,454
642,937
revenues
Operation
Maintenance..:
.
Appropriation for retirement
.
Provision for Federal and State income taxes
1,264,333
1,427
1,134,828
572,693
$4,010,511
203,233
$4,369,734
1,030,450
160,227
9,549
250,000
37,000
Cr 19,327
22,681
$4,213,744
1,030,450
160,227
49,409
!,879,154
Amortization of limited-term investments
Taxes
1,331,000
1,428
1,092,244
1,007,374
$4,136,504
233,230
reserve
$2,667,026
company's books while the late Philip Musica-F. Donald Coster was its
President and offered to surrender its total receipts from McKesson &
Robbins in consideration of a waiver of any claims which the
Drug firm
might have against it.
Judge Coxe also approved a proposed agreement whereby two former
directors, who also served under Musica, are to surrender 1,6C2 shares of
preference stock and 19,030 shares of common stock in the company.
This
surrender, likewise, is made in view of a waiver of the Drug company's right
to sue the directors on certain issues.
Debenture Committee Opposses Reorganization—
Arguing that the case of McKesson & Robbins "is one of refunding or
refinancing—and not of reorganization," the protective committee for
holders of 20-year 534% convertible debentures has filed
objections to the
plan of reorganization proposed by William J. Wardall, trustee.
The com¬
mittee has also submitted proposals for amendment of the
plan.
The committee objects to the proposal that debenture holders
accept
20% of their claim in new preferred stock and 40% in new debentures that
may not be underwritten.
It proposes that the plan be amended to pro¬
vide "that the new preferred shall be of such type and that the holders
thereof shall be entitled to dividends at such rate and to such
rights of con¬
version into new common stock, that the new preferred stock will be sale¬
able
or
underwriteable
that the sale
Net operating income.
Other income
Gross income
Interest on funded debt
Amortization of debt discount and expense
Other interest-.
....
*
Amortization of flood and rehabilitation expense..
Amortization of contractual capital expenditures.
Interest charged to construction
Miscellaneous deductions.
_
Net income
....
-V. 151, p. 2803.
250,000
37,000
Cr5,868
25,499
purchasers
on terms that will net the par value
thereof," and
underwriting of the new preferred by financially responsible
underwriters shall be a condition of the plan.
or
or
The committee also asks that the new debentures shall be of such
type
and bear interest at such rate that they will be salable or underwritable on
terms that will net the principal amount thereof, that the
underwriting or
sale of the new debentures shall be a condition of the
plan, and that there
be distributed to holders of the debentures amounts in cash
of the
equal to 100%
principal amount of their debentures and 100% of the interest due
thereon.
A separate classification for debenture holders is asked
by the committee
in securing acceptances for the plan on the ground that
acceptance of the
plan by two subsidiaries of McKesson & Robbins and by slightly more than
two-thirds in amount of the merchandise and bank creditors would render
unnecessary the acceptance by any
holders of the debentures.
Interest at 6% from April 27, 1939 until the date of distribution is asked
principal and interest, with 534% to be paid from Nov. 1, 1938 to
on the principal amount of the debentures.
An amendment to the plan is proposed which would limit the amount of
new preferred stock to $7,500,000
against the trustee's proposal of $10,on
Lowell
Bleachery, Inc.—Report—
April 27, 1939
Lester Watson, President, states:
Since the last meeting of stockholders four distributions
aggregating
$2.75 per share have been made, namely, $1 per share on Jan.
12, 75 cents
share on April 22, and 50 cents per share on June 21 and Sept. 26,
1940,
respectively. These distributions have been charged against capital surplus.
The St. Louis Bleachery for the 12 months
ending Sept. 30, showed net
Income, after depreciation charges, of $90,071.
This amount compares
with $124,954 in 1939 and $57,494 in 1938.
After deducting administrative
expenses and reserves for Federal and Missouri income taxes, and after add¬
ing miscellaneous income, the net earnings of the company were
per
or
approximately $2.60
$63,592,
per share.
Comparative Balance Sheet Sept. 30
Assets—
Cash in banks and
on
hand
1940
1939
34,351
40,388
87,956
roll, taxes, «fec.)_
stock
(par
$10)
56,114
Paid-in surplus...
245,130
1,172,469
1,239,880
842,843
907,190
74,559
59,958
70,187
Notes receivable,Cash sur. value of
25
250
4,410
Louis,
245,130
2.105
Plant & equip, at
St
Com.
Earned
sur.
ficit).....
life insurance
1939
$10,554
63,926
Accounts rec., netInventories
1940
$9,127
$20,606
Deposits in savings
banks-!
Liabilities—
Accounts payable.
Acer, items (pay¬
$46,856
(de¬
\
358,135
14,736
Total.
$628,762
Total
Louisville & Nashville
$628,762
RR.—Equipment Trusts Offered—
headed by Halsey, Stuart & Co., Inc., was
awarded on Dec. 2 $6,770,000 series 11 %% serial
equipment
trust certificates, maturing $677,000 each Dec.
15, 1941 to
1950 incl., on a bid of 100.309.
The certificates were imme¬
diately reoffered at prices to yield 0.25% to 1.65%, according
to maturity.
Other members of the banking group are:
Blair & Co., Inc.; Ladenburg, Thalmann &
Co.; Otis &
Co., Inc.; Paine, Webber & Co.; E. H. Rollins & Sons, Inc.;
Central Republic Co.; Newton, Abbe & Co.;
Equitable
banking
The Securities and Exchange Commission on Dec. 5 recommended a fivepoint program to correct defects in accounting practices which it said has
been disclosed by its investigation of the McKesson & Robbins fraud case.
Failure of Price, Waterhouse & Co. to detect the fraudulent accounts of
the McKesson & Robbins Co., which concealed the Coster-Musica swindle,
was due to laxity on the part of the
accounting firm, the SEC states in a
500-page report
on the affair.
Although the firm's audits of the Drug company's books substantially
with generally accepted accounting procedure at the time,
Price, Waterhouse "failed to employ that degree of vigilance, inquisitiveness and anaylsis of the evidence available that is
necessary in a professional
undertaking and is recommended in all well-known and authoritative works
on auditing " the SEC said.
conformed
was
$618,235
—V. 148, p. 442.
A
Offers Five-Point Program to Improve Audits—Report
'McKesson & Robbins—
group
s
program, under
which auditors would be elected annually by
the vote of a corporation's stockholders, and the accountants' responsibili¬
ties would be enlarged substantially, should insure that "acceptable stand¬
ards" of auditing procedure will be observed the SEC said.
The program
373,764
13,405
$618,235
Prepaid items
SEC
on
The SEC
Mo.,
net.,
000,000, and also to place a limit of $15,000,000 on the debenture issue,
whereas the trustee's plan proposes that the amount to be authorized shall
be the amount necessary to carry out the plan,
plus up to an additional
$2,500,000 if consolidated net earning sand consolidated current position
meet certain minimum requirements.
outlined
as
follows:
(1) Election of the auditors for the current year by a vote of the stock¬
holders at the annual meeting followed immediately by notice to the auditors
of their appointment.
(2) Establishment of a committee which shall be selected for non-officer
members of the board of directors, which shall make all company or manage¬
ment nominations of auditors and which shall be charged with the
duty of
arranging the details of the engagement.
(3) The certificate (sometimes called shortform report or opinion) should
be addressed to the stockholders.
All other reports should be addressed to
the board of directors and copies delivered by the auditors to eacn member
of the board.
(4) The auditors should be required to attend the meetings of the stock¬
holders at which their report is presented to answer any questions thereon,
to state whether or not
they have been given all the information and access
they have required, and to have the right
or explanation they desire with respect to the
to all the books and records which
to
make
accounts.
any
statement
Volume
(5)
If for
The Commercial & Financial Chronicle
151
the auditors do not complete the engagement and
do not render a final report, they shall, nevertheless, report on the amount
of work they have done and the reasons for non-completion; this report
should be sent to all stockholders.—V. 151, p." 3244.
any reason
McLellan Stores Co.—Sales—
Period End. Nov. 30—
Massachusetts Investors Second Fund, Inc.—Dividend
a quarterly distribution at the rate of 14 Cents a
This payment, which represents income from dividends and interest
on securities owned, will be made Dec. 23, 1940, to stockholders of record
Dec. 11, 1940. Dividends of 10 cents were paid in two preceding quarters.
Directors have declared
share.
—V. 151,
Mayfair Potteries, Ltd.—Promoters Indicted—
$1,936,277 $18,127,738 $17,426,554
$2,134,920
—V. 151, p. 2803.
The Securities and Exchange
Nov.
Macassa Mines, Ltd.—Extra Dividend —
Directors have declared
addition to
extra
an
dividend of three cents per share
in
dividend of eight cents per share on the common stock, par
$1, both payable Dec. 16 to holders of record Nov. 30.—V. 151, p. 3094.
a
Mack Trucks, Inc.—$1 Dividend—
paid since March, 1938.—V. 151,
p.
2803.
(Ind.) Utilities Corp.—Defers Dec. 1 Interest—
On Dec. 1, 1940, $77,060 first mortgage 6% bonds of corporation ma¬
Company was not able to pav the bonds at maturity and requests
the cooperation of the holders of its bonds in some plan of extension.
Since 1932, when bondholders were asked to extend the maturity of
tured.
their bonds for eight years, or until Dec. 1, 1940, the company has made
every effort to increase revenues, decrease expenses and improve earnings.
Despite these efforts, income available for bond interest has declined to
point where it barely equals interest on the bonds.
M»In order to pay bond interest in recent years, certain plant repairs,
a
replacements and improvements have been postponed.
It now appears
that these repairs and improvements must be made during the next few
months and that $7,500 will be needed for this purpose.
Looking toward some solution of the problems involved in extending the
maturity of the bonds and in raising money for the plant improvements,
officers of the company have conferred with representatives of Troy, Graham
& Co., Inc. of Chicago, whose customers own a large number of the bonds.
A program has not been agreed upon to date, but it is believed that a plan
will be formulated shortly.
In the meantime the company
interest due Dec. 1.
If cash to pay for plant improvements can
be raised elsewhere, the interest will be paid in the near future, but if the
company is unsuccessful in obtaining funds, the interest money will have
to be devoted to plant improvements and payment to the bondholders will
be
to
deferred^ until the
improvements have
been paid for out of
earnings.
The company will continue to negotiate with Troy, Graham
as the representative of the bondholders and will advise the
of the result of these negotiations.
& Co., Inc.,
bondholders
1940
1939
$28,672
17,312
$28,111
17,786
3,188
2,225
2,400
3,528
2,250
3,717
$2,244
2,577
$2,133
2,122
$4,821
4,654
Operation
$4,255
4,654
_
Depreciation
Taxes
by a Federal Grand Jury for the Northern District of New York sitting at
Syracuse, named as defendants Zelmer A. Gilbert and Reed G. McDougall
N. Y. City and Carrollton, O., Haro'd Bruce Mickens of Pompton
Lakes, N. J. and Pietro P. Allessandroni and Harry W. Schweizer of Phila¬
delphia.
It was alleged in the indictment that the scheme to defraud involved the
issuance of forged stock certificates, misrepresentations concerning the
company's business, and misapplication of the proceeds of stock sales.
It was charged that the defendants represented that the plant of Mayfair
Potteries, Ltd. had been purchased for approximately $452,000, that the
company was a going concern, and that it was making a profit.
To the
contrary, the indictment charged, the plant had been acquired by a group
of Carrollton citizens for approximately $11,500 and had been transferred
to the company in exchange for a small amount of the company's stock,
and was not in production or making a profit.
It further was charged that the defendants represented that the company
had $900,000 worth or orders on its books and was employing approximately
120 workmen when, in fact, the indictment charged, the plant had no booked
orders and was employing only a few workmen. It also was charged that the
defendants caused dividends to be paid by the company, representing that
the dividends were paid from earnings when, in fact/the indictment charged,
the company had no earnings and the dividends were paid out of the pro¬
ceeds derived from the sale of the company's stock.
Maytag Co.—To Pay 15-Cent Common Dividend•—
Directors have declared
a
dividend of 15 cents per share on the common
stock, payable Dec. 21 to holders of record Dec. 11. Last previous payment
was the 50 cent distribution made on Dec. 21, 1937.—V. 151, p. 2504.
__
-
„
Net operating income
Non-operating income
Melchers Distilleries,
Directors have declared
Merck & Co.,
Bond interest
1940
Assets—Plant, property and equipment, $193,433; cash on hand and
in banks, $3,614; accounts receivable, $5,925; inventories, $2,560; mer¬
chandise accounts receivable, $53; special deposits, $113; miscellaneous
investments,
$1; prepaid accounts and deferred charges, $549; total,
$206,248.
Liabilities—Common stock (400'shares, no par), $40,000; first mortgage
6% bonds, due Dec. 1, 1932, $500; 1st mortgage 6% bonds, due Dec. 1,
1940, $77,060; accounts payable. $289; accrued interest, $1,551; accrued
$53; merchandise accounts receivable
sold, $53; consumers' deposits, $876; due to affiliated companies, $62,580;
reserves (depreciation, $17,648; uncollectible accounts, $748; other, $1,556L
$19,953; earned deficit, $69; total, $206,248.
'
taxes, $3,402; other accrued liabilities,
Magor Car Corp.—Extra Dividend—
an
extra dividend of 50 cents per
tion to the regular quarterly dividend of 25 cents per
was
paid
on
Sept. 30, last.—V. 151, p. 1578.
(R. C.) Mahon Co .—55-Cent Dividend—
Directors have declared
a
dividend of 55 cents per share on the common
stock, payable Dec. 16 to holders of record Dec. 9.
This compares with
15 cents paid in each of the three preceding quarters and dividend of 30 cents
paid on Dec. 15, 1939.—V. 151, p. 2355.
Mangel Stores Corp.—Accumulated Dividend—
have declared
Directors
accumulations
to
holders
quarterly
on
the
of record
a
dividend
share on account of
of $1.50 per
$5 cumulative preferred stock, payable Dec. 15
Dec. 5.
Last previous payment was the regular-
dividend of $1.25 per share distributed on
—V. 150, p.
March
15,
1938.
1773.
Manhattan Ry.—To Vote on
Dissolving—
has announced that
meeting of stockholders will be held Dec. 16 for the purpose of terminating
Charles Franklin, general counsel of the company
a
the existence of the corporation.
the City of New York, having
initially responsible for the rapid growth
Company is the oldest rapid transit line in
been organized in 1874, and was
in the city's
in addi¬
the common stock, both payable
27 to holders of record Dec. 17.
Dividends of 40 cents were paid
on
Oct. 1 and July 1, last, and previously regular quarterly dividends
of 25 cents per share were distributed.
In addition, dividend of 75 cents
was
paid
Dec. 22, 1939.—V.
on
Merrimack Mfg. Co.
—
151, p. 2505.
To Pay $7.50 Dividend—
a dividend of $7.50 per share on account of
cumulative preferred stock, payable Dec. 20 to
Dividend of $5 was paid on March 1, last this
latter being the first dividend paid since March 1931, when $2.50 per share
declared
Directors have
accumulations on the 5%
holders of record Dec. 12.
was
distributed.
payment
992.
will reduce accruals on the issue to $35 per share.
—V. 151, p.
Corp.-—To Pay $6.50 Pre¬
& Scott
ferred Dividend-—
Directors
cum.
have
declared
a
6H%
Dec. 20 to holders of record Dec. 6.
dividend of $6.50 per share on the
preferred class A stock, payable
made on Dec. 20, 1939, Dec. 23,1938, and on Dec. 24,
1937, this latter being the first dividend paid since Dec. 1, 1931 when a
regular quarterly dividend of $1,623^ per share was distributed.—V. 151,
p. 2505; V. 149, p. 3722.
Similar payment was
Michigan Bell Telephone Co.—Earnings—
population.
Hulbert, who is in charge
receivership proceedings, on Nov. 1, 1940,
authorized meetings for dissolution of both the Interborough and Manhattan
companies, but before signing the order, announced that such dissolution
would be without prejudice to the rights of any stockholder or bondholder,
or of any other parties who may have a valid interest in the companies or
Mr. Franklin said that Federal Judge Murray
Uncollectible oper. rev._
1940—Month—1939
1940—10 Mos.—1939
$4,256,337
$3,780,158 $39,504,047 $35,992,874
14,067
13,377
127,350
92,305
Operating revenues
Operating expenses
$4,242,270
2,435,447
$3,766,781 $39,376,697 $35,900,569
2,223,140 23,358,641
21,929,067
Net operating
Operating taxes
revs—
$1,806,823
679,346
$1,543,641 $16,018,056 $13,971,502
544,924
6,359,633
5,095,236
Net oper. income....
.
share in addi¬
share on the common
stock, both payable Dec. 26 to holders of record Dec. 17.
Extra of 25 cents
Directors have declared
/.
Directors have declared an extra dividend of 80 cents per share
Merritt-Chapman
Balance Sheet Sept. 30,
stock, payable Dec. 20
Inc.—Extra Dividend—
tion to a dividend of 40 cents per share on
Current
Gross income
Ltd.—Accumulated Dividend—
dividend of 30 cents per share on account of
a
accumulations on the 6% participating preferred
to holders of record Dec. 4.—V. 150, p. 3665.
Dec.
Earnings for 12 Months Ended Sept. 30
Gross operating revenues
Maintenance
of the
considers it advisable to withhold payment
of the
have
Commission and the Department of Justice,
29, reported the indictment of five individuals for violations
Securities Act of 1933 and of the mail fraud and conspiracy statutes in the
sale of stock of Mayfair Potteries, Ltd. The indictment, which was returned
of
Directors on Dec. 3 declared a dividend of $1 per share on the common
stock, payable Dec. 27 to holders of record Dec. 13.
Dividend of 50 cents
was paid on Aug. 1, last and on Dec. 28, 1939, this latter being first dividend
Madison
p.2504.
1940—10 Mos.—1939
1940—Month—1939
Sales
3401
$1,127,477
$998,717
$9,658,423
$8,876,266
1,108,905
952,771
9,481,346
8,342,257
Period End. Oct. 31—
Operating revenues.
Netincome
—V. 151, p.
2947.
Michigan Seamless Tube Co.—To Pay
Directors have declared a dividend of
50-Cent Dividend
50 cents per share on the common
stock, payable Nov. 29 to holders of record Nov. 25.
This compares with
50 cents paid on Oct. 31, Oct. 7 and July 1 last, and 25 cents paid on June 5,
April 5, and March 7 last.
Dividends totaling $1.25 per share were dis¬
tributed during 1939.
Middle West Corp.
(& Suhs.)—-Earnings—
(Exclusive of Central Illinois Public
Service Co. and Lake Superior
District Power Co.)
Period End. Sept. 30—
Operating revenues
Operation
Maintenance
Depreciation
Taxes.
—
Income taxes
1940—3 Mos.—1939
1940—9 Mos.—1939
$17,181,182 $17,167,969 $49,435,799 $47,947,558
5.891,743
5,501,528
17,375,456 15,830,608
740,647
851,914
2,469,088
2,478,703
2,234,996
2,368,188
6,532,635
§,591,999
1,699,255
1,658,888
5,014,105
4,864,207
660,909
584,109
1,624,969
1,592,952
of the Inter borough-Manhattan
ft ITS
th©lr
He also stated that there had been deposited under the plan of unification
approximately 99% of the 600,000 shares of outstanding stock of both
classes, and only two thirds of the stock was required in support of the
authorizing resolution for the filing of a certificate of dissolution of the
company.
the junior interests in the
company who had not deposited under the plan of unification could now
only receive from New York Trust Co., settlement fund agent, the following
amounts for their securities in lieu of the prices fixed in the plan:
Second mortgage bonds $394.68 instead of $500 per bond.
Manhattan unmodified 7%. stock $27.63 instead of $35 per share.
Manhattan modified 5% stock $15 instead of $19 per share.—V. 151,
Mr.
Franklin announced that the holders of
p. 2050.
have declared a
Ltd.—Accumulated Dividend—
dividend of $1.75 per share on account of
the 7% cumulative preferred stock, payable Dec. 30 to
holders of record Dec. 20.
Dividend of like amount was paid on June 29,
accumulations
last.
on
Arrearages after the current payment
will amount to $50.75 per share.
Mapes Consolidated Mfg. Co .—Extra
Dividend—
dividend of 50 cents per share in addition
to the regular quarterly dividend of 50 cents per share on the common
stock.
The extra dividend will be paid on D c. 20 to holders of record
Dec. 10, and the regular quarterly distribution will be made on Jan. 1 to
holders of record Dec. 10.
Extra of $1 was paid on Dec. 22, 1939 and
extras of 50 cents were paid on Dec. 26, 1938, and on Oct. 1,. 1937, an
extra dividend of 25 cents was paid on July 1, 1937.—V. 151, p. 2503.
Directors have declared an extra
Masco Screw Products Co.—To Pay 15-Cent Com. Div.—
declared a dividend of 15 cents per share on the common
stock, payable Dec. 21 to holders of record Dec. 19. This will be the first
common dividend paid since 1937.—V. 151, p. 2504.
Directors have
215,015
369,837
1.346,191
$5,988,328 $15,073,353 $16,219,252
131,895
345,471
280,133
$5,570,760
$6,120,223 $15,418,824 $16,499,385
Gross income.
1,929,900
2,179,279
5,905,710
6,782,298
337,446
45,561
50,831
290,337
42.719
40,959
997,481
792,461
147,845
133,929
$3,207,021
Dividends declared
1,373,189
b Dividends not declared
195,520
c Minority com. stk. int.
299,852
$3,566,930
1.414,216
275,172
$8,232,657
4,097,612
652,820
$8,681,653
4,122,095
994 ,017
384,378
498,390
o50,662
Int. on long-term debt..
Amortiz.
of bond
discount and expense
General interest (net)—
Other deductions
a
Netincome.
$2,983,834
$3,014,879
a Before
dividend requirements for the period on preferred stocks of
subsidiary companies held by the public, and minority interest in net
income,
b Including unearned requirements of direct subsidiaries amount¬
ing to $13,529 and $10,598 in the respective 3 months' periods and $114,940
and $110,891 in the respective 9 months' periods,
c In net income of sub¬
Netincome
Mansfield Theaters,
Directors
490,179
Net operating income. $5,463,453
Other income (net)
.107,307
$1,338,460
sidiary companies.
Note
1.
The above'statement
$1,493,163
,
of consolidated income
,
,
,
,
includes approxi¬
mately $565,000 and $730,000 in the respective 3 months' periods and
51 100,000 and $1,230,000 in the respective 9
months periods which
could not be distributed as dividends on junior preferred and common
stocks of subsidiaries owned by Middle West Corp. because of prior lien
dividend arreages or because of restrictions occasioned by preferred stock
agreement and trust indenture.
2
Provisions for income taxes in current periods have been computed
with'recently enacted tax laws retroactive to Jan. 1, 1940.
This reduced net income for the first six months of 1940, as previously
in accordance
published, by $160,684.
The effect, if any, on the above
excess profits tax provisions of recently enacted tax laws
this time.
statement of the
is not known at
The Commercial <& Financial Chronicle
3402
Earnings of the company only appeared in the "Chronicle" of Nov. 2,
page
Mountain States Telephone
2652.—V. 151, p. 2652.
Period End.Oct. 31—
Midwest Oil
Co.—Earnings—
3 Mos. Ended Sept. 30—
Earnings per share
y
.
After all charges,
x
y
On
common
1939
$185,594
$0.19
1938
$248,276
$0.25
stock.—V. 151, p. 3095.
Nov. 26 declared
dividend of 20 cents per share on the
common stock, par $1, payable Dec. 10 to holders of record Dec. 5.
Like
amounts were paid on Aug. 1 and April 5. last,
regular quarterly dividend
of 25 cents was paid on Dec. 15, 1939.—V. 151, p. 992.
-
on
a
9,115
Operating revenues... $2,339,356
Operating expenses
1,483,996
$2,196,895 $22,316,749 $21,210,857
1,425,445
14,820,964
14,066,368
Uncollectible oper. rev._
Minneapolis Honeywell Regulator Co.—Extra Dividend
Operating taxes—
$855,360
367,240
$771,450
319,019
$7,495,785
3,493,122
$7,144,489
3,058,036
Net operating income.
Net income
$488,120
394,071
$452,431
372,998
$4,002,663
3,107,393
$4,086,453
3,266,578
—V.
an extra dividend of 25 cents
per share on the
stock, payable Dec. 20 to holders of record Dec. 13.
An extra
dividend of 25 cents in addition to the regular quarterly dividend of 50 cents
per share which had been previously declared will be paid on Dec. 10.
Extras of 25 cents were also paid on Sept. 10 and June
10, last.—V. 151,
P. 2804.
■'
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.
[Excluding Wisconsin Central liy.l
Period End. Oct. 31—
1940—Month—1939
19,40—10 Mos.—1939
$1,553,715
$1,481,885 $12,990,051 $11,058,369
31,047
46,276
573,864
702,665
123,946
118,072
1,072,791
1,075,374
Freight revenue
Passenger revenue
All other revenue
Total
revenues
.
Mtce. of way & struc
$1,708,708
279,166
Mtce. of equipment
Traffic
213,412
34,699
expenses
Transportation
602,663
expenses
General expenses—
52,254
Net ry. revenues
Taxes—
$1,646,233 $14,636,706 $12,836,408
211,798
2,480,532
2,180,357
211,545
2,269,110
2,208,863
35,360
349,645
345,937
598,922
5,519,721
5,385,332
50,806
524,225
544,362
$526,515
118,229
...
Net after taxes
Hire of equipment.....
$537,803
119,885
$408,286
$417,918
33,672
13,065
48,070
Rental of termi nals.
14,183
Net after rents
$346,033
12,527
Other income (net)
Income before interest
Int. being accr'd & paid.
$371,180
13,941
$358,560
4,274
$385,121
4,547
$354,286
$380,574
$3,493,472
1,076,695
$2,171,556
1,041,811
$2,416,778
259,4.36
130,787
$1,129,744
258,676
131,742
$2,026,555
101,229
$739,326
120,474
$2,127,784
29,867
$859,799
40,830
bonds, &c
Time for
$2,097,916
$818,969
Hling Plan Extended-
In the formulation of a reorganization plan,
agreement is sought between
the debtor, the Canadian Pacific
Ry., which controls the "Soo Line," and
the bondholders.—V. 151, p. 3244.
Operating
Taxes...
Pro v. for depreciation..
1940—Month—1939
$291,173
$327,109
145,115
142,724
56,150
44,353
25,000
23,333
$3,6.56,853
1,743,638
522,708
363,333
$116,698
47,435
$866,371
524,973
$1,027,174
578,154
$195,957
$64,907
Net income.....
Divs. on pref. stock....
$22,987
21,088
$69,263
21,088
$341,398
253,062
$1,898
$48,174
$88,336
41,921
Balance
253,062
Note—Results of operation through Dec. 18, 1939 of certain
properties
conveyed to Tennessee Valley Authority and other public agencies on that
date are included herein.—V. 151, p. 2652.
(Robert) Mitchell Co., Ltd.—To Pay 50-Cent Dividend—
Directors have
declared a dividend of 50 cents per share on the capital
stock, payable Dec. 20 to holders of record Dec. 10. This will be the first
dividend paid by the company since
January, 1932.—V. 151, p. 2506.
Mobile & Ohio RR.—Abandonment—
The Interstate Commerce Commission
on
Nov.
18 issued
a
certificate
permitting abandonment, as to interstate and foreign commerce, of a line of
railroad formerly owned by the Mobile & Ohio
RR., extending from Tacon
to Bayou la Batre,
approximately 29.92 miles, in Mobile County, Ala.
The branch has been, until
recently, part of the Mobile & Ohio system.
In 1932 the properties of the Mobile & Ohio
were placed in the hands of
receivers appointed by the U. 8. District Court for the
Southern District
of Alabama, Southern
Division, and on Aug. 1, 1940, at a foreclosure sale
a
reorganization committee acquired for the Gulf Mobile & Ohio RR., all
Mobile & Ohio lines of railroad and other
property, except the Bay
As the holders of the bonds secured
by the branch property
did not join in the
reorganization, that property was not bid in by the
the
Shore branch.
committee at the sale but
$15. subject to, and
was
as trustee
purchased, by the First National Bank for
under,
an
outstanding mortgage.
On Aug. 8,
1940. the receivers were directed
by the court to discontinue operation of
the line and apply to the Commission for
permission to abandon the prop¬
erty. The remainder of the line is within the
switching limits of Mobile, and
the Gulf Mobile & Ohio has
tentatively agreed to acquire it for use as a
switching line.
•
The First National Bank of
Mobile, Ala., as substituted trustee under the
indenture of Mobile & Bay Shore
Ry. and pursuant to decree of the'Circuit
Court of Mobile County, Ala.
requests sealed bids on or before Dec.
17,
for all the properties from
Bay Shore Junction near Prichard, Ala. to Bayou
La Batre, about 36 miles of
trackage, right-of-way, and presently unused
right-of-way to Alabama Port, and all lots and buildings and other
erties.
Bids
prop¬
are
ask^d for the entire property, and for parcels thereof, and for
any item or items of the properties.—V. 151, p 2506.
Monarch Mills—New President—
Winchester.—V. 149,
p.
3269.
Montgomery Ward & Co.—Sales-
Net earnings-.
Bond interest
Debt discount and expense
Federal income tax
New
1940—Months—1939
1940—10 Mos.—1939
---$54,613,283 $47,764,241 $441664,031 $405815,108
Vice-President—
<
At a meeting of the directors Nov. 29 II. E.
MacDonald
Vice-President in charge of retail sales.—V. 151,
p. 3095.
Moran
was
elected
Towing Co.—Dividends—
Directors have declared
a
participating dividend of 10 cents per share on
7% cumulative participating preferred stock and a dividend of 10
cents per share on the common
stock, both payable Dec. 16 to holders of
the
record Dec. 3.
This will be the first dividend paid on the common
stock since Dec. 22,
1938 when 10 cents was also distributed.
A regular quarterly dividend of 35 cents was
paid
on
Dec. 2, last.
on
the preferred stock
Motor Finance Co.—Extra Dividend—
Directors have declared
an extra dividend of 50 cents
per share on the
stock, par $5, payable Dec. 14 to holders of record Dec. 4.
Reguquarterly dividend of 25 cents per share was paid on Nov. 30 to holders
record Oct. 17.—V. 151, p. 1580.
common
r
—
........
...
Net income...
8,927
7,442
$18,205
2,576
89
4,140
$15,898
2,589
.......
...
—_
*
90
2,450
$11,400
$10,769
Preferred dividends
4,500
Common dividends
4,875
4,500
4,875
$2,025
$1,395
».
—
.
Balance
Comparative Balance Sheet Sept. 30, 1940
Assets—Plant, property, &c., $877,931; investments, $5,156: material
supplies, $20,277; cash, $32,600; accounts receivable (net), $9,228;
and
deferred items, $8,876; total, $954,068.
Liabilities—6% preferred stock, $300,000; common stock, $162,500; first
1957, $242,500; accrued taxes, $21,873; accounts payable, Ac.,
depreciation reserve, $188,863; deferred credits, $1,018; earned
surplus, $27,707; total, $954,068.—V. 151, p. 7C6.
4^8—A
$9,607;
Mulling
Directors
Mfg. Co.—Accumulated Dividend—
have
accumulations
on
■
■
declared
the $7
holders of record Dec.
a dividend of $3.43
per share on account of
cumulative preferred stock, payable Dec. 24 to
6.
Company stated that this dividend applies to
accumulations to Dec. 31,1939.
Last previous payment was the quarterly
dividend of $1.75 per share distributed on March 1, 1938.—V. 151, p. 2357.
Munson Line Co.—Initial Preferred
an
initial
Dividend—
dividend
preferred class A stock, payable Dec.
V. 151, p. 1902.
of $1 per share on the $4
2 to holders of record Nov. 25.—
v.
\
:
;= i-:.
\7'v;
Murray Ohio Mfg. Co.—45-Cent Dividend—
The
directors
have
declared
a
dividend
of 45
cents
per
share
on
the
stock, payable Dec. 20 to holders of record Dec. 10.- This com¬
with 25 cents paid on Oct. 1, July 1 and April 1, last; 50 cents paid
Dec. 20, 1939; 2o cents paid on Oct. 2 and July 1, 1939; 45 cents paid
Dec. 24, 1938; 15 cents paid on April 1, 1938, and 30 cents paid in each
common
pares
on
on
preceding quarters.—V. 150, p. 1775.
Mutual Investment Fund,
Inc.—Registers with SEC—
See list given on first page of this department.
Narragansett Electric Co.—Bonds Called—
A total of $324,000 first mortgage bonds, series A, 3H%, due July 1,
1966, has been called for redemption on Jan. 1 as 103 H and accrued interest.
Payment will be made at the Rhode Island Hospital Trust Co.. Providence,
R. I.—V. 151, p. 3245.
National Bellas Hess, Inc.—Plant Sold—
Company has sold its Kansas City mail order plant to the War Depart¬
for $1,400,000.
With the proceeds, the company plans to pay off
its indebtedness, including a $470,000 RFC loan.—V. 151. p. 2654.
ment
National Bond & Investment Co.—Extra Dividend—
Directors have declared an extra dividend of 80 cents per share in addi¬
tion to the regular quarterly dividend of 25 cents per share on the common
stock, both payable Dec. 21 to holders of record Dec. 10.—V. 151,
v
p.
2948.
|
National City Lines, Inc.—Extra Dividend—
Directors ordered an extra dividend of 25 cents in addition to the regular
quarterly of 25 cents on the common stock, both payable Dec. 20 to stock¬
holders of record Dec. 7.—V. 151, p. 2805.
National Dairy Products Corp.—Debentures Offered—
Goldman, Sachs & Co. and Lehman Brothers headed a large
group of underwriters who on Dec. 3 offered $70,000,000
debentures in a financing operation which, when completed,
will effect the consolidation and
refunding at lower rates of
all the corporation's securities
ranking senior to the common
stock.
The offering consists of $55,000,000 of
3lA% de¬
bentures due Dec. 1, 1960, at 104%% and accrued interest,
and $15,000,000 of 0.375% to
2.10% serial debentures,
maturing $750,000 semi-annually, June 1 and Dec. 1, 1941
to 1950, incl., at 100% and accrued interest.
Among the
other members of the offering group, which, in the case of
the 3%% debentures, includes 90 investment
banking firms,
are:
The First Boston
Corp.; Harriman Ripley & Co., Inc.;
Smith, Barney & Co.; Union Securities Corp.; Mellon Se¬
curities Corp., and Lee Higginson Corp.
The 3H% debentures are dated Dec.
1, 1940 and mature Dec. 1, 1960.
Redeemable in whole or in part, otherwise than through operation of the
Jmrchase fund, at 108% prior to June 1, 1941, on each Dec. 1 and June 1
such price of M of 1% on June 1, 1941, and with successive reductions
thereafter until
Dec. 1, 1953, and of H of 1% on Dec. 1, 1953, and on
1 and Dec. 1 thereafter, to 100%.
Through operation of the
purchase fund, they are red. at 106% prior to Dec. 1, 1941, with successive
reductions in such price of H of 1% on Dec. 1, 1941, and on each June 1
and Dec. 1 thereafter until Dec.
1, 1948, and h of i% on Dec. 1, 1948,
and on each June 1 and Dec. 1 thereafter, to
100%.
The supplemental indenture will
provide that the corporation deposit as
a purchase fund, for the retirement of
3H% debentures, cash sufficient to
each June
redeem
Period End. Nov. 30—
Sales
.........
n
William E. Winchester of New York retired as President of this
company
by H. A. Hatch of New York.
The officers reelected
were: D. W. Anderson of
Spartanburg, S. C., Vice-President and Treas¬
urer, and J. Roy Fant of Lockhart, Secretary and Assistant Treasurer.
Roger Milliken of New York was elected a member of the board of direc¬
and was succeeded
tors to succeed Mr.
4,225
—
Depreciation
$449,019
Gross income
Int. & other deductions.
1939
$44,223
16,183
4,700
15,218
—
Maintenance
1940—12 Mos.—1939
$3,380,541
1,722,017
495,486
296,667
1940
$46,575
—
expenses and taxes
of the four
Mississippi Power Co.—Earnings—
expenses
Telephone Corp.—Earnings—
Directors have declared
Judge G. H. Nordbye in Minneapolis Federal Court has ex¬
tended to Feb. 1, 1941, from Dec. 1, 1940, the time within which the road
must file a plan of reorganization under Section 77 of the
Bankruptcy Act.
Operating
2653.
3 Months Ended Sept. 30—
Federal
Period End. Oct. 31—
Gross revenue
p.
Gross operating earnings..
Balance before interest
on
151,
Mt. Vernon
,
Directors have declared
common
& Telegraph Co.—Earns.
1940—Month—1939
$2,348,471
revenues
Net oper. revenues
Minneapolis Brewing Co.-—20-Cent Dividend—
Directors
7, 1940
1940—10 Mos.—1939
$2,202,337 $22,391,865 $21,264,668
5,442
75,116
53,811
Operating
1940
$193,454
$0.19
Net income
x
Dec.
on each June 1 and Dec. 1 of 1941
through 1950 not less than
of
1% semi-annually nor more than 1% semi-annually of the total principal
of SH% debentures issued prior to the date
required for such
deposit, and on each June 1 and Dec. 1 thereafter through June 1. 1960,
1^% semi-annually of such total principal amount.
In lieu of cash,
3%% debentures may be surrendered for cancellation.
Redemption price of the serial debentures is 100%, plus H of 1% of the
principal amount in respect of each six months or fraction thereof from the
redemption date to the interest payment date next precedng the respective
dates of maturity of serial debentures redeemed. The serial debentures of
each maturity are to be redeemable as a whole.
amount
Maturity and Interest Rate of Serial Debentures
Maturity— Int. Rate
Maturity— Int. Rate
Maturity— Int. Rate
1, 1941-0.375%
Dec. 1. 1944—1.20%
June 1, 1948-1.85%
Dec. 1, 1941.-0.500%
June 1, 1945.-1.30%
Dec. 1, 1948.-1.90%
June 1, 1942—0.625%
Dec. 1, 1945.-1.40%
June 1, 1949.-1.95%
Dec. 1, 1942.-0.750%
June 1, 1946.-1.50%
Dec. 1, 1949.-2.00%
June 1, 1943.-0.875%
Dec. 1, 1946..1.60%
June 1, 1950- 2.05%
Dec. 1, 1943—1.00%
June 1, 1947—1.70%
Dec. 1, 1950.-2.10%
June 1, 1944—1.10%
Dec. 1, 1947.-1.80%
History and Business—Corporation was incorp. in Delaware on Dec. 8,
1923, and since that time has acquired a large number of established busJune
Volume
nesses,
holding
3403
The Commercial & Financial Chronicle
151
principally in the dairy products fieid.
Corporation is primarily a
company whose operating subsidiaries, most of which are wholly
engaged principally in the purchase, manufacture or processing,
and towns, chiefly
is manufactured oy a numoer of subsidiaries, principally east
of the
Mississippi River, and is distributed, largely at wholesale, in localities
within trucking distances of the plants.
Certain subsidiaries operating in
various batter producing areas purchase,
manufacture, and distribute
butter, and a number of the subsidiaries engaged in the distribution of
milk also deal in butter.
(excl. inter-co.
sales)...
$351,015,643 $334355,269 $336694,389
Cost of products
$245,794,741 $228585,145 $225837,853
Delivery expense.
53,483,134
52,820,112
52,857,360
Selling expense
24,239,811
23,535,590
25,473,719
Adm. and general exp.. 11,966,092
12,031,692
12,386,845
Prov. for doubtful accts.
702,080
655,647
685,026
mayonnaise, and other salad dressings.
This subsidiary distributes cheese,
salad dressings, and other products to retailers throughout the United
States, largely in packaged form, oy means of its own delivery system and
through wholesalers.
In connection with the sale of its products, Kraft
Cheese Co. conducts an extensive national advertising program.
This
company, through subsidiaries, also manufactures, packages, and distrib¬
utes cheese, salad dressings, and other products in certain foreign countries,
principally England, Canada, and Australia.
In addition to the more important activities described above, subsidiarias
of the corporation produce and deal in a numoer of other products, includ¬
ing evaporated milk, skim milk powder, condensed milk, semi-solid and
Capitalization—The consolidated capitalization of the corporation, as of
Aug. 31. 1940, after giving effect to the redemption on Nov. 1. 1940. of
S938.000 3Yx% debentures due 1951, the issuance of the debentures now
offered and the application of the proceeds will be as follows:
Authorized
Outstandina
a
8,000.000 shs. b6.255.247
_
_
Federal
cess
Fed.
income
and
ex¬
2,602,000
2,793,000
3,064,200
527,204
299,223
570,149
662,924
436,659
$11,595,022 $13,542,420
127,498
373,610
$8,208,898
120,750
13,903
80,500
17,229
$10,290,731 $11,326,360 $13,034,157
$8,111,169
1,917,500
profits taxes
undistrib.
profits
165,600
tax..
State
income
and
fran¬
367,477
238,308
chise taxes
Foreign income taxes—
Net income
a
$10,418,281
Prov. for adjustment-
Divs.
on
pref.
stock of
West. Maryland Dairy
Minority int. in earns._
Net profit
120,750
20,413
120,750
6,800
subsidiaries included in consolidation
prevailing at the end of the year.
The
accounts of certain foreign subsidiaries have been included above for the
three years ended Dec. 31, 1939, but have not been consolidated for the
eight months ended Aug, 31, 1940.
Of net current assets of foreign
a
commercial
to
exchange rates
Consolidated Balance Sheet Aug. 31, 1940
Liabilities—
Assets—
Cash
$17,028,230
Notes and acc'tsrec. (net)..
18,849,347
Dlv.
281,750
37,473,653
from foreign sub..
Inventories
rec.
Value of life insurance
Inv.
and
advs.,
subs,
consolidated
395,807
7,070,326
b Excludes 8,633 shares held in
proceeds
5.269,296
receivables
(1)
(2)
6,020,595
cumulative, at $105 per share
(3)
Redemption of 41,370 shares of pref. stock class B, 7%
cumulative at $105 per share
(4)
4,343,850
__
$1,012,500 to be paid to Western Maryland Dairy, Inc.,
subsidiary in payment of open account indebtedness and
$1,000,000 to be loaned to that company, such funds to be
used for redemption of that company's preferred stock, $6
cumulative, of which 20,125 shares are outstanding (ex¬
clusive of 20,127 shares held by the corporation which are
to be surrendered and cancelled), at $100 per share, requir¬
ing, exclusive of accrued dividends
Amount
$2,500,000
2,500,000
2,012,500
Name—
Amount
Hemphill, Noyes & Co.
Kidder, Peabody & Co.
Kuhn, Loeb & Co
22.059.854
Deferred income and reserve
-
Lee Higginson Corp...
700,000
.
Mellon Securities Corp.
800,000
Smith, Barney & Co...
700,000
500,000
Dillon, Read & Co..
1,200,000
The First Boston Corp
1,300,000
Halsey, Stuart & Co., Inc
500,000
Harriman Ripley & Co., Inc.. 1,200,000
Hay den, Stone & Co
200,000
Blyth & Co., Inc
Union Securities
Amount
Lehman Brothers
*
A. C. Allyn & Co., Inc
$4,500,000
4,500,000
400,000
250,000
Ames, Emerlch&Co., Inc
Arnhold and S. Bleichroeder,
500,000
1,200,000
1,000,000
Corp.
A. G. Becker <fe Co., Inc
Blair & Co., Inc
Blair, Bonner & Co
Blyth & Co., Inc
Bodell & Co., Inc
Bonbright & Co., Inc—.— -
Johnston, Lemon & Co
100,000
Kidder, Peabody & Co
1,100,000
2,200,000
500,000
1,000,000
1,100,000
150,000
Chanute,
ridge & Co
Bos worth,
Mackubln, Legg & Co
Securities Corp
Mellon
1,200,000
Merrill Lynch, E. A. Pierce &
Cassatt.
1,000,000
The Milwaukee Co
100,000
150,000
Mitchell, Hutchins <fc Co
Moore, Leonard <fc Lynch
150,000
F. S. Moseley & Co
500,000
400,000
100,000
G. M.-P. Murphy & Co
750,000
Co
Clark, Dodge & Co—
Coffin & Burr, Inc
Curtiss, House <fc Co
Dillon, Read & Co.
Domlnick <fc Domlnick
—
Eastman, Dillon & Co
The National Co. of Omaha..
100,000
Otis & Co
E.W. Clark & Co
Drexel&Co.
Lazard Freres & Co
150,000
Frank B. Cahn & Co
150,000
250,000
150,000 Paine, Webber & Co
400,000 Arthur Perry & Co., Inc
500,000 Piper, Jaffray & Hopwood...
100,000 R. W. Pressprlch & Co
2,200.000 Putnam & Co
400,000 Reynolds & Co
800,000 Riter & Co
250,000 E. H. Rollins & Sons, Inc
350,000 L. F. Rothschild & Co
.
Emanuel & Co
150,000
Equitable Securities Corp.
750,000
2,400,000
150,000
100,000
& Co
The First Boston Corp
The First Cleveland Corp
First of Michigan
Lee Higginson Corp
Lough-
Alex. Brown & Sons
Central Republic
W. C. Langley & Co
150,000
Bond & Goodwin, Inc
Estabrook
400,000
Kuhn, Loeb & Co
800,000
150,000
1,100,000
300,000
1,000,000
$100,000
Jackson & Curtis
150,000
400,000
Baker, Weeks & Harden
Corp
Schroder Rockefeller & Co.,Inc
200,000
100,000
200,000
150,000
100,000
200,000
200,000
750,000
150,000
400,000
Schwabacher & Co
150,000
Shields & Co
500,000
Singer, Deane & Scribner
Smith. Barney & Co
100,000
1,900,000
400,000
150,000 Starkweather «fc Co
200,000
Gerstley, Sunstein & Co
150,000 Stein Bros. & Boyce
Stern, Wampler & Co., Inc...
200,000
Glore, Forgan & Co
1,000,000
Graham, Parsons & Co
400,000 Stone & Webster and Blodget,
Inc
1,000.000
Hallgarten & Co
500,000
150,000
Halsey, Stuart & Co., Inc
1,100,000 SwLss American Corp
200,000
Harriman Ripley & Co., Inc.. 2,200,000 Spencer Trask & Co
Union Securities Corp
1,500,000
Harris, Hall & Co. (Inc.)
750,000
150,000
Frederic H. Hatch & Co., Inc.
300,000 G. H. Walker & Co
150,000
Hayden, Miller & Co—
400,000 Watling, Lerchen & Co
200,000
Hayden, Stone & Co..
...
1,000,000 Wertheim & Co
1,000,000
Hemphill, Noyes <fe Co
1,000,000 White, Weld & Co
150,000
Hornblower & Weeks
400,000 Whiting, Weeks & Stubbs, Inc.
100,000
W. E. Hutton & Co
1,000,000 Yarnall & Co
Francis, Bro. & Co
..
908,289
subsidiary
1,464,560
2,310,179
5,733,900
4,137,000
51,266,676
7% pref, stock class A
7% pref. stock class B
Common stock
3,674,174
49,360,574
Capital surplus...........
Earned surplus..
.....
Total
.$205,983,401
Thomas H. Mclnnerney, President of this
corporation, will retire next
3205,983.401
Aew Chairman—
April
to
become Chairman of the Board, according to
amendment filed
Commission in connection with recently
announced financing.
Leroy A. Van Bomel, Executive Vice-President
and also President of Sheffield Farms, Inc., a subsidiary, is expected to
succeed Mr. Mclnnerney as President.—V. 151, p. 3246.
with the Securities and Exchange
Corp.—Special Dividend—
share on the
National Folding Box
Regular
dividend
Corp.—Extra Dividend—
Directors have declared an extra dividend of 50 cents in addition to
the
regular quarterly dividend of like amount on the common stock.
The extra
was paid on Nov. 27 to holders of record Nov. 20, and the regular quarterly
dividend will be paid on Dec. JL8 to holders of record Dec. 11.—V. 151,
p.1903.
National Gas & Electric Corp.
Period Ended Oct. 31—
Operating revenues
Gross income after retiretirement res. accruals.
(& Subs.)—Earnings—
1940—Month—1939
$145,784
$135,457
1940—12 Mos.—1939
$1,605,675
$1,433,368
_
_
296,105
267,492
Net income
201,463
170,727
Note—No provision has been made for Federal excess profits tax pending
determination of liability, if any.—V. 151, p. 2948.
National Gypsum
Amount
Name—
The Illinois Co. of Chicago...
100,000
Inc
in
Reserves for contingencies..
Underwriters of the 3M% Debentures
Name-—
Goldman, Sachs & Co
est
for foreign investments..
% 200,000
Lehman Brothers
1,837,771
55,961,000
Funded debt...
Goodwill.
(net).
National Bond & Share
Underwriters of Serial Debentures
Name—
327,749
1,443,915
payable
Directors have declared a special dividend of 40 cents per
general corporate purposes.
Goldman, Sachs & Co
Dividends
capital stock, payable Dec. 16 to stockholders of record Dec. 9.
quarterly dividend of 15 cents was paid on Oct. 15 last.
Special
of 40 cents was also paid on Dec. 7,1939.—V. 151, p. 2357.
The balance of the estimated net proceeds will be used by the corporation
for its
Payable to foreign subs, not
Minority stockholders' inter¬
will be
Redemption of $55,023,000 2%% debentures due 1951 at
105%
$57,774,150
Redemption of 57,339 shares of pref. stock class A, 7%
5,000,000
96.184.180
1.370.959
assets
Total
871,074,070, and
11,046,334
10,511,280
Accrued liabilities
Prepaid taxes, ins.. Int., &c.
Fixed
sns.
the treasury.
will amount to
$1,000,000
Accounts payable, trade
Drivers' & customers' dep..
Other investments and longterm
*
Note payable, bank
Notes payable, other
consolidated...
not
i_
a Subject to the restrictions to be set forth in the indenture, additional
debentures (including 314% debentures due 1960 or debentures of any other
series except the serial debentures) may be issued without limit as to amount.
Purpose—The net
applied as follows:
605,969
..$15,925,214 $17,869,097 $20,479,897 $13,525,607
Int. on funded debt
2,238,942
1,410,750
2,335,198
2,452,888
Other interest
90,477
53,284
176,240
152,994
Net loss on dispostion of
170,245
165,757
126,724
capital assets
58,556
4,323
Loss on securities (net)
137,432
Cr9,274
232
136,208
161,381
Miscellaneous charges.
226,171
133,764
41,036
Realized exchange loss..
117,410
Cr9,412
19,610
$55,000,000
15.000,000
361,594
a
544,482
$12,919,637
Total income
dried
buttermilk, ice cream mix, malted milk, frozen eggs, whey powder,
casein, oleomargarine, caramel candy, sausage, bread, and soft drinks.
Certain subsidiaries also distribute frozen foods, and the corporation and
some
subsidiaries operate cold storage warehouses.
Retail stores are
operated by certain subsidiaries as an incident to their other businesses.
Sealtest, Inc., a subsidiary, maintains research laboratories and performs
laboratory research services for subsidiaries of the corporation.
Through
associated laboratories located in the plants of certain operating subsidiaries,
Sealtest, Inc., supervises the quality control of milk, ice cream, and other
dairy products distributed by subsidiaries under the "Sealtest" trade name
and symbol.
In recent years "Sealtest" has been emphasized through
national advertising and other promotional activities.
During the past five years certain subsidiaries of the corporation have
constructed new plants to replace or expand existing facilities, and addi¬
tions and improvements have also been made to other plants.
Where
desirable, from the standpoint of business and operating efficiencies,
operations of certain subsidiaries have been merged.
Additional acquisi¬
tions of a relatively minor character have been made by the corporation
or its subsidiaries in recent years, and in connection with the expansion of
its distribution system, Kraft Cheese Co. has acquired a number of dis¬
tributing businesses throughout the United States.
The corporation has been considering from time to time the possibility
of taking over the operation of businesses now conducted by subsidiaries.
The average number of employees of the corporation ajad its subsidiaries
in 1939 was approximately 36,500.
$233251,018
$159306,834
35,079,787
17,315,837
8,084,438
$14,829,782 $16,727,082 $19,453,584
1,095,432
1,142,015
1,026,312
Operating profit
Otherincome
Certain subsidiaries, principally Kraft Cheese Co. and its subsidiaries,
purchase, age, import, manufacture, and process cheese and cheese pro¬
ducts. Kraft Cheese Co. also manufactures "Miracle Whip" salad dressing,
3M% debentures due I9600.375% to 2.10% serial debentures
Minority stockholders'interests
Common stock (no par)__
1939
1938
Net sales
east of the Mississippi River, purchase, process, and distribute at whole¬
sale and retail fluid milk and cream, as well as fluid milk specialties.
Ice
cream
8 Mos. End
Aug. 21, AO
Years Ended Dec. 31-
1937
ownea, are
and distribution of diversified lines of dairy products.
A number of subsidiaries operating in many cities
Periods
Consolidated Income Account for Stated
24l,163
15,976
30,867
22,839
Co.—Common Dividend—
29 declared a dividend of 40 cents per
payable Dec. 26 to stockholders of record
Dec. 22, 1939.
Commenting on the current dividend action. President Melvin H. Baker
stated that the amount and time of future payments on the common will
depend entirely on business conditions from now on.
"Instead of using earnings for plant expansion," Mr. Baker said, "it
will be the policy of the company from now on to keep current earnings
unimpaired for payment of dividends and accumulation of cash, a sub¬
stantial part of which would be paid out each year to common stockholders.
"It has always been the policy of the company to keep equipment up
to date through installation of new and additional machinery.
Conse¬
quently, it is anticipated that any further improvements will be limited
to approximately the amount set aside for depreciation which is in neigh¬
borhood of $650,000 annually."
The board of directors on Nov.
share in cash on the common stock
on
Dec. 16.
Proposes
A
Initial dividend of 25 cents was paid on
Sale
of $6,000,000 Debentures Privately—
special meeting of the holders of the
$4.50 convertible cumulative
preferred stock will be held Dec. 20 to consider the proposal to create funded
debt in the total aggregate of $6,000,000 and to issue and sell debentures
representing the same, to bear interest at rate of 3% per annum and upon
such terms, provisions and conditions as the directors may determine, the
proceeds of which will be used in part to redeem at the redemption price, all
the company's outstanding 2%% sinking fund debentures due Sept. 1,
1954.
The consent of the holders of two-thirds of the outstanding $4.50
convertible cumulative preferred stock is necessary in order to create the
proposed funded debt.
It is the intention that the company shall sell privately $6,000,000 of
sinking fund debentures bearing a rate of interest of 3% payable semi¬
annually from date of issue and to mature 15 years from the date of issue.
The proceeds of the issue will be used as follows:
(a) To retire the present
ZV%% sinking fund debentures now outstanding and (b) to supplement
working capital as required for larger volume and to make such plant
improvements as may be needed for reducing costs and rounding out
production.
,
,
The amortization, sinking fund, redemption and retirement provisions
of the indenture under which the debentures are to be issued have not been
definitely determined.
The present intentions of the company are that
sinking fund provisions will provide that $110,000 principal amount of
debentures will be retired semi-annually; in addition to the fixed sinking
fund payments as aforesaid, if in any fiscal year beginning with the fiscal
year ended Dec. 31, 1940, the consolidated net earnings of the company
shall have been in excess of $400,000, the company will pay as additional
sinking fund an amount equal to 10% of such excess; in lieu of making cash
sinking fund payments, the company may deliver for cancellation an
equivalent amount of debentures at the principal amount thereof; the initia
redemption price will be fixed at 104% of the principal amount with succes-
The Commercial & Financial Chronicle
3404
in redemption price to maturity: the debentures
sive reductions
be
may
redeemable as a whole or from time to time in part, at the option
Nevada-California Electric Corp
of the
National
Dividend—
Malleable
& Steel
p.
207,697
257,356
140,714
152,643
1,968,324
2,203,092
52,757
41,440
578,539
553,982
—
51,340
48,867
601,752
591,694
Net oper. revenues-—
$153,877
$124,660
$1,850,840
3,377
2,604
35,684
$1,814,323
19,159
$157,255
104,346
$127,264
112,887
$1,886,524
1,328,173
$1,833,482
1,359,565
81,895
-
_
——
Depreciation
Other incomeGross incomeInterest---
of debt discount
Amort,
6,581
6,803
80,682
1,034
1,368
13,357
13,202
$45,293
$6,207
$464,313
$378,820
Co., Inc.—Common Dividend—
Directors have declared a* di vidend of 50 cents per share on the common
payable Dec. 16 to holders of record Dec. 10.
This compares with
35 cents paid on Sept. 26 last; 25 cents paid on June 28 and March 26 last;
$1 paid on Dec.T8, 1939; 25 cents paid on Sept. 29, June 30 and March 31,
1939; 30 cents paid on Dec. 22, 1938, and 20 cents paid on Sept. 30, June 30
and April 15, 1938.
See V, i46, p. 2053. for detailed record of previous
dividend payments.—V. 151, p. 3096.
1940—12 Mos.— 1939
V
•
•
1'
voted a quarterly cash dividend of
dividend of $1 per share on the com¬
holders of record Dec. 5, 1940.
This
declaration, plus the preceding three quarterly dividends paid this year,
will bring the total 1940 cash dividend to $1.60 per share, as against $1.25
(net)
1,893
Operating income
6,630
Period
taxes_1
Direct
public
5,063
Nat. Power
equity
196,939
2,468,948
2,202,005
$368,963
$5,069,578
$4,434,467
136
86
2,702
2,897
$313,584
$369,049
$5,072,280
$4,437,364
178.904
187,799
2,198,881
2,206,576
20,765
19,484
256,452
Other income (net)
Gross Income
-
Int. charged to construct
and
2,814,766
03,205
1,405,802
2,394,035
09,970
1,405,802
~$113^915 ~$161J66 "$2,616,947
Net income—
10,349,211
024,172
5,623,206
11,517,545
09,987
5,890,204
89
688
-.-.$2,851,918
Light Co.'
>,851,918
32,290
$2,845,409 $10,528,817
$8,858,875
$2,845,409 $10,528,817
3,906
130,469
$8,858,875
98,217
$2,884,208
166,323
256,691
$2,849,315 $10,659,286
95,816
521,277
256,396
1,021,538
$8,957,092
377,372
1,081,646
11
24
Total
Int. & other deductions.
1.51, p. 2508.
ment
Approved—
of interest by trustees of the road aggregating $4,617,832,
approved Dec. 2 by Judge Carroll O. Hincks in the U. S. District Court
Payment
at New Haven.
total
$2,461,194
$2,497,103
$9,116,471
$7,498,074
$0.37
surp.
$0.38
$1.36
$1.06
Power & Light Co. in income of subsidiaries.
Note—Certain properties of subsidiaries were sold during 1938 and 1939,
and consequently the statement of consolidated income of National Power
& Light Co. and subsidiaries include the operations of these properties
only to dates of sale.
Statement of Income
Period End. Oct. 31—
Income—From subs.,
consolidated.......
$1,621,860
$592,953
3,906
$6,711,109
130,469
98,217
«1
isn
$1,654,150
166,323
$596,859
95,816
$6,841,578
521,277
$5,802,425
377,372
$1,487,827
$501,043
$6,320,301
$5,425,053
256,691
256,396
-1,021,538
1,081,646
$1,231,136
Earns.per sh. of com. stk I
$0.14
—Y.
151, p. 3246.
$244,647
$5,298,763
$0.66
$4,343,407
Total income
&
taxes..
$5,704,208
other deductions
....
Nil
$0.48
All of the
outstanding first mortgage and lease collateral serial bonds
have been called for redemption on Jan. 1 at 105 and accrued interest.
Pay¬
ment will be made at the Continental-Illinois National
Chicago.—V. 149,
securities from
„
estimated cash balance of the New
would be $15,419,000,
James L. Loomis, trustee, told the court that in the opinion of the trustees,
the interest represented in the petition had been more than earned and,
after taking into account all contingencies, they feel the estate would be
a
sufficient cash balance.
The largest item in the forthcoming payment is $3,545,517, representing
three-quarters payment of interest which fell due between May 1, 1936,
and Oct. 1, 1936, on bonds secured by the first and refunding mortgage.
Funds will be available on and after Dec. 16, 1940, for the payment of
interest for the periods upon the issues shown below, to holders' of record
a
Dec.
5, 1940:
■
.
„
p.
w
6 Mos.
bds, 1954.Nov.
New Engl. RR. 4% bds, 1945-July
5% bonds, 1945---July
Cent. New Engl. Ry, 4% bds.,
H. R. & Pt. Ch. 4%
1961
--July
—
Payable at—
To
1, 1938 Irving Trust Co., N. Y.
1, 1937 Irving Trust Co., N. Y.
1, 1937 Irving Trust Co., N. Y.
a
*
,
ref. bonds, 1956--Dec.
Danbury & Norwalk 4% bds.,
Bank & Trust Co.
•
_
June
1, 1938 Second Nat. Bk., N. Haven.
Housatonic RR. 5% bonds,
matured Nov. 1, 1937-----Nov.
1, 1938 City Bk. Farm. Tr. Co. N.Y.
v'V'V;
„
.
Payable at
of Int. Due
_
4% % 1st & ref. bds., 1967-June
4% debs., 1956——-—May
4% debs., 1955-. —-——July
3%% debs., 1956
— .—July
6% debs., 1948—— — -July
4% debs., 1947-----Sept.
3%% debs.. 1947--Sept.
Consolidated Ry.—
—
4% debs., 1954
4% debs., 1955
4% debs., 1956
4% debs., 1955---
—
—
1, 1936 Irving Trust Co.,
1, 1936 Irving Trust Co.,
1, 1936 Irving Trust Co.,
1, 1936 Irving Trust Co.,
15,1936 Irving Trust Co.,
1, 1936 Irving Trust Co.,
1, 1936 Irving Trust Co.,
--July
--.--July
July
--Oct.
■
„
-----
■
.
Oct.
extra
stock, payable Dec. 26 to holders of record Dec. 10.
Directors
also declared the regular quarterly dividend of 12% cents per share payable
1 to holders of record Dec. 10.
— T
m
62 H % of
Int. Due
of 50%
C. Colbert
general
who
was
was
manager
on
Nov. 30 elected by the directors to be President
He will succeed H. R. Mott,
of this corporation.
made Chairman of the Board.—V. 151, p. 2949.
Neisner Brothers,
Period End. Nov. 30—
Sales
Inc.—Sales—
1940—Month—1939
$2,106,067
—V.
1940—11 Mos.—1939
$1,891,329 $18,842,320 $18,616,776
week
England Gas & Electric Association
This is an increase of 1,009,607
11.98% above production of 8,427,605 kwh. for the corresponding
a year
ago.
Gas output is reported at
029,000 cubic feet, or 9.64%
in the
corresponding week
presented to City Bank
York City, for stamping of pay¬
registered and bearer form must be
Farmers Trust Co., 22 William St., New
collected, b Script certificates must be forwarded
direct to Treasurer, 71 Meadow St., New Haven, Conn, c Separate owner¬
ship certificates must be filed covering the balance of payment of coupon
due Oct. 1, 1936 and y8ths of interest due April 1, 1937.—V. 151, p. 3247.
New
York
Chicago
Louis
& St.
RR.—Extends Note
The directors have extended for two
months, or until Feb. 28, 1941, the
due Oct. 1, 1941, may accept the
time in which holders of the 6% notes,
,
England Gas & Electric Assoc.—System Output—
For the week ended Nov. 29, New
or
Bonds both
plan for retiring the notes.
At the same time it was announced that the company
reports electric output of 9,437,212 kwh.
kwh.t
a
Retirement Plan—
151, p. 2949.
New
114,014,000 cubic feet, an increase of 10,above production of 103,985,000 cubic feet
ago.—V. 151, p. 3247.
a year
1,1937
1,1936 Apr.
1940--Oct.
ment of this interest when
New President—
C.
and
Y.
Y.
Y.
Payable at Irving Trust Co., N. Y.
common
Jan.
Y.
1, 1936 Irving Trust Co., N. Y,
cN.H.N.H.&H. RR. 6% sec. bds.,
dividend of 15 cents per share on the
N. Y.
N. Y.
N. Y.
N. Y.
N. Y.
N. Y.
N. Y.
1, 1936 Irving Trust Co., N.
1 1936 Irving Trust Co., N.
1, 1936 Irving Trust Co., N.
1, 1936 Irving Trust Co., N.
b N. Y. N. H. & H. RR. 3%%
debs., 1954
..xr
_
^
s:-Pavm'tof75%
:.
of Int. Due
an
_
.
Bal.
Nehi Corp .—Extra Dividend—
—
1,1936 Second Nat. Bank, N. Haven.
1769.
Directors have declared
--
--
1, 1938 Irving Trust Co., N. Y.
New Haven & North Co. 4%
N. Y. N. H. & H. RR.—■
Nebraska-Iowa Packing Co.—Bonds Called—
of
various
proceedings,
Carmichaei,
19.7% has been paid. Thus there
Comptroller, of which $9,540,406, or
1955
1940—12 Mos.—1939
32,290
from income.
...
,
the
remains $38,800,000 unpaid accruals.
Mr. Carmichaei testified that the
(Company Only)
1940—3 Mos.—1939
Other.
Int.
interest on
Int.
Earns.per sh.of com.stk_
Of National
,
,
of accrued
amount
1:-V.
Expenses, incl.
Hartford RR.—Interest Pay¬
New Haven &
New York
Balance carried to con-
a
544,586
$1,344,425
pref. stock for the period—
Balance.-
left with
...
solidated earn.
$1,889,011
544,586
"$2J)72^361
Divs. applicable to
Haven at the end of this year
Expenses, incl. taxes...
,
253,804
Crl2,027
_ —
Nov. 1, 1935, the beginning of the New Haven reorganization
to Dec. 31, 1939, was $48,330,376, it was testified by G. T.
minority interests.
Net
197,371
$313,448
Net oper. revenues---
$7,062,783 $26,477,151 $26,257,325
Portion applicable to
Other income
-
was
other deductions
a
—
_
$7,008,919 $ 26,387,956 $ 26,202,772
234,902
33,193
137,464
020,671
180,349
48,269
Int. charged to constr'n.
Pref. divs. to public
equity
—
appropriations..
The
Net
1940—Month—1939
1940—12 Mos.—1939
$1,603,983
$1,555,458 $20,417,471 $18,781,971
715,877
714,993
9,084,187
8,795,589
377,287
274,563
3,794,758
3,349,910
"V
.N'
31—
Oct.
Operating revenues
Operating expenses--..-
$6,641,809
Gross income
a
End.
;
29,554
9,195
$6,621,450
Other income.
Other income deductionsi
to
share on the common
2.
Inc.—Earnings—
New Orleans Public Service
$7,007,026 $26,381,326 $ 26,197,709
1,500
per
2655.
tributed each three months.—V. 151, p.
—V.
$6,619,950
50 cents
Dividend of $1 per
Dividends of 50 cents
were paid on Sept.
10, July 15, June 10, and March 9, last; $1 was paid
on Dec. 6, 1939, and previously dividends of 50 cents per share were dis¬
_—
Net oper. revenues
Zinc Co.—50-Cent Dividend —
Directors have declared a dividend of
stock, payable Dec. 20 to holders of record Dec.
share previously declared will be paid on Dec. 10.
Rent from lease of plants
Interest
Inc.—Extra Dividend —
■
$19,961,155 $18,668,801 $77,753,458 $79,437,504
9,404,992
8,971,332
37,441,597
37,920,242
2,141,957
1,042,399
7,692,399
8,255,433
1,794,256
1,648,044
approp.
6,238,136
7,064,120
res.
$352,579
&c.—V. 151, p. 2654.
board of directors on Nov. 26
Int. on mtge. bonds..—
Other int. & deductions-
Light Co. (& Subs.)—Earnings—
'
$453,645
$5,181
The
Dec. 20 receive bids for the sale to it of sufficient five year
National Power &
Dr35,542
15 cents per share and an extra cash
mon shares, both payable Dec. 21 to
Halsey, Stuart & Co., Inc., 201 S. La. Salle St., Chicago, Til., will until
Prop, retire,
$52,433
Prop, retirement reserve
Co.—Tenders—
6% secured gold notes due as extended Dec. 1, 1941 to exhaust the sum of
$60,185 at prices not exceeding 100% of the unpaid principal amount and
accrued interest.—V. 151, p. 1285.
Direct taxes..
Earned surplus.....
Available for redemption of bonds, dividends,
New Jersey
$716,911
69,323
Period End. Oct. 31—
1940—3 Mos.—1939
aS'';'r
9,301
Dr25,059
Drl,026
for 1939.—V. 151, p. 2651.
_
Operating revenues.
Operating expenses
Cr7,188
x
stock,
nocn
14,392
—
x
852.
Co., Inc.—Earnings—
National Pole & Treating
,
Dr49
credits to surplus (net)
.
Castings Co.—To Pay SI
Net income after all charges
—V. 151, p. 3246.
12 o'clock
of
(net)..
debits &
i
retirement
on
miscell.
New Idea,
National Oil Products
-
bonds & debs.
Other
Earnings for 9 Months Ended Sept. 30, 1940
Net sales———
„
and expenses-
;;'>;■
National Motor Bearing
„
Miscell. deductions
Profit
Directors have declared a dividend of $1 per share on the common stock,
payable Dec. 21 to holders of record Dec. 7.
Dividends of 25 cents were
paid in three preceding quarters; $1 was paid on Dec. 21, 1939, and a regular
quarterly dividend of 50 cents was paid on Dec. 22,1937.—V. 151, p. 2357.
$5,420,447
24,732
—
an extra
paid on Dec. 23, 1939.—V. 151,
amounts were
1940—12 Mos.—1939
$5,207,154
$392,342
15,642
Other oper. expenses..
Taxes----
National Lead Co.—Extra Dividend—
dividend of 37 % cents per share in addi¬
tion to the regular quarterly dividend of 12% cents per share on the com¬
mon stock, both payable Dec. 23 to holders of record Dec.
6.
Similar
1940
$414,330
Operating revenues
Maintenance
Net income-.--——
Directors have declared
7,
(& Subs.)—Earnings
.
1940—Month—1939
Period End. Oct. 31—
at the principal amount thereof through the operation of
sinking fund provisions, upon not less than 30 days nor more than 45 days
notice at any ime prior to maturity.
The debentures will not be secured by any lien.
No additional sinking
fund debentures may be issued under the indenture.
N6 other securities
of the company to be outstanding immediately after the proposed financing
will rank ahead of or equal with the debentures to be issued.
W. E. Hutton & Co. has acted as the agent for the company in arranging
for the sale of the issue privately at the par value thereof and for their
services as such agents will receive as a commission therefor, 1% of the
face value of the issue.
Company as of Nov. 28, 1940, had outstanding in the hands of the public
$4,805,000 3H% sinking fund debentures due Sept. 1, 1954, and 60,300
shares of $4.50 convertible cumulative preferred stock, each share of such
stock being entitled to one vote per share at the special meeting to be held
Dec. 20.—V. 151. p. 3246.
or
company,
Dec.
.
.
,
,
_
had asked the
Chesapeake & Ohio Ry. to extend to Feb. 25, 1941, its conditional offer to
accept debentures for the full amount of its holdings of these Nickel Plate
notes, and that C. & O. has agreed to this extension.
Under the plan proposed the company in June, last, the road offered to
pay holders of the three-year 6% notes, 20% in cash and 80% in new 10-year
debentures due June 1, 1950, with the deadline for acceptance of the plan
Dec. 31. At that time it was also announced that if holders of not less than
$8,000,000 of the notes accepted the offer by Dec. 1, C. & O., which controls
Volume
The Commercial & Financial Chronicle
151
Nickel Plate and holds $3,583,750 of the
approximately $12,678,750 notes
outstanding, would forego its share of the 20% cash payment and accept
the
debentures for the full amount of its
holdings.
new
i
1942, the
Plate as part of its offer, agreed to retire in each
year
beginning in
new debentures equal to
25% of the road's net income for the
but not less than $400,000 annually.
The New York Stock Exchange reports that as of Dec. 5 there are out¬
standing $1,930,400 6% debentures, due June 1, 1950, and $10,249,000 of
6% notes, due Oct. 1, 1941. This means that to date holders of $2,413,000
par value of the 6% notes have agreed to
accept the offer of turning in that
issue for 20% in cash and 80% in new debentures.—V.
previous year,
151, p. 3247.
New York City Omnibus
Corp.—Extra Dividend —
Directors have declared
extra dividend of 25 cents per share in ad¬
a quarterly dividend of 75 cents
per share on the common stock,
both payable Dec. 27 to holders of record Dec. 18.
Extras of $1.25 were
paid on Dec. 22 and Sept. 26, 1939—V. 151,
an
dition to
p.
New York
2655.
Shipbuilding Coro.—Dividends—
Directors have declared a dividend of $1
per share on
the participating
shares and $1 on the founders shares, both
payable Dec. 20 to holders of
record Dec. 10.
Last previous payment on each issue was a quarterly
dividend of 10 cents a share on Jan. 2, 1935.—V.
151, p. 2805.
New York Telephone Co.—Bond Indenture
Modifications
o,TJile.rece,nt modifications to the terms of this company's refunding mtge.
3% % bonds, series C, were as follows:
(a) The interest race on the series C bonds
was reduced from 3%% per
15, 1940.
(b) The prices at which the bonds are redeemable from and after Oct. 15,
1940 were modified as follows: To and incl. Oct. 15, 1943,
10814%; there¬
after to and incl. Oct. 15, 1947,
10614%; thereafter to and incl. Oct. 15,
1951, 10414%; thereafter to and incl. Oct. 15, 195,5, 103%; thereafter to
and incl. Oct. 15, 1959, 102%; thereafter to and incl. Oct.
15, 1961, 101%;
and thereafter 100%.
(c) A third supplemental indenture to the company's refunding mortgage
annum, from and after Oct.
was executed between the
company and Bankers Trust Co., trustee, pro¬
viding for the reduction in interest and modifictaion of the redemption
prices, as specified above, and for redesignation of the bonds as "refunding
mortgage 3% bonds, series C."
Gain in Phones—
A new high total of 2,697,910
telephones served in New York State and
Greenwich, Conn., by the company was reached in the week ended Nov. 30,
1940, according to figures tabulated Dec. 4.
The previous peak of 2,696,603
recorded in Jan., 1930, was thus overtaken and passed after
nearly 11 years
In the intervening depression period, the number of
company telephones
in service had at one time declined
by 415,853 to a low of 2,280,750.
This
was reported in August, 1935.
Of the present total in service, about 1,432,000 are residence telephones
and 1,266,000 are business telephones.
Residence telephones compare
with
of
a high record of 1,454,960, in Jan., 1930.
However, the former peak
1,244,450 business telephones, recorded in June, 1930, was exceeded
1940, with 1,245,793.
in March,
Operating
revenues
Uncollec. oper. revenue-
Operating revenues-.$19,052,864 $18,286,469 $181220,633 $175428,387
Operating expenses--— 12,091,011
11,740,292 116,923,763 115,919,980
Net oper. income
Net income
.
$3,585,598
3,223,521
$6,546,177 $64,296,870 $59,508,407
2,844,409
33,360,418
28,115,178
$3,701,768 $30,936,452 $31,393,229
3,268,150
28,838,213
28,806,099
—V. 151, p. 3248.
Niagara Hudson Power Corp.—To Pay Common Dividend
Directors have declared
dividend of 15 cents per share on the common
stock, payable Dec. 19 to holders of record Dec. 4. Last previous payment
amounted to 25 cents and was made on Dec. 15, 1938.—V. 151, p. 2806.
Ogden Corp.—Plans to Simplify System—
The
of
an
Securities and Exchange Commission Dec. 2 announced the filing
application (File 54-30) under Section 11 (e) of the Holding Company
Act for the approval of
plan of simplification of the Ogden Corp. holding
a
company system.
The plan proposes
the elimination from the Ogden Corp. system of Central
States Utilities Corp.. Central States Production Corp., and Utilities Oil
Production Corp. and the simplif cation of the corporate structure of
Central States Power & Light Corp. by the elimination of its 5% debentures
and $7 dividend preferred stock.
Central States Power & Light Corp. proposes to issue 260,000 shares
of new common stock which will be the only authorized class of capital
stock upon consummation of the plan.
Holders of the 5
% first mortgage and
first lien gold bonds of Central
States Power & Light Corp. will retain such bonds, which will remain as
obligations of that corporation.
Holders of the 5% debentures and $7
dividend preferred stock will exchange their securities for new common
stock on the following basis:
(a) Holders of the 5% debentures, including Ogden Corp., will receive
for each $100 principal amount and accrued interest upon surrender of such
debentures, with all unpaid interest coupons attached, three shares of new
common stock and cash
equal to all interest accrued on the debentures to
the effective date of the plan.
(b)
Holders of the $7 dividend preferred stock, including Ogden Corp.
will receive for each share of such stock and all accumulated dividends
share of
new
common
one
stock.
To eliminate Central
States
Utilities Corp., Central States Production
Production Corp. from the Ogden Corp. holding
Corp. and Utilities Oil
company system, the plan provides for the following steps:
Ogden Corp. proposes to set aside sufficient of the new common stock of
Central States Power & Light Corp. to which it is entitled as a security
holder of that corporation, to permit the issuance of such stock to the
holders of the 6% bonds and $7 dividend preferred stock of Central States
Utilities Corp. on the following basis:
(a) Holders of the 6% bonds, other than Ogden Corp., will receive for
each $100 principal amount and accrued interest, upon surrender of such
bonds with all unpaid interest coupons, attached, one-half a share of new
common
stock.
(b)
Holders of the $7 dividend preferred stock, other than Ogden Corp.
for each share of such stock and all accumulated dividends,
upon surrender of their certificates, one-tenth share of new common stock.
Ogden Corp. will surrender for cancelation all of its holdings of securities
of Central States Ut lities Corp. and will release that corporation from all
other claims.
Central States Utilities Corp. and trustee under the inden¬
ture securing the 6% bonds will surrender their right to all of the 40,600
will receive
shares of
stock of Central States Power & Light Corp. and all of
common stock of Central States Production Corp.,
pledged under the indenture, and the securities will be cancelled.
Central States Power & Light Corp. will acquire any remaining assets and
will assume any obligations of Central States Utilities Corp., which will
common
4,643 shares of
are
then be dissolved.
Central States Production Corp. will be dissolved and its assets will
be
transferred to Central States Power & Light Corp.
Utilities Production Corp., a subsidiary of Central
Corp., will acquire the assets and
Production Corp.,
assume any
States Power & Light
obligations of Utilities Oil
which will be dissolved.
Consummation of the plan is subject to the approval by the boards rof
directors of all of the companies involved and by holders of a majority in
principal amount of the 5% debentures and by holders of a majority in
interest of the $7 dividend preferred stock of Central States Power & Light
Niagara Share Corp. of Md.—30-Cent Class B Dividend—
Operating
Co.—Earnings—
1940—10 Mos.—1939
$685,458
$648,236
1,593
1,507
1940—Month—1939
Uncollectible oper. rev.-
$71,296
167
$65,920
157
Operating revenues..
Operating expenses.
$71,129
45,093
$65,763
46,005
$683,865
449,358
$646,729
440,073
Net operating
Operating taxes
$26,036
8,960
$19,758
7,513
$234,507
81,925
$206,656
72,095
$17,076
$12,245
$152,582
$134,561
revenues
_
revs
Nicholson File Co.—Extra Dividend—
an
extra dividend of
Net op rating income
—V. 151, p. 3248.
Ohio Bell Telephone
Uncollectible oper. rev..
'
1940—10 Mos.—1939
$3,889,667 $39,758,879 $36,839,738
8,900
88,938
62,690
$4,192,436
2,425,457
$3,880,767 $39,669,941 $36,777,048
2,318,296
23,624,945
22,703,947
$1,766,979
706,001
$1,562,471 $16,044,996 $14,073,101
554.591
6,696,029
5,190,056
$1,060,978
1,048,268
$1,007,880
989,164
Period End. Oct. 31—
Operating
revenues
Net oper. revenues—
Operating taxes.
Net oper. income
North American
Rayon Corp.—$1 Dividend—
a
1940—Month—1939
70 cents per share in addition
to the regular quarterly dividend of 30 cent3 per share on the common
stock, both payable Dec. 20 to holders of record Dec. 7.
Extra of 80 cents
was paid on Dec. 21, 1939.—V. 151, p. 2200.
Directors have declared
Co.—Earnings—
$4,205,068
12,632
Operating revenues
Operating expenses
a dividend of 30 cents per share on the class B
$5, payable Dec. 27 to holders of record Dec. 9.
Divi¬
dends of 25 cents were paid on Dec. 27, 1939, and on Dec. 24, 1938, and
45 cents was paid on Dec. 24, 1937.—V. 151, p. 28C6.
par
Directors have declared
Ohio Associated Telephone
Period End. Oct. 31—
a
Directors have declared
stock,
amounts were
Corp.—V. 151, p. 855.
Niagara Falls Power Co.—Bonds Called—
Company will redeem on Feb. 1, 1941, $1,500,000 principal amount of
its first and refunding mortgage bonds, 3^% series of 1936, at 10834 and
accrued interest.
Bonds to be redeemed have been determined by lot by
the trustee,
The Marine Trust Co. of Buffalo, and payment will be made
at the principal offices of the trustee, 237 Main St., Buffalo, or at the office
of J. P. Morgan & Co., Inc., 23 Wall St., New York.
At their option,
holders may receive full payment on and after Jan. 6, 1941.—V: 151,
p. 2950.
common
stock, both payable Dec. 17 to holders of record Dec. 5.
Like
paid on Oct. 1 last, and extras of $1 were paid on Dec. 22,
1939, and Dec. 23, 1938.—Y. 151, p. 2201.
common
which
1940—Month—1939
1940—10 Mos.—1939
$19,135,723 $18,362,792 $181954;424$176163,593
82,859
76,323
733,791
735,206
Net operating revenues $6,961,853
Operating taxes.
3,376,255
Novadel-Agene Corp.—Extra Dividend—
Directors on Nov. 27 declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 50 cents per share on the
the
Earnings for October and Year to Date
3405
Net income
dividend of $1 per share on the class A and
class B common shares, payable Dec. 20 to holders of record Dec. 12.
Dividends of 50 cents were paid in three preceding quarters: $2 on Dec. 20,
1939; 50 cents on Aug. 11, 1939, and 25 cents on Dec. 17, 1938, this latter
being the first distribution made since Dec. 23, 1937, when 25 cents was
also paid.—V. 151, p. 2359.
North Central Texas Oil Co.—15-Cent Dividend—
$9,348,967
9,302,992
$8,883,045
8,799,117
—V. 151, p. 2951.
Oilstocks, Ltd.—20-Cent Dividend —
a dividend of 20 cents per share on the common
payable Dec. 23 to holders of record Dec. 9.
Dividend of like
paid on July 3, last, and an extra dividend of 10 cents in addition
to semi-annual dividend of 20 cents was paid on Dec. 22, 1939.—V. 149,
p. 3271.
Directors have declared
stock,
amount was
Directors have declared
a dividend of 15 cents per share on the common
16 to holders of record Dec. 2.
Dividend of
July 1, last, and on Dec. 15 and July 1, 1939, and a
dividend of 20 cents was paid on Dec. 15,1937.—V. 151, p. 3248.
stock, par $5, payable Dec.
10 cents
was
paid
Northeast
on
Airlines, Inc.—Registers with SEC—
See list given on first page of this department.—V. 151, p. 3248
North Empire Mines—To
Directors have declared
a
North Star
Oil, Ltd.—Accumulated Dividend—
of record Dec. 16.
(Del.)—Weekly Output
898,403 kwh. for the corresponding week last year, an increase of 12.1%.
—V. 151, P. 3248.
Northwest National Life Insurance Co.—Initial Div.—
per share on
1.—V.
have
declared
an
initial
semi-annual
dividend of 15 cents
the common stock, payable Nov. 12 to holders of record Nov.
150, p. 283.
No Sag Spring
Co.—Year-End Dividend—
share on the
Dec. 20 to holders of record Dec. 10.
Regular
quarterly dividends of 25 cents per share were previously distributed.
stock, payable
Oahu Sugar Co.,
Ltd.—35-Cent Dividend —
Directors have declared a dividend of 35 cents per share on the common
stock,
payable Dec.
dividend
235,182
725,780
226,997
$4,769,103
1.060
$4,050,140
3,968
$4,770,163
1,239,426
$4,054,108
1.077,150
$3,530,737
635,000
189,224
$2,976,959
1,230,528
14 to holders of record Dec. 6.
Regular monthly
was paid on Nov. 15, last.
Special dividend of
April 15, last.—V. 150, p. 2264.
of five cents
jlO cents was paid on
Utility operating income
—
Other income (net)
Gross income
Retirement reserve accruals.
Interest on bonds
Interest on bank loans
Amort, of debt discount &exp., less debt premium.
...
—
,—
Other income charges
Net income
-—
Preferred stock dividend requirements:
Convertible 6% prior preference
11,680
95,169
Cr6.510
56,271
67,314
$2,656,752
$1,572,267
,
319.000
122,840
22,195
273,162
273,150
$2,064,589
$1,154,082
------
$5.50 convertible prior preferred
Preferred
Directors have declared a year-end dividend of 40 cents per
common
263,876
762,239
367,795
-
Gross income
—
Electric output of the Northern States Power Co. system for the week
Nov. 30, 1940, totaled 32,395,142 kwh., as compared with 28,-
ended
Directors
General taxes
Maintenance..
a
Arrears after current
payment will amount to 35 cents per share.—V. 151, p. 1729.
Northern States Power Co.
_
$8,236,8o4
2,998,755
a
a dividend of SH cents per share on account of
the 7% preferred stock, par $5, payable Jan. 2 to holders
preceding quarters.
,1939
Federal and State income taxes
Pay 10-Cent Dividend—
-
dividend of 10 cents per share on the common
Similar amounts were paid in
the common
$9,519,019
3,356,005
Operating revenues
Operation.
Directors have declared
on
1940
12 Months Ended Oct. 31—
.
stock, payable Dec. 27 to holders of record Dec. 13.
accumulations
Oklahoma Natural Gas Co.—35-Cent Common Dividend
Directors have declared a dividend of 35 cents per share on
stock, par $15 payable Dec. 31 to holders of record Dec. 14,
Previously
regular quarterly dividends of 25 cents per share were distributed.
-
Balance for common stock and surplus
Dividends declared and (or) accrued:
6% prior pref. stock
$5.50 con v. prior pref. stock
319,000
Con v.
—
Preferred stock
Common stock
a
122,840
60,223
273,162
549,996
227,625
412,489
------
........
Before retirement reserve accruals.
jyote—The compary has no liability for
Oct. 31, 1940 —V. 151, p.
3249.
Federal
excess
profits tax as of
The Commercial & Financial Chronicle
3406
Oliver United Filters, Inc.—50-Cent Dividend—
dividend of 50 cents per share on the class B
stock, payable Dec. 17 to holders of record Dec. 6Dividends of 25 cents
was paid on May 20, last, and previous distribution was the 50-cent dividend
paid on Dec. 23, 1938.-—V. 15C, p. 3097.
Plant,
Investments
331,840
545,832
New York City Omnibus Corp
15,000
Gray Line Sight Seeing Co. of Chicago.--
..$1,323,922
income of
' /■"'■
'
371,885
514.354
513,719
17,381
Working funds
$431,250
i
Fifth Avenue Coach Co
v
345,919
Special deposits.—
Earnings for the 9 Months Ended Sept. 30, 1940
■
(on
—
Net excess of dividends received over equity in net
subsidiaries for the year.------
Dr52,593
$1,271,330
29,522
42,225
long-term payable to Fifth Avenue Coach Co., a sub.
121,491
Total income
General expenses and miscellaneous taxes
Provision for Federal income tax
1938
$
Capital stock— 13,868,500 13,868,500
Inland Pow. & Lt
44 181.934 43,502,815
25,798
44,379
demand)
Chicago Motor Coach Co
■h':;.
si
'
$
Liabilities-
$
fran¬
prop,
chises, Ac
Cash in banks
'
1940
1939
1938
$
Assets—
Corp.-—Earnings—
Dividends from subsidiaries:
7,
Consolidated Balance Sheet Dec. 31
1939
Directors have declared a
Omnibus
Dec.
Co. (5 shs. capi
773
773
tal stock)
i—
Long-term debt.— 20,500,000 23,294,500
Note payable
2,794,500
147",516
176,812
Accounts payable-
"7*387
293,579
Customers' deps—
307,753
Accts. receivable.-
890,931
800,918
Accrued accounts-
1,187,105
Mat'ls & supplies
269.405
253,197
Misc. curr.llabils-
81,620
interest-
485
485
8,484
7,756
4,983
Notes receivable—
.
28,625
Misc. curr. assets-
15,417
Matured
2,983
Prepayments
18,104
Reacquired capital
167,600
tra)
Reserves
8,484
162,530
.....
42,664
4,910,788
25,757
24,413
2,246,356
Contributions
b
7,756
148,175
—
63,221
5,345,206
Sundry credits
167.600
Consignments (con¬
Deferred charges—
5,406
Cons ignments (con¬
tra)
stock
1,167,965
'■■/.i
2,101,360
—
Earned surplus
—.—
Interest on
$1,078,092
371,949
561,945
Net income
Dividend paid on preferred stock
Dividend paid on common stock
—V. 150, p. 2590.
1
mon no
totaling $2,722,679 to manu¬
U. S. Government.—V. 151, P. 3097.
Company was recently awarded a contract
'
1937
1940
1939
1938
$9,987,145
$8,267,313
Costs and expenses.----
7.994,302
6,615,261
$6,649,932
5,644,256
Profit from operations
$1,992,843
125,207
$1,652,052
120,696
$1,005,676
118,161
$1,379,278
162,257
$1,867,636
103,041
$1,531,356
49,684
"$887,515
$1,217,021
64,862
$1,970,677
8,286
$1,581,039
9,617
$928,573
11,139
y95,000
y130,000
20,000
125,000
Profit--.
Other income-
Total income
Interest
41,058
,
limited-term
of
136
131
18,670
$175,386
17,810
$1,878,959
219,716
$1,993,865
211,861
$163,643
$193,196
$2,098,675
$2,205,726
Dr95
Dr85
Dr3,395
Dr855
$163,548
85,417
23,808
$193,111
85,417
17,949
$2,095,280
1,025,000
investments.
6.961
217
to unemploy.
insurance fund
1,000,000
-
Amort,
Exchange on U. 8. funds
Pro vision for invest, loss
authorized, 1,500,000 shares; issued and outstanding,
b In aid of construction.
Earnings for October and 12 Months Ended Oct. 31
1940—12 Mos—1939
1940—Month—1939
$6,228,430
$6,040,099
$566,514
$530,741
2,472,586
2,716,633
221,499
275,371
878,617
937,802
75,948
88,262
Direct taxes
Property retirement re¬
57,908
694,900
694,900
57,908
serve appropriations.
$1,281,883
Deprec. & amortization.
46,606,573 45,865,707
Total
Operating revenues
Operating expenses
Outboard, Marine & Mfg. Co. (& Subs.)—Earnings—
Consolidated Income Account for Yeah Ended Sept. 30
Net sales
par;
shares,
Otis Elevator Co.—Government Contract—
facture artillery material for the
46,606,573 45,865,707
Total
a Represented by Pacific Power & Light Co.: 7%
pref. cum., $100 par;
pari passu with $6 pref.; authorized 70,000 shares; issued and outstanding,
58,100 shares.
$6 pref. cum. no par (entitled upon liquidation to $100 a
share); pari passu with 7% pref.; authorized, 150,000 shares; issued and
outstanding, 10,585 shares, $6 2d pref. cum. no par (entitled upon liquida¬
tion to $100 a share); authorized 75,000 shares; none outstanding.
Com¬
Net oper. revenues
Rent from lease of plant
$144,973
Operating income
Other income (net)
Cr422
Crl,394
$2,204,871
1,025,000
256,659
Crl,181
$90,167
$826,957
$924,393
stocks for the period.—
458,478
458,478
$368,479
Gross income
$465,915
—,--
Interest on mtge. bondsOther interest and deduc.
Int. charged to constr__
244,717
Advances
Federal income taxes
364,599
*39,919
536,246
Other charges
al6,269
-
$714,158
542,787
$1,036,904
632,282
$1,314,876
665,731
Net profit
Dividends
23,793
xl59,232
x209,326
$404,622
$171,371
$198,427
Earns, per sh. on cap. stk
$3.49
$2.40
$3.16
x Includes surtax on undistributed profits,
y Special reserve for possible
future loss on inventories of parent company,
z Includes $4,861, preparing
Galesburg, 111. plant for operation (less $6,000 value assigned to land
donated by Chamber of Commerce), and $35,058 loss on foreign exchange,
including $34,655 from conversion of accounts of Canadian subsidiary.
a Loss on foreign exchange, including $3,019 from conversion of accounts
Balance
-V.
1939
1940
Cash in banks and on hand
U. S. Govt, securities including interest
Dom. of Canada 1st War Loan bonds
Receivables--
i
Inventories.
Bal. of prem. deposits with mutual insur. cos
Cash value of corp. life insur. of a face amount
$50,000
-
$1,008,118
224,269
9,057
564,537
2,069,858
4,455
111.—at cost
$836,351
226,019
Directors have declared a dividend of 25 cents per
3,158
Paramount Pictures,
Liabilities—
1,400
30,390
29,026
457
609
1,610,803
1,279,273
2
74,368
62,131
$5,603,497
—
$259,184
146,678
-
—
Provision for income taxes
-
-
551,975
-
.:■
-
143,084
346,615
179,101
1,485,720
1,369,785
873,897
Dr36,011
$5,603,497
a After reserve for bad debts of $73,129 (including $44,917 applicable to
foreign receivables) in 1940 and $67,934 in 1939.
b After reserve for
depreciation of $1,353,916 in 1940 and $1,328,852 in 1939.
c Representing
amount of recorded net assets of predecessor companies as at Sept. 30,1936,
less capital stock issued under agreement and act of consolidation,
d After
reserve of $1,405.—V. 151, p. 1437.
*
Pacific Gas & Electric
Co.—Listing—
total of $50,000,000 series I bonds to be listed;
The issuance and sale of these additional bonds of series I
by the California Railroad Commission, Jan. 31, 1938.
were
authorized
The bonds
were
savings bank on Jan. 29, 1938 (and are still owned by them) for an aggregate
net cash consideration of $14,962,500, exclusive of accrued interest, for the
purpose of partially reimbursing its treasury on account of capital ex¬
penditures theretofore made.
The purpose of the present application for
listing is to obtain for the $15,000,000 additional series I bonds the listed
status now existing for the $35,000,000 series I bonds previously sold to
2951.
p.
Co. (& Subs.)—Earnings—
1939
Calendar Years—
1938
1937
1936
$5,834,892
a3,190,065
$5,772,054
a3,233,835
Parker-Wolverine Co.—Stock Dividend—
Directors have declared a stock dividend of 10% on the common
payable Dec. 20 to holders of record Dec. 10.
on Oct. 24 and on Sept. 17, last.
\
Earnings for the Year Ended Dec. 31, 1939
Net sales and income from royalties
_
Gross income
Net profit from
Other income (net)
operations.
on
on
Divs.
on common
a
692,500
692,500
11,556
Net income
—
—
-
———
$184,240
210,000
2,928
preferred stock (60,000
b Including depreciation and amortization, $80,832.
$60,000 of which was paid in 3% cumulative
shares, $1 par.
I
Balance Sheet Dec. 31, 1939
Assets—Cash,
$247,526; marketable securities, $118,359; customers;
receivable (net), $455,703; sundry accounts and royalties receiv¬
able, $23,998; accrued interest and dividend
receivable, $1,252; inventories,
$690,015; restricted bank balances, $387; due from employees, $498; pre¬
paid expenses, $51,470; plant and equipment (less reserve for depreciation),
$1,312,657; patents, $1; total, $2,901,864.
Liabilities—Accounts payable, $32,434: due to officer, $7,480; accrued
liabilities, $74,502; provision for Federal income tax, $38,500; 3% cumula¬
tive non-voting preferred stock ($1 par), $157,614; common stock (30,000
shares of no par value), $1,650,000; capital surplus, $366,126; earned sur¬
plus, $575,208; total, $2,901,864.—V. 151, p. 2202.
Pathe Film Corp.—Common
Directors
on
the
on
common
Dividend—
Nov. 29 declared an initial cash dividend of
stock, payable Dec. 30 to holders of record
30 cents
Dec. 10.
Earnings for 9 Months Ended Sept. 30, 1940
on
3,500 shares Dupont Film Mfg. Corp.
Expenses
per
share
,
—
----- —
$245,000
17,707
3,561
8,543
Drl,746
$2,144,775
1,259,015
$2,160,536
1,282,496
$2,055,794
1,255,343
$2,004,395
1,255,870
Film Manufacturing Corp. (the common stock
which this company owns 35%) had a net profit after all charges, of $1,188,"
960 for the first nine months of 1940, as compared with $1,244,229 in the
$878,040
$800,451
493,710
79,387
493,710
79,388
$748,525
592,452
,95,265
corresponding period of 1939.
The portion of these earnings which accrued to this company's 35%
common stock interest amounted to $416,136 in 1940, as compared with
$435,000 in 1939.
Of these earnings $171,136 were undistributed in 1940
and $190,000 in 1939, which undistributed amounts are not reflected in
the income accounts of this company as given above.—V. 151, p. 3249.
$885,759
stock-
-
559,538
89,972
200,000
investments.
—
Common dividends.--
Preferred dividends
Provision for Federal income taxes
7% pref. stock$6 pref. stock-_
erm
38,500
——
$1,797,185
206,744
465
Includes $136 in 1939 and $131 in
limited-
$211,184
-
—
Provision for Federal income tax.
a
634
_
206,956
3,119
Net income
Divs.
Divs.
460,592
Selling, general and administrative expenses
Bad debts written-off, less recoveries
$1,845,718
Int. & other deductions.
from opers--
$3.367,990
2,695,579
:
b Cost of sales
Income—Dividend
$1,933,867
212,653
rev.
on the common stock,
This compares with $1 paid
share
$1,950,327
209,545
665
_
Net
stock,
Patchogue Plymouth Mills Corp.—$2 Dividend—
Directors have declared a dividend of $2 per
Taxes
Rent from leased prop
Other income (net)
share on the
12.—V. 151, p.
.
$5,248,069
2,758,384
694,500
Operating revenues
$6,017,443
Oper. exps. incl. taxes,, a3,388,675
Prop, retirement reserve
appropriations...
694,900
Co.—Initial Dividend—
stock, payable Dec. 27 to holders of record Dec.
accounts
sold by the company at private sale to five insurance companies and one
151,
Like amounts
this last being
payable Dec. 20 to holders of record Dec. 6.
President Chas. H. Awkerman stated stock dividend is being paid
to conserve cash needed for working capital to handle volume of business
that is expected to double levels prevailing in early months of 1940.
Management has not yet determined policy regarding final cash dividend
for this year.
Any action on such a payment will be deferred until directors
meet about mid-December, at which time final decision will be made based
upon availability of cash for dividend purposes.—V. 151, p. 562.
a
The New York Stock Eschange has authorized the listing of $15,000,000
additional 1st & ref. mtge. bonds, series I, 3H%, due June 1, 1966, which
have been sold and passed beyond the control of the company, making a
Pacific Power & Light
share on the common
$4,593,678
-
Total..
2509.
> :
284,377
1,485,720
1,369,785
1,523,043
Drl7,264
Reserves
Capital stock (par $5)
Capital surplus
Earned surplus
Treasury stock
c
the public.—V.
Inc.—Common Dividend—
on
Parker Appliance
$231,486
-
the common
Directors have declared an initial dividend of 25 cents per
$4,593,678
,>
Accounts payable
paid
common
894
1,400
—
Accrued liabilities-..
on
Oct. 1 and July 1 , last, and on July 15, 1939,
the initial distribution.—V. 151, p. 3098.
6,037
319
Prop, under lease to others—at cost less reserve
for depreciation
Dep. for purch. of fractional shs. of cos. cap. stock b Plant and equipment
Pats., licenses & trademarks—at nominal value
Prepaid insurance
—
share
151, P. 3249.
313", 254
1,834,161
6,828
—...
—
Co.—To Pay
Transport
stock, payable Dec. 21 to holdert of record Dec 7.
Last previous payment
was made on Dec. 21, 1939, and also amounted to 25 cents per share.—-V.
were
in First Natl. Bank of Waukegan,
—
&
Petroleum
2fy-Cent Dividend-
of
-
d Cash in domestic bank restricted as to payment-
—
2509.
Directors have declared a dividend of 15 cents per
Assets—
Total
p.
American
stock, par $1, payable Dec. 24 to holders of record Dec. 9.
Consolidated Balance Sheet Sept .30
Stock invests,
151,
Pan
subsidiary.
of Canadian
a
Dividends applic. to pref.
$940,379
741,952
$649,145
$4.43
Surplus
$54,323
income..
Net
1938 and 1937 for amortization of
Net profit
Earnings per share on common stock
Note—The
—
—
—— —
$215,188
$0.30
Dupout
Volume
The Commercial & Financial Chronicle
151
A total of $26o,000 first mortgage s. f.
5% series A bonds dated Jan. 2,
1935, has been called for redemption on Jan. 2 at par and accrued interest.
Payment will be made at the Detroit Trust Co., Detroit, Mich.
Net
-
income.--
Dec. 3 declared
dividend of $2 per share in addi¬
tion to a quarterly dividend of 75 cents per share on the common stock,
both payable Dec. 26 to holders of record Dec. 12.
Extra of $2 was paid
Dec. 20, 1939; one of $1 was paid on Dec. 20,1938, and an extra of $1.50
per share was paid on Dec. 23, 1937.—V. 151, p. 2808.
on
Period End. Oct. 31—
an extra
Prop, retire,
for
27,907 5% cumulative preferred shares were issued pursuant to such
exchange offer.
Consequently, interim certificates calling for 3,093 5%
cumulative preferred shares ($100 par) were to be purchased by the several
underwriters, (see V. 151, p. 2509).—V. 151, p. 2953.
Pennsylvania Power & Light Co.—Earnings—
_
Period End. Oct. 31—
1940—Month—1939
Operating revenues
$3,401,720
Operating expenses
1,750,423
Direct taxes
267,689
Property retirement re¬
serve appropriations..
237,500
,
1940—12 Mos.—1939
$3,338,583 $40,430,539 $39,151,529
1,702,495
20,015,635
18,943,464
208,689
2,992,016
2,620,713
229,167
2,833,333
2,858,333
1,139
14,066
12,750
Amort,
of limited-term
investments
1,197
Net operating revenues $1,144,911
Other income (net)
7,702
Gross income
$1,152,613
277,083
106,875
94,239
Int. charged to construe.
Cr3,424
Interest
-
mtge. bonds
debentures..
Other int. and deduct'ns
Interest
on
on
Net income.-.
$1,197,093 $14,575,489 $14,716,269
7,952
96,241
117.258
$1,205,045 $14,671,730 $14,833,527
277,083
3,325,000
5,079,306
106,875
1,282,500
751,667
90,034
1,269,841
509,508
Cr679
024,160
Cr9,987
$677,840
$731,732
$8,818,549
3,846,532
Balance-..
—V.
151,
p.
$8,503,033
3,846,535
$4,972,017
Dividends applicable to pref. stocks for the period
$4,656,498
2658.
Pennsylvania Sugar Co.—Dividends—
Directors have declared two dividends of Z7M cents per share each on
one payable Dec. 15 to holders of record Dec. 2, and
the other payable March 15 to holders of record March 1.
Dividends of
25 cents were paid on March 15, last, and on Dec. 15,1939, and a dividend
was
paid
on
April 30, 1938.—V. 151,
Pere Marquette
p.
$3,436,357
1,985,897
32,626
22,917
$3,450,103
446,677
275,000
1,969,412
431,130
275,000
10
158
418
6,568
$70,236
Dr245
$57,725
Drl83
$728,365
Dr2,116
$767,993
1,058
Gross income—$69,991
$57,542
40,604
4,399
$726,249
$769,051
39,439
2,315
482,975
487,250
53,660
Cr749
———
29,514
Crl,232
Net income-$28,986
$12,539
Divs. applic. to pref. stocks for the period-.
$214,992
430,167
$228,390
$215,175
$201,777
Net operating revs
Other income (net) ——
Int.
on mtge. bonds
Other int. & deductionsInt. charged to construe.
a
Balance, deficit
———————
Cr249
430,167
Dividends accumulated and unpaid to Oct. 31, 1940, amounted to
Latest dividends, amounting to $1.25 a share on 7 % preferred
$2,834,801.
stock and $1.07 a share on 6% preferred stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.—V. 151, p. 2511.
Porto Rican American Tobacco
ities Under
Co.—Exchange of Secur¬
Reorganization Plan.
Distribution of securities and cash under the plan of reorganization has
been fixed for Dec. 16, 1940, according to an announcement Dec. 5 by
Gordon Auchincloss, President of Rican Corp., the reorganized company.
Mr. Auchincloss is also one of the trustees of Congress Cigar Co., Inc., now
in dissolution, the minority stockholders of which will be entitled to share
in the distribution.
Bondholders of Porto Rican American Tobacco Co.
and stockholders of Congress Cigar Co., Inc. who retained their securities
will receive distribution at the following rates:
$940 principal amount of 10-year 4% notes of Consolidated Cigar Corp.
common stock (no par), of Rican Corp. for each $1,000 of
and 10 shares of
bonds.
•
$1,363.79 principal amount of Consolidated Cigar Corp. notes for each
100 shares of Congress Cigar Co., Inc. stock.
Bondholders of Portp Rican American Tobacco Co. and Congress Cigar
Co., Inc. stockholders who deposited their securities and elected to take cash
following rates:
$846 cash for each $1,000 of bonds represented by certificates of deposit.
$1,227.41 cash for each 100 shares of stock represented by certificates of
deposit.
By reason of an appeal from an allowance to an attorney whichls being
heard by the Circuit Court of Appeals distribution to class A stockholders
of Porto Rican American Tobacco Co. of the appraised value of their
interest in cash may have to be postponed, depending on the action of the
court, according to the announcement.
To the extent that cash reserved from distribution for defrayment of
allowed claims and expenses of winding up the company's affairs exceeds
the amount required for these purposes, a second and final distribution will
be made to stockholders of Congress Cigar Co., Inc.
The other trustees
of this company in dissolution include John C. Adams, Nathaniel F. Glidden,
Philip W. Henry and John P. White.
Rican Corp. and the trustees of Congress Cigar Co., Inc. have appointed
Chase National Bank as distributing agent and forms of letters of trans¬
mittal are being mailed to all known holders of the securities with additional
forms obtainable at the corporate agency department of the bank, 11 Broad
St., New York.
Books for the transfer of both classes of certificates of
deposit will be finally closed at the close of business Dec. 16.
It is expected that all classes of the securities will be suspended from the
trading list on the New York Stock Exchange on Dec. 14.—V. 151, p. 1583.
in lieu of notes will receive distribution at the
Postal
Telegraph, Inc. (& Subs.)—Earnings—
Period End. Oct. 31—
Tel. & cable oper. revs—
Repairs
Deprec. & amortization.
the common stock,
of 50 cents
res. approp.
Amortization of limitedterm investments-
a
ficates.
The corporation in Oct. last offered to the holders of its $7 cumulative
convertible preferred stock (no par), the privilege of exchanging such stock
for 5% cumulative preferred shares ($100 par).
Exchange receipts calling
1940—12 Mos.—1939
$274,569
161,143
$271,037
145,602
32,272
22,917
Direct taxes
Pennsylvania Glass Sand Corp.—Listing—
The New York Stock Exchange has authorized the
listing of 31,000
presently issued and outstanding 5% cumulative preferred shares ($100 par),
321,855 common shares (no par) in exchange for presently outstanding
voting trust certificates upon termination of the voting trust agreement,
datedT June 21, 1927, ana 6,300 common shares in exchange for voting
trust certificates issuable upon conversion of the corporation's $7 cumu¬
lative convertible preferred stock no par (called for redemption on Jan. 1,
1941) upon termination of the voting trust agreement, and five common
shares presently issued and outstanding, making the total number applied
for: 31,000 preferred shares, and 328,160 common shares.
The voting trust agreement, under which 321,855 of the outstanding
common shares are deposited, is dated June 21,1927, and will be terminated
by the voting trustees, on or about Jan. 6, 1941. Tne holders of the voting
trust certificates, upon surrender thereof to Brown Brothers Harrlman &
Co., depositary under such agreement, will be entitled to receive certificates
for the number of common shares
represented by such voting trust certi¬
Dividend—
Co.—Earnings—
1940—Month—1939
Operating re venues
Operating expenses
1939
(J. C.) Penney Co.—Extra Dividend—
Directors
Portland Gas & Coke
$250,673
Assets—Cash, $675,484; notes and accounts receivable (net), $138,589;
inventories, $355,604; prepaid expenses, $61,943; due from employees,
$5,269; sinking fund deposits, $90; impounded funds (less reserve for loss
or $651), $1; investments,
$17,659; property, plant and equipment (net),
$1,663,726; total, $2,918,367.
Liabilities—Accounts payable (trade), $18,849; accrued expenses, $59,188:
provision for series A and B bond retirement, $149,017; provision for Fed¬
eral income tax,
$32,500; long-term obligations, $1,079,265; common
stock (311,563 no par shares), $311,563;
capital surplus, $593,758; earned
surplus, $674,227; total, $2,918,367.—V. 151, p. 3098.
.
on
Directors have declared a dividend of 10 cents per share on the common
stock, payable Dec. 20 to holders of record Dec. 10. This compares with
five cents paid on Aug. 28 and on May 1, last.—V. 151, p. 3250.
$520,344
78,369
158,802
32,500
-
Balance Sheet Dec. 31,
paid
Pleasant Valley Wine Co.—To Pay 10-Cent
Earnings for Year Ended Dec. 31, 1.939
Operating profit before depreciation
Miscellaneous charges (net)
Provision for depreciation-Provision for Federal income taxes
3407
March 15 last and on Dec. 15 and Oct. 10, 1939, and
50c. paid on June 19, 1939, this latter being the first dividend paid since
Dec. 15, 1937, when a distribution of 25c. per share was made.—V. 151,
p. 1583.
of 25c. were
Peerless Cement Corp.—Bonds Called—
All other maintenance-
Conducting operations.Relief depts. & pensions.
All
other
1940—Month—1939
$1,958,416
115,953
199,273
122,277
1,402,450
1,314,588
13,634,029
12,974,002
46,868
46,315
483,387
494,544
41,340
general
35,647
433,986
355,792
$83,529 x$l,368,348
x$ll,816
and
miscell. expenses
113.
1940—10 Mos.—1939
$1,862,779 $17,470,903 $17,521,208
97,999
1,193,381
1,027,747
159,691
1,953,441
1,596,913
125,010
1,141,027
1,084,026
Net telegraph & cable
Ry.—Paying Agent—
operating revenues.
$30,255
cer¬
Uncoil, oper. revenues..
Taxes assignable to oper.
5,000
94,800
Petoskey Portland Cement Co.—30-Cent Common Div.—
Operating income
Non-operating income.-
x$69,545
Gross income
Deduct, from gross inc..
x$67,450
21,788
247,878
411,266
x$869,788
2,485,146
$89,238
$243,698
$2,692,121
$3,354,934
The Continental
Bank
&
Trust Co.
of New York has been appointed
trustee and
paying agent for an issue of $2,220,000 equipment trust
tificates due serially through Nov. 15, 1950.—V. 151, p. 3250.
Company paid a dividend of 30 cents per share on the common stock, on
Nov. 1 to holders of record Oct. 21. This was the first dividend paid on the
common
shares in
some
time.—V, 145, p. 3018.
Pettibone Mulliken
Corp,—Earnings—
3 Months Ended Sept. 30—
Net income after oper. exps. & Federal income taxes
Earnings per share
—V. 151, p. 2055.
Pfeiffer Brewing
1940
$32,267
$0.30
37,748
$4,180 x$2,280,855
Potash Co. of America-—Extra Dividend—
tion to
Directors
on Nov.
7 declared a regular quarterly dividend of 25 cents
share on the common stock, payable Jan. 10 to holders of record Dec.
Dividends of like amount were paid on Sept. 10, June 10 and March
11 last.—V. 151. p. 3098.
Pharis Tire & Rubber Co.—No Common Dividend—
Directors at their recent meeting took no action on payment of a dividend
on the common shares at this time.
Regular quarterly dividend of 15 cents
on
—
x$891,496
21,708
1,581
Directors have declared an extra dividend of 10 cents per share in addi¬
a dividend of 25 cents per share on the common stock, par $5, both
Co.—iDividend—
20.
paid
loss—
50,000
829,680
$2,599 x$2,318,603
*
50,000
900,255
xLoss.—V. 151, P. 2808.
$.30,783
$0.28
per
was
Net
1939
2,095
5,000
75,930
Sept. 20, last.—V. 150, p. 135.
payable Jan. 2 to holders of record Nov. 18.
Dividend of 40 cents was
paid on Oct. 1 last and dividends of 25 cents per share were paid in preced¬
ing quarters.—V. 151, p. 1908.
Power Corp. of
Canada, Ltd.—Power Output-
Power output by subsidiary and affiliated companies for October totaled
208,651,948 kwh., compared with 221,397,962 kwh. for October, 1939,
a decrease of 12,746,014 kwh.
Aggregate outpvt for four months ended
Oct. 31, 1940 amounted to 790,463,486, compared with 821,653,175 kwh.
for like period a year ago, a decrease of 31,189,689 kwh.—V. 151, p. 3251.
Philadelphia Dairy Products Co., Inc.—Pref. Dividend
Directors have declared
a
Preston East Dome
dividend of $2 per share on the 2d
payable Dec. 20 to holders of record Dec. 10.
paid on Dec. 21, 1939.—V. 151, p. 3098.
pref. stock,
Initial dividend of $2 was
Philadelphia Rapid Transit Co.—Bonds Called—
A total of $82,000 real estate first mortgage 6% bonds of C. Venton
Cooper has been called for redemption on Jan. 1 at 102>4 and accrued in¬
terest.
Payment will be made at the Pennsylvania Co. for Insurances on
Lives & Granting Annuities, Philadelphia, Pa.—V. 150, p. 2658.
an extra
Price Bros. &
Co., Ltd.—Accumulated Dividend—
holders of record Dec. 31.
to
preferred stock.—V. 151, p.
Nov. 26 declared a dividend of 25 cents per share on the.
common stock, par $3, payable Dec. 21 to holders of record Dec. 9.
Like
paid on Oct. 15, and on July 15, last this latter being the
151, p. 3250.
initial distribution.—V.
Philippine Ry.—Earnings—
Period End. Sept. 30—
Gross revenues
a
Net operating revenue
a
After
Procter & Gamble Co.—Bonus—
on
amounts were
all
charges
19 AO—Month—1939
$31,435
$35,773
xl2
3,558
including
maintenance
1940—12 Mos.—1939
$525,560
$513,930
130,699
115,034
of equipment,
x
dividend of $2.75 per share on account of
cumulative preferred stock, payable Jan. 2
This payment clears up all arrears on the
1583.
■
Directors have declared a
accumulations on the 5H%
Philco Corp.—25-Cent Dividend—
Directors
Mines, Ltd.—Extra Dividend—
dividend of five cents per share in addi¬
dividend of five cents per share on the common
stock, both payable Jan. 15 to holders of record Dec. 31.—V. 149, p. 4039.
Directors have declared
tion to the regular quarterly
Directors have authorized the
management to pay a bonus equal to 3%
salaries of all regular employees who were
employ of the company prior to July 1, 1940, and whose wages or
salaries do not exceed $3,000 per year.
The bonus, which is exclusive of company's profit-sharing plan, affects
12,000 employees in the United States and Canada and will be paid as soon
as practicable after the conslusion of the calendar year.—Y. 151, p. 2511.Mi
in cash of the net annual wages or
in the
Puget Sound Power & Light Co. (& Subs.)—Earnings
Deficit.
1940
12 Months Ended Oct. 31—
—V. 151. P. 1583.
Operating revenues
Pittsburgh Metallurgical Co., Inc.—Dividends—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 16 to holders of record Dec. 6. Dividend of 25 cents
was paid on Sept. 16, last;dividend of $1 was paid on June 14, last; dividends
a
Balance for interest.
Balance for dividends and surplus
a
p.
After
2953.
—.—
—-
1939
$16,618,914 $16,346,548
5,437,993
5,806,676
2,032,262
2,049,934
depreciation and including nonoperating income (net).—V. 151,
$
...
Charges for
15,777,080
9,351,564
Operating expenses
-
86,335
8,246
—
5,369,414
0,697,684
x
Kail transport, rev.
x
Payments to rail and o' W carriers—express
Rand's—Sales—
Sales.---
-
Reasor
privileges.—V. 151, p.2659.
1940—Month—1939
'
$156,634
$125,493
1940—11 Mos.—1939
$1,521,753
$1,255,318
y-Oy,>
v-'
Tung Plantations, Inc.—-Registers with
See list given on first page
Reliable Stores
SEC—
;
of this department.
April 1, 1941, to stockholders of record March 22, 1941.
The directors also declared two dividends of 37 M cents per share each
on the conv. 5% pref. stock of the corporation; the first, for the quarter
ending Dec. 31, 1940, payable Dec. 20, 1940, to stockholders of record
Dec. 14, 1940; the second, for the quarter ending March 31, 1941, payable
April 1,1941, to stockholders of record March 22, 1941.—V. 151, p. 2511.
50 cents per share on the common
it is indicated.
which may be retired under the plan are $40,199,000 series B and $23,385,000 sefies C general mortgage 4J^s; $14,242,900'
convertible first mortgage purchase money 5Hb; $6,398,000 first mortgage
41Ab of Gulf States Steel, and $1,915,700 first mortgage 8s of Central Steel
Corp.—V. 151, p. 3252.
•
Issues now outstanding
Reynolds Realization Corp.—Stock Reduction—
corporation, formerly known as Reynolds Investing Co., Inc.,
through John Gerdes and James D. Caprenter Jr., trustees in reorganization
proceedings, has filed with the office of Secretary of State Josiah Marvel Jr.
at Dover, Del., a certificate of reduction of capital from $2,799,359 (con¬
sisting of 9,915 shares of old no-par, $6 cum. div. series A pref. stock at
a stated value of $100 per share, and 1,787,859 shares of old $1 par value
common stock) to $188,543 (consisting of 9,915 shares of new $10 par value
'he
?ref. trustees state that the U. of new 50 cents par value District of New
stock and 178,786 shares S. District Court for the common stock),
Jersey has adjudged the corporation to be solvent.—V. 151, p. 3252,
—
14,921
12,724
Accts. receivable
545,716
336,349
Cash
sur.
Advs.
&
managers,
&c—
3,242
Inventories
882
.
542,287
386,225
5,742
5,742
able, &C——
„
—
11,500
—
Loans rec., officers
Land, bldgs.,
-
■—
7,988
7,988
2,342,266
703
200,000
668,489
62,321
7,321
8,750
5,000
-
Prov. for Fed. Inc.
excise
prop.
taxes
c292,450
—
—
i
82,269
C285.000
—
$2,993,688 $3,213,709
See d
.bl,420,919
Total---
Z>r33,179
a240,416
$327,592,
(2) Deficit (since July 1, 1934); balance at Dec. 31, 1938,
$23,612; excess of judgment plus interest, in patent infringement suit over
reserve for contingencies provided therefor (as adjusted), $48,457; net loss
for the nine months ended Sept. 30, 1939, $15,106; total, $87,175; total
surplus (as above), $240,416. b Surplus consists of $965,939 capital surplus
(subject to restriction of $7,132 in respect of treasury stock) and $454,981
earned (since Jan. 1, 1940) surplus, c $60,000 due within one year, d Rep¬
resented by 290,000 shares par value $1 after deducting 7,132 shares in
treasury, e Includes $7,450 for year 1939.
The income statement for the nine months ended Sept. 30 was published
in V. 151, p. 3250.
Richfield Oil
254,852
261,844
263,120
£1
5,614,930
5,397,869
Investments (nom-
Res've
y: y
.
132,318
for taxation 1,163,031
15,026
979,849
443,613
372,092
203,598
obsoles. reserve.
_
Materials &suppl's
398,021
304,693
359,285
537,209
Sundry credits
Prov.for mine pen¬
sion & ben. fund
9,760
81,466
1,950,413
43,780
Prov. for dividend
30,000
376,567
Copper stk. reserve
24,244
Profit & loss acct.
202,075
loan
Cash
—
1,513,178
30,000
254",852
£8,413,877 £7,796,731
Total
£8,413.877 £7,796,731
Total
-V. 151, p.
2954.
Inc.—Extra Dividend—
Roberts Public Markets,
declared an extra dividend of five cents per share in
addition to regular quarterly dividend of 10 cents on the common stock,
both payable Dec. 16 to holders of record Dec. 5.
Like amounts were
paid on Oct. 1, June 25 and April 1, last.—Y. 151, p. 2511.
Directors
have
Inc.—Initial Common Dividend—
Roosevelt Field,
common
the
146, p.
initial dividend of 20 cents per share on
stock, payable Dec. 17 to
3967.
holders of record Dec. 3.—V.
•
(A. I.) Root Co .—Earnings*
Gross
profit-
on
530,178
$212,305
201,968
$192,280
212,602
$20,976 prof$10,337
4,412
7,885
219
1,300
sold--
$20,322
14,738
prof $1,152
$35,034
$189,047
210,022
—
-
(net)
income.
Other deductions
Federal taxes
19.38
$722,458
546,221
$662,112
473,065
—:
—
Cost of products
1J939
$758,526
1940
Years Ended July 31—
Net sales—'
—
—
—
—
—
—
$25,607
Cr26
Balance Sheet July 31, 1940
$32,138; trade receivables, less reserve,
$79,205; inven¬
tories, $298,985; affiliated companies (investment and advances, less re¬
serve), $93,548; other assets, less reserve, $17,770; property, plant and
deferred charges, $14,314; total, $805,797.
$35,000; accounts payable, $20,312;
income, $234; reserve for con¬
tingencies, $3,384; deferred income, $6,800; 1st pref. 5% cum, stock,
$285,400; common stock, $446,400; capital surplus, $39,443; earned surplus
(deficit), $38,130; total, $805,797.—V. 148, p. 595.
equipment, $269,835;
Liabilities—Notes payable to bank,
accrued liabilities, $6,954; Federal taxes on
St. Louis Southwestern
Ry. Lines—Earnings —
1940—Month—1939
1940—10 Mos.—1939
$2,100,911
$2,079,195 $16,822,910 $16,077,893
1,421,151
1,482,461
12,243,078 12,906,476
Period End. Oct. 31—
Railway oper. revenuesRailway oper. expenses.
$679,761
116,910
$596,734
120,123
$4,579,832
1,117,199
$3,171,416
1,126,191
$562,851
21,946
$476,611
26,908
$3,462,633
$2,045,225
inc.
inc.—
Deduc.fromry. oper. inc
$584,796
129,411
Net rev. fromry. oper.
Railway tax accruals
Railway oper. income
Other railway oper.
Total ry. oper.
227,125
274,768
$3,689,758
$503,520
1,509,610
130,147
$2,319,994
1,580,284
income.
$739,709
$373,373
V;5,747
$2,180,148
6,230
$461,615
249,895
$379,120
267,951
$2,248,031
2,607.484
$808,415
2,677,059
$211,720
Net ry. oper.
$111,169
x$359,453
x$1.868,644
$455,385
Non-oper. income
Gross income
Deduc. from gross
a
Corp. —50-Cent Dividend—
Directors have declared
a
dividend of 50 cents per share on the
capital
Rieke Metal Products Corp.—Stock Offered—WebberSimpson & Co., Chicago, on Dec. 3 offered 12,000 shares of
capital stock at $8.30 a share.
The offering does not repre¬
sent any new financing for the company, the stock having
been purchased from individuals.
Company makes heavy metal stampings for manufacturers of steel drums
containers all over the world.
Principal market consists of about
60 barrel manufacturers in this country.
Company's plant is in Auburn,
and
inc..
x
Deficit.—V.
67.882
7,:
68,705
151, p. 2955.
Indiana.:
Capitalization consists entirely of 75,000 shares of common capital stock,
Safeway Stores, Inc.—Sales—
Period End. Oct. 31—
Operating revenues
Uncollectible oper. rev—*
Operating revenues.
Operating expenses--.
Net oper. revenues...
1940—Month—1939
Safety Car Heating &
Directors have declared a
—V.
150, p.
$4,427,167
1,015
9,251
9,831
$472,043
$450,404
311,512
$4,622,581
3,119,663
$4,417,336
3,027,293
$138,892
61,164
$1,502,918
640,600
$1,390,043
$157,995
68,895
Operating taxes.
income.
Net
—V. 151, p. 2660.
1940—10 Mos.—1939
$4,631,832
$89,100
62,603
$77,728
51,836
$862,318
594,510
589,970
$800,073
543,844
stock,
2il5.
Dividend—
of $1.50 per share on the common
holders of record Nov. 26.
Dividend of 50 cents
was paid on Sept. 16, last; $1.50 on Sept. 1, 1939 and on June 20. 1939: one
of $1 was paid on Sept. 1, 1938, and previous payment was the $2 distribu¬
tion made on Nov. 36, 1937.—V. 151, p. 1585.
Directors
have declared a dividend
stock, payable Nov. 30 to
Power Co.—Earnings —
194?
12 Months Ended Oct. 31—
$451,419
314,048
Lighting Co.—$1 Dividend—
dividend of $1 per share on the common
Sanford Mills—$1.50
,
$472,571
528
$30,372,769, com¬
payable Dec. 16 to holders of record Nov. 30.
Dividend of $1 was paid on
Aug. 1 and April 1, last; $1.50 on Dec. 15, 1939, and dividends of $l per
share were paid on Sept. 1, June 1, 1939, and Dec. 23 and on June 1,1938.
Savannah Electric &
Telephone Corp*—Earnings—
Nov. 23, 1940, were
Sales for the foi r weeks ended
pared with $30,251,395 for the four weeks ended Nov. 25. 1939, a gain of
0.40%.
For the 48 weeks ended Nov. 23, 1940, sales totaled $364,536,472
an increase of 2.98% over sales of $353,972,064 for the like period ended
Nov. 25, 1939.
Stores in operation currently total 2,553, against 2,885 at
this time a year ago.—V, 151, p. 3253.
all outstanding.
Net operating
income
and
Replacements
equip, of prop¬
948,869
1,048,869
General reserve.—
Expend, on devel.
1939
£4,993,160 £4,992,445
Capital stock
£1
common
stock, payable Dec. 21 to holders of record Dec. 7.
Like amount was
paid on Dec. 18, 1939, Dec. 21, 1938, and an initial dividend of 25 cents
was paid on Dec. 24, 1937.—V. 151, p. 3100.
Rochester
998,133
1940
Liabilities—
1939
1940
"■
Assets—
Property (nominal)
year-end dividend of 25 cents per share on the
stocks, payable Dec. 26 to holders of record
Dec. 12.
This compares with dividends of 50 cents paid on Nov. 15,
Aug. 15, May 15, and Feb. 15, last.—V. 151, pi 3100.
and class B
200.000
202,075
(R. J.) Reynolds Tobacco Co.—Year-End Dividend—•
Directors have declared
250,000
757,089
Balance Sheet June 30
$2,993,688 $3,213,709
x Represented by 297,132 shares (par $1).
y After reserve of $14,566 in
1940 and $16,212 in 1939. z $85,000 due within one year.
a Surplus is arrived at as follows:
(1) paid-in balance at Dec. 31, 1938,
common
20,000
100,000
634,196
------
—
Carry forward-------
200,000
Treasury stock
10,000
100,000
776,020
General reserve
Dividends
1,790,308
147,445
456,500
30:000
z370,000
Other liability.
Surplus
Total
699
Res. for contlng's.
Funded debt.
_
36,242
35,303
Work.comp. claims
&
ma¬
chinery & equip. 1,612,619
Patents,
goodwill
& developments
1
Deferred charges.
71,189
expls.)
"-•
—_
1,575,068
263,120
512,000
17,255
account
Assets—Cash,
1,551
Taxes payable—».
Unclaimed divs
261,844
645,000
Contingent res. for mine
pension & benefit fund
74,726
111,343
&c_.
1.372,204
254,852
800,000
New issue expenses
taxes,
Notes payable
Sundry note receiv¬
Mtge, note rec._
salaries,
1,623,243
—
Balance brought forward
Reserve for taxation
Net loss- -«.«-
Accrued mold chgs.
plant
3,884
Crl4,742
Cr20,342
262,639
284,414
Accr'd int., wages,
insurance,
to salesmen
branch
Net profit
Cr15,3 59
Operating loss
1939
1940
Common stock..d$290,000 x$l,382,292
Accounts payable.
value of
life ins. policy
y
Liabilities—
1939
-----
Cr21,730
Interest receivable—
Total expenses—
Reynold-* Spring Co.-—Balance Sheet Segt. 30—
$39,265
72,638
.y
Directors have declared an
The
1940
200,000
1,134
Replace. & obsoles. res__
Deprec. of Govt seci rsReserve agairst holding
War
Dillon, Read & Co., Glore, Forgan & Co. and Lehman
expected to be joint managers of the underwriting syndicate
when it is formed. Several months will elapse before the program is launched,
$178,483
200,000
175,000
Debenture interest, &c—
Sundry debtors, &c
are
------
36,373
200,000
,
inal value)——-
issues of securities.
—
41,173
1,286.241
Copper stocks
of
A refunding program for the corporation, now under discussion, may
exceed $90,000,000 if a determination is made to eliminate all mortgage debt
in order to create a first lien on all property to secure the new issue or
Assets—
2,063,461
41,312
1,843,915
Waa
41,268
erties, at cost.—
Republic Steel Corp.—Studies Refunding Programi—
Cash-
1,796,038
128,095
Operating surplus
London administration &
&
Engineering Co.—50-Cent Div.—
stock, payable Dec. 24 to holders of record Dec. 14.
Dividend of 37
cents was paid on Sept. 25, last, and previously quarterly dividends
25 cents per share were distributed.—V. 151, p. 1438.
Brothers
1,598,018
37,905
reserve
year-end dividend of 50 cents per share on the
common stock, payable Dec. 20, 1940, to stockholders of record Dec. 14,
1940.
A dividend of 12\i cents per share on the common stock was also
declared covering the quarterly period ending March 31, 1941, payable
Directors have declared a
Directors have declared a dividend of
3,549.042
1,355.573
130,008
Realizatior expenses.—„
other expenses..—;-
£
£
3,395,974
1,514,154
Leave pay (mine
Corp.—Dividends—
Reliance Electric &
'
3.421,707
1,492,379
133,290
3.012,354
Copper sales account—
Oper. expenses at mine—
in Government seeurs-
>:
J
1.51, p. 3251.
—V.
40.742,988
41,784,870
.
Period End. Nov. 30—
72,135
81.677
11,039
1937
1938
£
£
Years End. June 30—
$
14,969,170 128,167,438 122,998,332
76,413,740
80,115,361
8,915,797
5,060,024
5,421,385
591,925
709,445
80,995
764,145
633.251
Express t axes- ——
Int. & disc, on fund, dtOther deductions.
—
'
2.076.460
1,938,139
239,858
206,479
Total revs. & income-
'
14.729,312 126,229,299 120,921,872
transporta'n 15,570,601
Other revs. & income—
$
*■
1939
1940
1940—9 Mos—1939
1940—Month—1939
'
1940
7,
Copper Mines, Ltd, -Earnings-
Roan Antelope
(&Subs.)—Earnings—
Railway Express Agency, Inc.
Period End. Sept. SO—
Dec.
Chronicle
The Commercial & Financial
3408
a
$2,327,910
$2,418,484
Operating revenuesBalance for interest.
668,221
784,534
293,413
408,379
and including nonoperating income (net).—Y. 151,
Balance for dividends and surplus
a
p.
After depreciation
2955.
'
'
^
v.-.'
See Schulte Retail Stores
-
^
Schulco Co., Inc .—Reorganization
■.
.
'y,.,'
Operative—
Corp.—V. 149, p. 2525.
(D. A.) Schulte, Inc.—Registrar—
Empire Trust Co. has been appointed registrar for the preferred and
common
stock of the
company—Y. 151, p. 3100.
Volume
The Commercial & Financial Chronicle
151
Schenley Distillers Corp. (& Subs.)—EarningsConsolidated Income Account
Year End.
Calendar
Aug. 31, '40
Sales, less returns, allowances
and
1939
Years—
1938
1937
discounts..$81,473,632 $73,867,529 $70,204,775 $83,899,301
61,647,371
56,314.625
53,291,186
60,737,258
Cost of goods sold
Gross profit on sales._$19,826,262
Other income
Total._
584,972
$17,552,904 $16,913,590 $23,162,043
603,524
429,978
581,079
$20,411,234 $18,156,428 $17,343,568 $23,743,122
Sell., distrib., advertis'g,
adm. & gen. expenses. 13,864,484
12,140,509
11,230,507
12,458,517
_
Total
$6,546,750
Other charges
Prov. for extra compen¬
sation under plan ap¬
proved by stockh'rs._
Prov. for Fed. inc. cap.
stock
&
excess
895,984
cum.
$4,392,763
26,909,832
$4,129,080
25,858,944
941",875
_
953,425
$4,050,173
17,696,878
$7,320,903
15,125,350
969,375
630,000
969,375
3,780,000
$30,360,720 $29,034,599 $25,858,944 $17,696,878
Com. shs. out. (par $5).
1,260,000
1,260,000
1,260,000
1,260,000
Earnings per share
$2.73
$2.52
$2.44
$5.04
x Amount of reserve for
Pennsylvania floor tax, less expenses applicable
thereto, restored to surplus upon final court decision declaring the liquor
Floor Tax Act unconstitutional, y Under the Second Revenue Act of
1940,
subject, however, to regulations yet unissued, no provision for Federal
excess profits taxes is required on the basis of a consolidated
return.
Note—Depreciation provided during 1940 amounted to $861,529: 1939,
$821,186: 1938, $783,355 and 1937, $646,472.
a
in
Notes
Dec.31,'39
7ilflhllifip c—■—
S
&
$
1,940,283
bank
2,736,537
and
receivable
Common
Notes &
.....15,483,652
19,269,820
48,775,866 45,150,910
Maintenance
vestments
Prepaid
in¬
374,608
791,420
234,506
347,138
3,814,037
238,356
1,274,930
642,794
Res've for Federal,
&c., taxes
1,263,935
Int.
c
current)
17,500,000 19,750,000
Capital surplus... 6,219,090
6,148,937
Earned surplus...30,360,720 29,034,599
Treasury stock
Drel4,040
&c._. '
Total
a
1
1
84,045,014 84,559,211
After
reserve
for
84,045,014 84,559,211
doubtful
1940 and $425,000, in 1939.
accounts, allowances, &c., of $439,037 in
b After reserve for depreciation of $3,846,963
in 1940 and
$3,327,340 in 1939. c Unsecured notes payable to banks under
bank credit agreement, due at various dates in 1941, renewable at the
option of the company to Jan. 4, 1945 (reduced to $20,500,000 since Jan. 1,
1939). e Represented by 200 shares of 5)4% preferred stock at cost.—V.
151, p. 565.
$86,913
Corp.—Reorganization Operative—
Plans for reorganization of the Schulte Retail Stores Corp., the Schulco
Co., Inc., and Huyler's, which have been pending since June 3, 1936, went
into effect Nov. 29, pursuant to Judge Knox's order of Nov. 18.
BlUnder the plans and the decree, the reorganized companies will now
operate free from court control except as may be necessary to insure dis¬
tribution of securities, cash and other considerations to creditors and
stockholders, the payment of administrative expenses and allowances fixed
by the court and the carrying out of other provisions and orders for re¬
organization.
The independent but related reorganization of Central Man¬
hattan Properties, Inc., is expected to go into effect in January.
Arthur D. Schultz has been elected President of the reorganized Schulte
company, Alfred Williams President of the reorganized Schulco company,
and Winston Paul Chairman of the reorganized Huyler
company.
The Commercial National Bank & Trust Co. of New York has
on Nov. 29 declared a dividend of 75 cents per share on the com¬
stock, payable Dec. 21 to holders of record Dec. 7.
Dividends of 25
paid in the three preceding quarters; 75 cents was paid on Dec. 22
1939; 20 cents on Oct. 2, 1939; 15 cents on July 1 and April 1, 1939, and
dividends of 25 cents on April i, 1938, and Jan. 3, 1938.—V. 151,
p. 2809.
cents were
Use Pros¬
pectus—
The company, an investment-counsel-type fund offering its shares directly
to investors without underwriting commissions or discounts, announced
Dec. 3 adoption of the newspaper prospectus type of advertisement.
The
company said this marked the first use of this form by an investment trust
since passage of the Securities Act of 1933.
The
concern
organized in Boston in 1928 to provide a vehicle for
Stevens & Clark management available to a broader
The shares represent a proportionate interest in the
the fund, and, being redeemable, are similar to an
was
Scudder,
3,692
11,770
6,956
$90,030
9,649
$837,754
115,536
$919,583
115,830
806
9,676
690
9,808
9,675
9,432
$63,695
$78,885
$702,734
210,000
90.782
of debt discount
Net
income
Preferred dividends
Common dividends.
No
a
provision
liability, if
;
for
made
profits tax
excess
b Before retirement
any.
$784,645
210,000
339,628
588,689
reserve
pending determination of
151, p. 3253.
accruals.—V.
Sherwin-Williams Co. (& Subs.)—Earnings—
Consolidated Income Account Years Ended Aug. 31
1940
1939
1938
1937
$7,485,222
$6,995,939
48,517
$4,122,236
156,231
$8,722,306
130,585
$7,044,456
1,015,221
46,663
$4,278,467
1,000,390
92,680
$8,852,891
927,861
608,611
1,036,472
447,334
1,071.245
583,212
a373,825
593,657
al,296,417
,$4,828,746
21,994,137
$4,463,992
19,806,970
$2,228,361
20,194,648
$6,034,955
18,692,262
Dr24,750
Dr24,750
Dr24,750
57,028
Total income
$7,542,250
Prov. for depreciation..
1,027,830
Interest expense
40,591
Loss on perm, assets sold
or
scrapped, prov. for
doubtful accts., &c
Federal taxes
Net profit.
Surplus, Aug. 31
on
pref.
stock
called for redemption.
Dr24,750
Total surplus
.$26,798,133
Divs. paid on pref. stock
630,007
Divs. paid on com. stock
1,916,781
Surplus. Aug.31
Shares
$24,251,345
stock
com.
$21,994,137
$19,806,970 $20,194,648
out¬
standing (par $25).
Earns, per sh. on com
a
$24,246,212 $22,398,259 $24,702,467
654,758
704,257
679,508
1,597,3 1 8
1,911,781
3,803,562
$638,927
$6.57
—
Includes Federal surtax
on
638,927
$5.96
638,927
$2.42
633,927
$8.41
undistributed profits of $1,155 in 1938 and
$204,900 in 1937.
Consolidated Balance Sheet Aug. 31
1940
1939
Pats., trade-marks
Notes,
accts.
accept., rec
Inventory
Investments
Other assets..
Deferred.....
1
$
Preferred
stock.12,228,900 12,723,900
Common stock...15,973,175 15,973,175
c
1
8,023,451
Accts.
&
2,723,138
152,861
8,913,319
...17,000,305 16,470,180
3,740,158
3,750,836
452,128
482,875
891,273
925,872
Deposits,
2,944.518
159,049
593,397
payable
Pref. divs. pay
9,622,140
.
1939
8
Liabilities—
18,047,111
8,322,764
Cash
b
1940
$
Plant and equip.18,161,348
a
535,153
officers
and employees..
Mtges. payable
140,000
...
Notes payable....
112,871
254,715
231~254
1,155,224
1,112,188
779,091
Accrued accounts.
765,671
Fed. & foreign tax,
on
inc. (est.)
Res. for insur., con¬
tingencies, &c_.
24,251,345 21,994,137
Surplus....
Scoville Mfg. Co.—To Pay 75-Cent Dividend—
making
$1,010,365
$971,128
133,374
Other income charges
group of investors.
investments held by
interest in
a revocable trust.
They are offered at net asset value, calculated
daily, and based on market value of investments owned plus a premium of
1% which accrues directly to the fund.
According to the statement of investment policies, the company is a
balanced type of investment fund comprising bonds, preferred and common
stocks at all times, although proportions are varied as economic develop¬
warrant.
A share offered originally in 1928 at $101 currently is
valued at more than $80 and has, in addition, made cash distributions
amounting to $53.15, it was announced.
|VA balance sheet on Sept. 30 showed total assets of $11,333,042 at then
market values, of which $5,190,532, or 45.8%, was in common stocks.
The
management said the number of shares outstanding in the hands of investors
ments
had increased every quarter since 1928.—V. 151, p. 3100.
58,224,717 56,579,045 I"
Total...
Less
Total... ......58,224,717 56.579,045
depreciation,
b Less reserves,
c Represented
by
122,289 shares in 1940 and 127,239 shares in 1939 of series AAA 5% cum.
preferred stock, $100 par.—V. 151, p. 1157; V. 150, p. 3217.
a
Directors
Inc.—To
$1,006,673
105,015
182,430
129,861
$75,143
9,624
long-term debt..
for
reserves
Simmons Co.—To
mon
Stevens & Clark Fund,
$967,523
3,605
1,223
$2,065,206
641,227
been
appointed exchange agent for distributions to Schulte and Schulco creditors
and security holders and Chemical Bank & Trust Co. has been named for
distributions on behalf of Huyler's.—V, 151, p. 3100.
Scudder,
1940—12 Mos—1939
$96,986
A. sscts1
Schulte Retail Stores
2,
806
1.018
on
Notes pay. (non-
Total
Jan.
$2,230,541
776,636
116,203
218,712
151,466
$95,763
and expense
Premium
mach.,eq.,&c__ 16,431,695 15,947,597
goodwill,
$85,756
1,157
Gross income
962,389
Land, buildings,
Brands, tr.-marks,
inc
b Gross income
Retirement res. accrualsi
pay¬
able & accrued..
484,426
882,910
.....
and
charges
6,300,000
(
^3,836,824-|
Divs. payable
Sundry taxes
exps.
deferred
b
178,500
accept'ces]
on
c
6,300,000
&\
liabilities.. J
accr.
156,000
Miscellaneous
Federal income tax
Other income
©
stock...
payable
Accts. payable
Marketable securi¬
ties
1940—Month—1939
$195,765
$186,354
69,006
55,324
11,980
7,967
20,474
12,853
8,549
14,447
Operation
Dcc.31,'39
514% pref.stock.. 17,055,000 17,335,000
acc'ts
Inventories..
Am^.31,'40
31,
B 5)4%
1941, on
The series
accrue.
Earnings for Month and 12 Months Ended Oct. 31
revenues
Trading profit
Consolidated Balance Sheet
Aug.31,'40
to
cease
presented and surrendered for pay¬
Amort,
xCr5,711,267
pref. divs_.
at 104 and accrued interest on Dec.
will
102 and accrued interest
1,770,647
328,683
.
hand.
interest
Other income (net)
1.099,543
profits.
Assets—
date
be redeemed at
which date interest will cease to accrue.
The bonds of both issues should be
Balance, Dec. 31
on
which
will
b Utility oper.
1.001,573
Common dividends
Cash
5% bonds will be redeemed
on
ment, on or after their respective redemption dates, at the principal office of
the New England Trust Co., 135 Devonshire Street, Boston.
a
on
Profit for year
5M%
$6,113,061 $11,284,605
963,344
1,518,701
profits
Prev. year balance.
Miscellaneous
1940,
bonds
General taxes
y1,258,003
undistributed
series A
345,671
taxes
Prov. for Fed. surtax
Company is notifying holders of its first mortgage and refunding gold
bonds, series A 5%, due Sept. 1, 1960, and its first mortgage and refundin
gold bonds, series B 5)4%, due March 1, 1957, that it has exercised its
option to redeem all of the outstanding bonds of both these issues.
The
Operating
$6,015,919
885,266
3409
Bonds Called—
Pay $1 Dividend—
Directors have declared a dividend of $1 per share on the common stock
payable Dec. 18 to holders of record Dec. 9.
Dividends of 50 cents were
paid on Oct. 9 and on July 10, last and compared with 75 cents paid on
Dec. 19, 1938, and a dividend of 50 cents paid on Nov. 1, 1938, this last
being the first payment made since Dec. 22, 1937, when 50 cents per share
was distributed.—V. 151, p. 2513.
Simonds Saw & Steel Co.—Christmas Bonus—
Company announces that a Christmas bonus in varying amounts, based
employee's length of continuous service, and totaling approximately
$100,000, will be distributed during the month of December to the 2,500
employees of company and its affiliated companies—Simonds Canada Saw
Co., Ltd.; Abrasive Co.; Abrasive Co. of Canada, Arvida, Ltd.; and J. H.
Miner Saw Mfg. Co.—V. 151, p. 2810.
on
(L. C.) Smith & Corona Typewriters, Inc.—Debentures
Called—
Company is notifying holders of its 10-year serial debentures, due 19411946, which have been called for redemption on Jan. 1, 1941, that they
surrender them at any time prior to the redemption date and receive
the full redemption price including accrued unpaid interest to Jan.
1.
The redemption prices provide for a premium of ^ of 1 % for each full
12-month period from Jan. 1, 1941 to the specified maturities of the deben¬
tures.
Payment will be made at the trust office of the Chase National
Bank of New York.—V. 151, p. 3253.
may
South Bend Lathe Works—Extra Dividend—
Directors
have
declared
an
extra
dividend
of $1.50
per
share
on
the
stock, payable Dec. 19 to holders of record Dec. 6.
Regular quar¬
terly dividends of 50 cents were paid on Nov, 30, Aug. 31, and June 1,
last; 40 cents was paid on March 1, last, and on Dec. 1, 1939; 35 cents
paid on Sept. 1, 1939, and previously regular quarterly dividends of 30
cents per share were distributed.
In addition extra dividend of 40 cents
was paid on Dec. 20, 1939.—V. 150, p. 3989.
common
Sears, Roebuck & Co.—Sales—
Period End. Nov. 30—
1940—Month—1939
1940—10 Mos.—19.39
$73,322,817 $60,330,400 $603462,184 $534812,722
Sales
—V. 151, p. 2809.
Sierra
Pacific
Power
Co.—$3,000,000 Bonds Sold Pri¬
has sold privately at 103 and interest
$3,000,000 1st mtge. 3M% bonds, series A, to the John
vately—The
Hancock
company
Mutual
Life
Insurance
Mutual Life Insurance Co.
due Dec. 1, 1970.
Bonds
Co.
are
and
Massachusetts
dated Dec. 1, 1940;
Authorized, $4,000,000.
Operating expenses
Taxes..
-
for
Interest and other deduc.
Net income
Dividends on pref. stock
Balance
-V. 151, P.
Co.—Earnings
1940—r-Month—1939
$337,457
$300,338
1940—12 Mos.—1939
175,116
133,322
$3,911,245
1,896,982
55,749
45,040
602,165
375,000
$3,563,685
1,553,378
537,874
383,752
2662.
31,250
31,250
$75,342
54,829
$90,726
56,064
$1,037,098
673,860
$1,088,681
669,644
$20,513
14,286
$34,662
14,286
$363,238
171,438
$419,037
$6,226
Prov. for depreciation..
Gross income
The proceeds will be used to (1) redeem $1,400,009 first mortgage & re¬
funding bonds, series A 5%, due 1960, and $773,000 series B, 5)4%, due
1957; (2) retire a property purchase obligation of $59,428; (3) retire bank
loans now outstanding of $350,000; (4) provide for the construction of
abnormal additions and improvements to the company's water department
properties, estimated to cost $150,000; (5) reimburse the company
earnings reinvested in property and provide additional working capital,
South Carolina Power
Period End. Oct. 31—
Gross revenue
$20,376
$191,800
$247,599
171,438
The Commercial &
3410
Dec.
Financial Chronicle
Balance Sheet Sept.
Telegraph Co.—Earnings
Southern Bell Telephone &
—
31
Period Ended Oct.
Operating revenues
Uncollectible oper. rev.
Operating revenues -.
Operating expenses
1940—Month—19.39
$6,599,292
$5,935,590
29,741
20,463
..
$62,892,638 $87,535,301
259,489
214,776
$5,915,127 $62,633,149 $87,320,525
3,894,869
40,749,421 37,324,912
$6,569,551
4,270,791
..
1940—10 Mos.—1939
Assets—Cash, $66,637; investments, at
7,
1940
30, 1940
averaged cost, $554,645; dividends
receivable, $945; interest receivable, $246: due for capital stock sold 2 4-10
treasury shares, $14; accounts receivable, $474; real estate, $608;
charges, $842; total, $624,411.
Liabilities—Due for securities purchased, not received, $12,840; accrued
deferred
$1,305; reserve for Federal and State taxes, $1,201; due for
stock repurchased, treasury account (433 3-10 shares), $2,479;
stock (par $1), $74,677; capital surplus, $524,842; income equaliza¬
tion account, $464; earned surplus, $6,602; total, $624,411.—V. 151, p.
2363.
: \-y.
ivV
expenses,
capital
common
$2,298,760
$2,020,258
954,326
Net oper. revenues..
Operating taxes
806,345
...
$1,344,434
Net oper. income
1,104,833
Net income
—V. 151, p.
2810.
$1,213,913 $12,297,021 $11,899,875
1,037,095
10,206,239
9,970,216
i"•
Southern Indiana Gas
& Electric Co.—Earnings—
1940—12 Mos.—1939
1940—Month—1939 _:
$368,078
$345,406
139,584
Gross revenue
135,043
71,820
expenses—-
87,251
Taxes
and
Prov.
for deprec.
amortization
897,301
$4,226,345
1,686,715
669,244
$4,641,022
1,850,644
594,906
$79,089
32,683
$1,298,171
389,568
$1,308,906
$56,406
$908,602
412,296
130,181
$915,587
412,296
130,181
393,319
$373,110
$366,125
$11,199
-V. 151, p. 2662.
219,464
Ry.r—Equipment Trust Certificates—
Commission on Nov. 28 authorized the com¬
pany to assume obligation and liability in respect of not exceeding $3,000,000 series HH, 1%% serial equipment-trust certificates, to be issued
by J. P. Morgan & Co., Inc., as trustee, and sold at 100.57, and accrued
dividends in connection with the procurement of certain equipment.—
The Interstate Commerce
$2,395,193
$1,807,003
612,261
13,485
242,000
,466.308
879,656
537,808
472,989
719,257
736,937
$2,116,738
pref. stock
210,000
$1,054,457
$1,555,846
$296,874
105,000
150,000
300.000
210,000
150,000
300,000
210,000
com.out.(no par)
750,000
300,000
sh. on com..
$6.35
Earns, per
Provision for possible loss on
x
company
'v.;v
$3.05
in France.
:'o.
,
$
$
Assets—
6,422,839
$111,438
$1,204,542
$1,071,340
$133,314
77,629
$111,138
67,413
$1,201,542
726,442
$1,068,640
658,127
Net oper. revenues
$55,685
$43,725
$475,100
131,645
$410,513
Capital surplus...
102,924
Earned surplus...
$343,455
$307,589
300
300
3,000
2,700
2.226,624
1,432,416
2,693,877
& advances 1,286,910
Cash...
Accts. <fe notes rec.
Inventories
Invest.
17,292
11,567,
$32,158
$35,393
Net oper. income---.
—V. 151, p. 2663.
End. Oct. 31—
Operating
re venues
Uncollectible oper. rev--
Co.- -Earnings—
1940—10 Mos.—1939
1940—Month—1939
$8,415,691
$7,896,211 $81,174,411 $77,058,879
306,164
318,820
29,329
34,788
.....
$8,386,362
5,202,894
$7,861,423 $80,868,247 $76,740,059
50,672,726
48,785,302
4,934,648
Net oper. revenues.
$3,183,468
1,249.352
$2,926,775 $30,195,521 $27,954,757
12,385,127
10,511,716
1,086,987
Operating taxes
Springfield Gas Light Co.—Rates Suspended—
$1,934,116
1,702,223
Net oper. income.
income
Net
$1,839,788 $17,810,394 $17,443,041
1.607.772
15,442,354
15,073,643
Spencer Kellogg & Sons, Inc.—Earnings—
Aug. 31 '40 Sept, 2 '39 Aug. 27 '38 Aug. 28 '37
gross
inc. of domestic subs.
Cost of sales
.$37,452,405 $37,820,824 $40,583,131
31,600,717
32,897,289
36,669,449
$47,122,095
$4,923,535
3,511,436
$3,913,681
2,953,461
493,869
516,723
$5,415,647
2,996,756
479,065
Gross profit
$5,851,689
Selling & gen. expense..
3,656,602
Depreciation
497,688
become
to make an
investigation of the matter.—V. 150, p.
4142.
Sons—Year-End Dividend—
year-end dividend of $1.25 per share on the
16 to holders of record Dec. 2. Dividends of
paid on Sept. 16 and on June 15, last.—V. 151/
Directors have declared a
common
stock, payable Dec.
P-
Standard Accident Insurance
\V
-V-
y.v--.'■
2363..
Co., Detroit—Common
Offered—An offering of 115,270 shares of common stock
by a nation-wide group of
underwriters headed by The First Boston Corp.
This is
Stock
was
made Dec. 2 at $54 per share
largest public offering of securities of a casualty insurance
since the enactment of the Securities Act of 1933.
the
company
Total income
$1,697,399
170,190
$918,230
39,107
$443,497
193,300
$1,939,826
50,801
History and Business—Company was incorporated in Michigan, May 29,
1884, and commenced business on Aug. 1,1884, as Standard Life & Accident
Insurance Co.
The name was changed to Standard Accident Insurance Co.
$1,867,589
Profit from operations
Other income (net)
$957,337
50,604
13,000
98,240
133,013
$636,797
73,682
10,115
118,179
y71,664
$1,990,627
in 1908.
$662,481
$363,157
6,508,297
$1,428,910
7,083,135
$8,512,045
1,053,629
Crl5,718
940,836
49,238
53,000
60,285
309,785
Idle mill expenses
Prov. for bad debts.
Interest
41,706,448
has suspended until
1,
have
25 cents per share were
Years Ended—
Net sales, incl.
x
Department of Public Utilities
1941, new rate schedules filed by this company, which were to
effective Dec. 1,
Suspension was ordered due to the fact
that the rates appeared to involve increases and the Department wished
Feb.
(E. R.) Squibb &
—V. 151, P. 2811,
14,123,928 11,529,613
Total
14,123,928 11,529.613
20,783
1,545,350
3,666,175
After
The Massachusetts
Operating revenues.
Operating expenses.-.
25,126
1,545,350
5,116,701
fund deposits
48,618
depreciation of $6f008,866 in 1940 and $6,197,497 in 1939.
y Rep
resented by 100,000 no par shares of cumulative pref. stock, $3 dividend,
and 300,000 no par shares of common stock,
z 30.000 shares of preferred
stock.—V. 151, p. 2058.
x
Southwestern Bell Telephone
"Period
Total
S
Employees' saving
1,104,159
61,261
Deferred charges..
Operating taxes
1939
$
Liabilities—
Capital stock... 6,028,750
6,028,750
5,708,531 z Treas'y stock..Dr1,046,582 Dr1046,582
payable
>
1,397,531 Accounts
& sundry accr'ls 1,795,891
1,017,495
1,137,460
658,692
297,643
2,133,315 Reserve for taxes.
y
Land, buildings,
mach'y & equip.
1940
1939
$133,614
Uncollectible oper. rev..
$0.29
affiliated
Consolidated Balance Sheet Aug. 31
Operating revenues
Operating expenses
Ojperating re venues
150,000
300, COO
$4.48
investment in and account with
1940
x
695,856
19,336
58,000
19,050
292,500
x216,409
Common dividends—..
Shs. of
150,136
237,855
possiDle loss on
Net profit
Divs. paid on
Telephone Co.—Earnings—
1940—10 Mos.—1939
$1,656,867
518,000
Federal taxes
"v
1940—Month—1939
$3,228,453
1,266,088
17,313
Adm., gen. & sell. exp._
Other charges
y.J.51, P. 3254.
Southwestern Associated
114,650
,672,357
Gross income
Prov. for
$2,280,543
$4,452,893
investment
■
Year Ended Year Ended
'39 Aug. 31, '39 Dec. 31, '38
Year Ended 8 Mos. End.
profit
Depreciation
Southern Natural Gas Co.—Registers with SEC—
See list given on first page of this department.—V. 151, p. 3254.
Period End. Oct. 31—
Subs.)—Earnings—
Aug. 31, '40 Aug. 31,
Period—
Gross
Other income
34,358
10,848
$13,730
Balance..
Spicer Mfg. Corp. (&
561,480
$58,936
34,358
10,848
:
49,454
$91,062
32,126
...
Net income
Southern
Inc.—lS-Cent Dividend—
dividend of 18 cents per share on the common
$1, payable Dec. 16 to holders of record Dec. 5.
This compares
with 12 cents paid on Sept. 16, last; dividends of 15 cents paid on June 15
and March 15, last, and on Dec. 15, 1939; dividends of 10 cents were paid
in each of the four preceding quarters, 5 cents paid on Sept. 15 and on
June 15, 1938, and 10 cents paid on March 15, 1938,—V. 151, p. 2208.
Consolidated Income Account
«
50,181
__
Gross income.
Spencer Trask Fund,
Directors have declared a
stock, par
Period End. Oct. 31—
Operating
21,883,728 $19,995,613
9,586,707
8,095,738
paid
Federal taxes
Net profit
Previous surplus
$1,395,280
6,324,884
5,760,237
Total surplus
Dividends
$7,720,164
$6,422,718
814,741
Cr3,512
509,213
Cr248
$6,871,454
763,739
2,478
200,000
CV345.000
102,819
25,000
91,387
y342,511
empowered by its articles of incorporation, as amended,
perpetual charter, to carry on the business of casualty
and fidelity bonding, but not the insurance of property
against fire or marine risks or persons against death except from accidental
causes.
The general types of Insurance which the company writes may be
described as follows: Casualty and bonding.
Company is
which constitute a
insurance and surety
345,000
Capitalization Upon Completion of Present
Financing
Authorized
Prior period items
Amt. transf. to cap. stk_
Amt. transf. to res. to
reduce inventory
Adj. of res. for deprec.
applic. to prior yearsProv. for contingencies.
Balance
„
$6,708,936
$6,324,884
$6,508,297
509,213
$2.81
^ x Including steamship and elevator revenue of $1,493,373 in 1937,
$1,513,088 in 1938, $1,072,410 in 1939, and $1,628,477 in 1940.
y Includes
$7,030 in 1538 and $53,376 in 1937 for surtax on undistributed profits.
Shs.cap.stk. out. (no par)
Earnings per share
509,213
$2.74
509,213
$1.30
509,213
$0.71
Balance Sheet
Aug. 31'40 Sept
Assets—
x
Plant and prop..
Liabilities—
Inventories
Capital stock...12,230,325 12,230,325
9,616,471
9,305,164
y
1,198,515
Other assets.
Cash
Aug. 31'40 Sept. 2 '39
S
S
2 *39
$
1,250,988
8,822,473
Accounts payable.
1,518,478
2,140,851
266,241
Accrued
8,812,496
—
Acc'ts receivable..
Deferred charges..
1,492,145
2,160,170
234,846
2,716,065
36,297
Fed. income tax..
309,785
203,685
152,764
taxes
443,107
1,650,000
387,855
6,708,936
6,324,884
...23,514,642 23,304,195
r * After
y
depreciation of $7,713,275 in 1940 and $7,931,725
Represented by 509,213 shares (no par).—V. 150, p. 1788.
1939.
in
Earnings for Period July 1 to Sept. 30, 1940
$5,703
Total
2,329
Net income, excl. of results from security transactions
Net profits realized from security transactions after
13,598,538
Total profit from un¬
$1,282,409
derwriting
Investment Income—
$1,144,670
$1,543,647
$1,268,439
551,453
Inc. from invest'ts after
amort, of premiums &
accruals of disc, on bds
742,401
601,361
546,495
Invest, exp., incl. deprec
of real estate
223,039
229,299
225,709
212,081
$519,362
$372,062
$320,785
$339,372
$1,801,771
276,899
$1,516,732
347,216
$1,864,432
212,403
$1,607,811
124,538
$1,524,872
$1,169,516
$1,652,029
$1,483,273
33,732
138,240
dec41,701
dec79,000
$1,585,604
$8.67
$1,307,756
$6.65
$1,610,328
$9.39
$1,404,273
Prov. for income taxes._
pr<
sin
Increase in unearned pre¬
mium reserve
equity.
-
$3,373
appropriate
1,715
..$5,089
_
b Netprofit...
b Net profit per share..
Increase in unearned pre¬
a
$5,638
65
Expenses and taxes
Total net income and net profits
13,421,067
per
Dividends received and accrued
charges for taxes
13,202,644
reserve
equity,
share.
b Net profit per share.
Interest received and accrued
r
15,066,020
mium
|| Sovereign Investors, Inc.—Earnings —
12 Mos.End
Sept. 30 '40
$14,347,314 $14,964,714 $14,866,977
curred less reinsurance
66,441
Reserves
Total
1939
1938
Underwriting Income:
Net premiums earned...$16,348,429
Net losses & expenses in¬
133,495
Dlv. payable
Long-term note
...23,514,642 23,304,1951
Summary of Income Statement
1,300,000
29,829
Deferred income.-
Total...
175,938 shs.
Registrar, National Bank of Detroit.
1,095,043
800,000
Notes payable
Earned surplus
Outstanding
175,938 shs.
—
Detroit Trust Co.
Calendar Years
25,000
$5,760,237
Transfer agent,
1937
Cr86,131
20,000
——
Capital stock ($10 par)
_
,
0./8
0.19
8.86
7.43
b Before
.
def0.45
7.98
income
before
unearned premium re¬
profits and losses on investments and before
realized profits and losses on investments and
Before realized
taxes,
def0.24
9.15
$8.43
.
surplus adjustments plus increase
serve equity.
(or decrease) in
of the sale of the common stock now
of the present rate of the company's
Dividends—Based upon completion
offered and assuming a continuance
for the purpose, it is the present expectation of the
company to declare two semi-annual dividends, together aggregating $2.50
per share, on the common stock in the year 1941.
earnings available
Purpose—Net proceeds (estimated to be $5,684,998) will be applied as
(1) Approximately $3,370,654 (together with other funds in the
follows:
Volume
The Commercial & Financial Chronicle
151
of
amount
approximately $4,346, now held by Reconstruction
Corporation) will be applied to redemption at $45
per
accrued dividends to date of
stock
now
Finance
share, exclusive of
funds of the
company.
Underwriters—The names of the principal underwriters and the
respective
number of shares of stock which
they have severally agreed to purchase
are as follows:
Name
Shares
First Boston Corp
20,000
Mame
Merrill, Turben <fc Co
Mltchum, Tully & Co...
Moore, Leonard & Lynch
F. S. Moseley & Co..
G. M.-P. Murphy & Co
2,000
O'Melveny-Wagenseller & Durst.
2,000
Pacific Co. of California
2,000
1,000
Paine, Webber & Co
6,000
2,500
Boeworth, Chanute, Loughridge &
Co
Alex. Brown & Sons
Brown, Scblessman, Owen & Co..
Conrad, Bruce & Co
I alley, Clark & Co
Ferris & Hardgrove
First of Michigan Corp
Fuller, Rodney & Co..
_
Thompson Automatic
Dividend Payment—
Shares
2,500
2,000
A. C. Allyn & Co., Inc
1,000
4,000
1,000
5,000
3,000
Restrains
Schoellkopf, Hutton & Pomeroy,
2,000
1,000
Schwabacher & Co
2,500
1,000
Granbery. Mar ache & Lord
Huff, Geyer & Hecht, Inc
William R. Staats Co
Stein Bros. & Boyce
2,500
3,000
including Mr. Powers.
3,000
5,000
Arthur T. O'Leary, attorney for the plaintiffs, also
signed the stipulation
consenting to its entry.
The plaintiffs had charged that the block ot 116,400
shares, giving control of the Thompson corporation, was issued under fraud
1,500
W. E. Hutton & Co
4,000
Jackson & Curtis
Kalman & Co
2.000
Lazard Freres & Co
5,000
son
corporation, the Maguire company, Russell Maguire, President of both,
and five other present and former directors
of the Thompson corporation,
1,500
3,000
Stern, Warn pier & Co., Inc
Watling, Lerchen & Co
Wells-Dickey Co
White, Weld & Co
Whiting, Weeks & Stubbs, Inc.
2,000
and duress and that Mr.
4,770
The Wisconsin Co
5,000
of
1,000
Dean Witter & Co
2,500
1,000
Mackubin, Legg & Co
McDonald-Coolldge <fe Co
McDonald, Moore A Hayes,
Inc.
...
2,000
_
.
.
Maguire was attempting to strip the corporation
a large portion of its funds
"through the device of cash dividends" for
his "personal profit."
They had called attention to a dividend declared
and paid on Sept. 16 and had said there was
likelihood of another declaration
before the end of the year.—V.
151, p. 1738.
—V. 151, p.3101.
Standard
Corp.—Court
The order was entered with the
consent of Eugene D. Powers, attorney
for the defendants in a suit
brought by Thomas A. Kane and Evelyn A.
Thompson, executors of the estate of Colonel Marcellus H. Thompson,
suing as minority stockholders in the Thompson corporation, for a
perma¬
nent order
restraining the payment of dividends on the 116,400 shares and
voiding the issuance of this block of stock.
The defendants are the Thomp¬
2,000
Inc
Arms
Supreme Court Justice John F. Carew signed on Dec. 4 a consent order
temporarily restraining the corporatiion from paying dividends on 116,400
shares of its capital stock issued In
1939 to Russell Maguire & Co., Inc.
As
a result, a
hearing which had been scheduled on the suit was adjourned for
two months, the injunction
holding in the meantime.
2,000
2,000
..
Dividend—
Directors have declared a dividend of $1
per share on account of accumu¬
lations on the 7% convertible
preferred stock, payable Dec. 1 to holders
of record Nov. 20.
Dividends of $7 per share were paid on Dec. 15, 1939,
Dec. 30, 1938 and on Sept. 16, 1937.—Y.
151, p. 3256.
redemption, of 75,000 shares of first preferred
(2) Balance will be added to the general corporate
outstanding.
3411
Tennessee Central Ry.—Accumulated
Gas
& Electric
Co.—Electric Output—
Thomson Electric Welding Co.—To
Pay SI Dividend—
Electric
output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week
ended Nov. 30, 1940, totaled 142,990,257 kilowatt hours, as compared with
125,061,413 kilowatt hours for
the corresponding week last
year, an increase of 14.3%.—V. 151, p. 3255.
Directors have declared a dividend of $1
per share on the common stock,
payable Dec. 2 to holders of record Nov. 26.
Dividend of $1.50 was paid
on Sept. 3,
last; $1 on June 1, last, and 50 cents on March 1, last, and on
Dec. 1, 1939.—V. 151, p. 1440.
^
Stewart Warner Corp.—Government Contract—
Tonopah & Goldfield RR.—Receiver Sought—
Suit
Company recently received a contract totaling $1,574,752 to manufac¬
artillery ammunition components for the U. S. Government.—V.
151,
3255.
for a receiver for the
company has been filed in'the TJ. 8. District
Court at Carson City, Nev.,
according to Robert C. Kitchen, attorney for a
minority stockholders of the company.
The petition asks for the
appointment of a receiver and liquidation of the
company.
The
ture
p.
group of
Sundstrand Machine Tool Co.—SI Dividend—
is
Directors have declared a dividend of $1 per share on the common
stock,
payable Dec. 20 to holders of record Dec. 10.
Like amount was paid on
Sept. 20, last, and 50 cents on Jan. 20 and March 20, last, this latter
being
the first dividend paid since Dec.
28, 1937, when 25 cents per share was dis¬
tributed.—V. 151, p. 568.
a
subsidiary of Tonopah Mining Co. of Nevada.—V. 145,
«
Toro Mfg.
a
Swan-Finch Oil
also
distributed.
the registration of corporation's
capital stock should
be suspended or withdrawn will be reconvened on Dec.
9 at the Commission's
regional office, San Francisco.
The extensive
1939
$26,328
$10,190
1938
415
266
49,275
66,016
$76,471
7,462
"6", 858
Amount transferred to surplus appro¬
priations for red. of pref. stock
Prov. for
N. Y.
City sales tax,
V. Criswell, have been elected directors of
company, G. H. Kann, President of the company, announced on
Nov. 28.
Other directors and officers of the
company were re-elected.
Mr. Kann also reported that the total of
shipments and unfilled orders
of Triumph Explosives, Inc. as of Nov.
-
*
-
-
-
above the total at this time
$47,014
$49,275
1939
Liabilities—
230,617
224,229
7,164
6,749
41,345
41.345
owned for'n sub.
company
Invest.
In
partly
owned sell'g co..
Advs. to sub.
2,500
172,124
172,124
1,834
1,080
red. of pref. stk.
3,583
Operating surplus.
47,014
2,596
3,483
7,905
10,015
$952,332
$974,744
$952,332
—
General taxes
income
b Utility oper. income
$430,838
169,684
23,994
36,171
50,000
Union Water Service Co.
1,733,153
269,888
$158,321
208
$1,911,635
2,452
$1,914,087
430,000
$1,484,087
9,156
$1,520,937
6,904
$113,961
Interest deductions
Net income
$122,094
$1,474,931
70,000
1,338,953
Interest
$1,950,937
430,000
$122,696
$1,514,033
70,000
1,338,937
601
Preferred dividends
—
Net income
Preferred stock dividends
holders to deposit
The company has therefore filed proceedings in the U. 8.
District Court for the Southern District of Florida and will seek to bring
a
1265.
reorganization.—V. 151,
'"V
p.
3256, V. 150,
p.
3838, 2898, V. 127,
Directors have declared
an
(& Subs.)—Earnings—
1940
$516,782
297,866
$513,538
267,506
$499,893
$218,916
$246,032
$236,190
1939
1938
263,703
971
557
987
$219,887
137,857
4,347
190
$246,589
137,876
3,467
$237,177
140,786
$77,492
36,000
19,800
$105,056
36,000
14,850
930
190
190
$
95,270
33,000
39,600
United-Carr Fastener Corp.—Extra Dividend—
At
Taylor Aviation Co.—Initial Dividend—
initial dividend of 20 4-5
the class A preferred stock, payable Jan.
Inc.—Registers with SEC—
Consolidated Balance Sheet Sept. 30, 1940
their securities.
about
on
Assets—Plant, property, rights, franchises, &c., $5,470,845; investments
$28,708; cash, $164,086; accounts and notes receivable,
(net), $71,483; accrued unbilled revenue, $13,373; materials and supplies,
$25,436; prepaid insurance, &c., $2,260; deferred charges, $15,142; total,
$5,791,332.
Liabilities—$6 cumulative preferred stock, $600,000; common stock
(9,900 shares of no par value), $820,000; 1st lien 514% gold bonds, series
A, $2,506,500; accounts payable, $6,938; customers' meter deposits and
accrued interest thereon, $6,090; general taxes accrued, $7,819; Federal and
State income taxes accrued, $18,897; interest on long-term debt accrued,
$57,441; miscellaneous accruals,
$9,078; deferred liabilities, $258,365;
reserve
for retirements & replacements, $865,233; contributions for ex¬
tensions, $88,606; capital surplus, $106,472; earned surplus, $439,894;
total, $5,791,332.—V. 151, p. 1441.
Tampa Union Terminal, Inc.—Plan Not Operative—
p.
Pay Ih-Cent Div.—
and special funds,
William H. Foster, President, advises holders of the company's 6Ms and 7s
some
long-term debt
Common stock dividends
that the company has not been able to consummate a voluntary recapitaliza¬
originally planned because of the failure of
on
Miscellaneous interest (net)
Amortization of debt expense
a No
provision made for excess profits tax pending determination of
liability, if any. b Before retirement reserve accruals.—V. 151, p. 3101.
tion as
expenses and taxes
Gross income
$1,948,318
2,619
$158,529
35,833
revenues
Net earnings
Other income (net)
416,774
258,617
$115,201
1,239
accruals
Common dividends
$4,626,750
$151,034
35,833
Gross income
Operating
Operating
1940—12 Mos.—1939
$5,015,652
2,024,174
293,310
433,035
353,499
44
b Gross income
res.
$398,929
156,026
19,827
41,758
22,998
$150,990
Other income (net)
the
on
See list given on first page of this department.—V. 151, p. 2812.
12 Months Ended Sept. 30—
1940—Month—1939
revenues
Operation
Retire,
share
Pay 10-Cent Common Div.—
Union Premier Food Stores,
for depreciation of $221,256 in 1940 and $218,094 in 1939*
of $16,116 in 1940 and $15,451 in 1939 —V. 151,
p. 3101.
Maintenance...
Federal
a
paid on Nov. 18, Oct. 1, July 1 and March 16, last, and
Dec. 18, Oct. 17 and July 17, 1939.—V. 151, p. 2665.
Total
Tampa Electric Co.—Earnings—
a
dividend of 45 cents
amounts wete
Period End. Oct. 31—
Operating
a
Directors have declared a dividend of 10 cents per share on the common
stock, payable Dec. 18 to holders of record Dec. 10.
Dividends of like
reserve
reserve
declared
Union Investment Co.—To
17,584
$974,744
Total
__
for
199,940
Prepaid insurance,
taxes, Ac
29
a dividend of 75 cents
per share on the common
payable Jan. 1 to holders of record Dec. 6.
This compared with
60 cents paid on Oct. 1, July 1 and April 1, last; dividend of 50 cents
paid
in each of the four preceding
quarters and 40 cents on Jan. 3, 1939.
Divi¬
dends of the company in
1928 were $2.40 a share, in 1937 payments
amounted to $3.20.—V. 151, p. 2515.
49,275
2,751
Nov.
Union Carbide & Carbon Corp.—To
1,050
125,871
approp.
on
stock,
152,169
Capital surplus.
Surp.
Pay 45-Cent Dividend—
Directors
Directors have declared
15,200
203,051
After
10,428
8.571
come taxes
140,502
Foreign drafts rec.
Notes receivable..
y
34,361
22,514
162,173
Accts. receivable
After
41,467
security taxes..
Res.—Federal in¬
Corp.—Personnel Manager—
capital stock, payable Dec. 14 to holders of record Dec. 10.
Dividends of
25 cents was paid on Sept. 16, last, and dividends of 15 cents a share
were
paid on July 12 and April 5 of this year.—V. 151, p. 2959.
^
Accts. payable and
443
Cash
z
$517,194
165.400
10,746
Inventories
To
1939
162,275
12,617
co..
Sundry investm'CS
Treasury stock...
z
1940
$517,194
sundry accruals.
Fed. A State social
$152,835
Common stock
Preferred stock
Bldgs., mach. A
equipment, Ac__
Invest, in whollyy
25, 1940, was approximately 215%
ago.—V. 15i, p. 1914.
Alexander Calder, President has announced the
appointment of Malcolm
Black as personnel manager. The post, which is one
newly created by the
company, will involve both employee and public relations.
$66,016
Balance Sheet June 30
1940
$152,83 5
.
a year
Union Bag & Paper
8,480
..
Assets—
year ago, were shifted
Triumph Explosives, Inc.—New Director—
1,407
Dec., 1934 to June, 1939
Land
a
Van Dyk MacBride and R.
19,735
stock
Surplus.
than
this
property
on common
more
borugnt to a temporary halt by court proceedings
brought against the Commission by the bank holding company.
Since then examiners have been going
thrdpgh the books of the corpora¬
tion in preparation for resumption of
hearings.—V. 151, p. 1158.
$76,060
10,044
12,257
Non-recurring loss
hearings, begun here
to California and then
loss$51,461
1,083
126,438
$76,017
Total surplus
Dividends on preferred stock
on sale of non-oper.
Hearing—
determine whether
1940
Operating surplus June 30
Dividends
Transamerica Corp.—SEC
The Securities and Exchange Commission
announced Dec. 4 that the
hearing in the proceeding under the Securities Exchange Act of 1934 to
Corp.—Earnings—
Years Ended June 30—
Net profit for year
Profits Canadian company
a dividend of 50 cents per share on its common stock on
record Nov. 25.
This compares with 30 cents paid
1, 1939 and $1.25 paid or Sept. 27, 1938, and on Sept. 25, 1937.
149, p. 418/, 3731.
holders of
Dec.
on
dividend of 10 cents per share on the common
This will be the first
was
Co.—Pays 50-Cent Dividend —
Company paid
Dec. 2 to
Superior Oil Corp.—To Pay 10-Cent Common Dividend—
Directors have declared
2708.
.
—V.
stock, payable Dec. 28 to holders of record Dec. 14.
dividend paid since Dec. 28, 1938 when 10 cents
—V. 151, P. 2957.
company
p.
.
1
to
cents per
share os
to holders of record Dec.
a meeting of the board of directors held Nov. 26, it was voted to
pay
the common stockholders of record at the close of business on Dee. 5,
1940, a regular quarterly cash dividend of 30 cents per share and an extra
dividend of 80 cents per share, payable Dec. 16, 1940.
Extra of
was paid on Dec. 15, 1939.—V. 151, p. 2665.
16-
cash
30 cents
Telephone Bond & Share Co.—Dividends—
United Gas Improvement
The board of directors at a meeting held Nov. 26 authorized payment of
dividends of 28 cents per share on the 7% 1st pref. stock and 12 cents per
share on the $3 1st pref. stock, payable Dec. 16, 1940 to holders of record
Dec. 4. 1940.
Arrears on Jan. 15 will amount to $54.90 and $23.10,
e
spectively.—V. 151,
p.
1441.
.
Co.—Weekly Output —
The electric output for the U. G. I. system companies for the week just
closed and the figures for the same week last year are as follows: Week ended
Nov. 30, 1940, 116,378,285 kwh.; same week last year, 109,500,630
kwh.;
increase, 6,877,655 kwh. or 6.3%.—V. 151, P. 3257.
The Commercial & Financial
3412
Balance Sheet
United Carbon Co. (& Subs.)
Land, bid##., eq'p
&c—>--26,737,391 25 ,448,833
wells,
Trade-marks, con¬
tracts,
Ac1
Notes receivable—
887,964
Accts.
1,922,524
298,485
785,531
1,111,700
<fcc_ 1,069,901
-
Inventories
Other Invest.,
depletion
16,159,691
for
possible
Res. for Fed. taxes
Corp. stock, &c.
235,803
404,000
305,680
170,639
3,295,422
193,381
3,156,606
Surplus-.
182,780
Deferred charges—
239,057
Minority Interest-
880,200
14,822,338
281,555
losses, &c-
,052,480
182,780
880,200
260,780
bon Black
Miss.
Exp't
River
—
Fuel
.33,224,323
Total
31,639,783!
forging press
& Foundry Co.—Govt. Contract—
build a
recently awarded a contract totaling $1,972,182 to
for the U. 8. Government.—V. 151, p. 1293,
United Public Utilities
Directors have
Delisting—
/v
Commission Nov. 29 announced a public
Regional Office, on the application of
Securities and Exchange
The
hearing
Dec. 23 at its Chicago
to withdraw its common
on
stock (no par) and $2.40 cumulative
and registration on the Chicago
stated, among other things, that trans¬
Chicago Stock Exchange are small and
infrequent and that the benefits from the listing do not warrant the ex¬
penditures of time and money necessary to comply with the rules and
regulations covering listing and registration.—V. 151, p. 2960.
company
(no par), from listing
preferred stock
Stock Exchange.
The application
actions in these securities on the
Operating revenues
—
■
...$20,599,256 $19,129,290
a Balance for interest
——
5,851,341
5,528,896
Balance for dividends and surplus
—...
4,087,368
3,799,557
a After depreciation and including non-operating income (net).—V.
151,
.
2960.
'
.
Co.—Virginia Commission Ap¬
Financing—Hearing Postponed by SEC—
Virginia Public Service
meeting held Nov. 20, approved retirement
15,625 shares of B common stock previously held in the treasury and
reduction in capital by $15,625;
They also voted to eliminate all of the
$1.40 convertible preferred which has never been issued.
John T. Beatty, President, reported that operations have been at capacity
for the first quarter of the company's fiscal year—the three months ended
Aug. 31.
Net profit for the period was about $87,000, or 61 cents each on
143,000 common shares.
The Marine Midland Trust Co. of New York has been appointed New
York transfer agent for 143,000 shares of the common stock.—V. 151, p.
of
proves
Commission has conditionally approved the
of $28,000,000 of bonds and $8,500,000
Virginia Corporation
The
company's proposed refunding issues
serial notes.
An SEC hearing on the
way
company's application scheduled to get under
postponed subject to call of the examiner.
It is
requested by the company in order to
conditions imposed on the proposed financing by the Virginia
Dec. 2 has been
understood the postponement was
study the
Commission.—V. 151, p. 3258.
Vogt Mfg. Corp.—Extra
3103.
The common
Corp.—Listing & Registration—
removed from listing and registration
Curb Exchange, —V. 151, p. 2812.
stock, par $1, has been
by the New York
Dividend—
dividend of 40 cents per share on the
Dec. 19 to holders of record Dec. 10.
Regular
quarterly dividend of 20 cents was paid on Dec. 2, last.—V. 150, p. 3069.
Directors have declared an extra
common
stock, payable
Wacker-Wabash Corp.—Earnings—
Co.—To Pay 25-Cent Dividend—
U. S. Potash
Directors have declared a
-6 Mos. Ended-
31, '39
$260,891
Oct.
dividend of 25 cents per share on the common
stock, payable Dec. 31 to holders of record Dec. 14.
This compares with
$1.50 paid on Sept. 28, last; 25 cents paid in three preceding quarters;
$1.25 paid on Sept. 28, 1939, and dividends of 25 cents per share paid on
June 30 and March 31, 1939.—V. 151, p. 1587.
Income
of
U. S. Rubber
Co.—Government Contract—
$1,027,000 to manu¬
United
Refining
& Mining Co.—
1938
1937
$5,369,790 y$7,876,119
2,113,805
2,162,417
1939
$6,340,489
2,122,179
2,089,864
$4,568,499
requirements.
1,364,848
$4,250,625
1,364,848
$3,255,985
1,364,848
$5,713,702
1,364,848
$3,203,651
$2,885,777
$1,891,137
$4,348,854
31—
Gross earnings
Property reserves
Net earnings---
Pref. div.
..
— .—
Net
15,417
17,603
33,020
$255,905
201,974
72,748
$501,379
403,254
145,493
5,190
72,745
2,690
legal expenses on lot No. 8L
-
$5.46
$3.58
$8.22
x After
deducting all charges and taxes, including Federal income and
excess profits taxes, but before deducting property reserves,
y 1937 earnings
include quotational gains of $326,208 realized from sales of metals at prices
in
excess
$6.06
of their carried inventory
values
554
554
$52,559
1,109
$30,687
34,640
$20,763
$51,450
41,835
76,475
$65,327
operating loss
$21,317
$62,598
$127,925
Interest on investments
Net loss before interest charges
Interest expense
Net loss.
-
Dividends—
United Stores
have declared
a
dividend of $7.50
1939.
After current payment arrears
share.
per
—V.
par
1940
151, p. 570.
1939
$1,607,715
before Federal income
profits taxes
'/•f:'. ;
■
1940
10 Months Ended Oct. 31Sales..
.-
Net profit-—V. 150, p. 3681,
1939
$2,704,000
191,525
Upressit Metal Cap
Corp.—Accumulated Dividend—
dividend of $4 per share on the $8 cumu,
redeemed parking coupons..
Earned surplus
on
1,
— -
$1,213,568
555,577
191,058
Direct taxes
Prop, retire, res. approp.
91,000
revenues-1-_
$375,933
474
Other income (net)
1940—12 Mos.—1939
$1,150,774 $14,310,432 $13,411,466
586,409
6,246,812
5,799,211
175,194
2,309,672
2,155,119
91,000
1,092,000
1,092,000
Amortiza'n
p.
Ltd. (& Subs.)
1939
of leasehold
17,436
$8,446,736
$6,979,229'
$8,499,386
155,322
155,322
147,198
83,262
212,042
212,042
103,665
120,899
254,536
254,536
68,583
68,583
1,825
786
8,937
$8,747,431
$7,210,888
$8,692,669
61,894
483,769
110,422
484,913
152,720
326,122
34,217
34,217
34,198
2 9,160
bl7f,004
2,101",887
1,256,195
1,723,656
1,576,475
Net income
Divs. on pref. shares
Divs. on com. shares
$6,065,664
$5,295,979
$6,284,968
560,818
$6,463,633
460,818
S hares common stock
724,004
534,092
2,896,016
724,004
$6.58
Incidental losses on sales
of raw materials
Miscellaneous income
Dividends received
disposal of
Loss (net) on
capital assets
$4,365,136
Total
5,054
4,678
Interest
$4,369,814
2,299,319
$4,667,002
2,268,341
300,000
182,642
300,000
192,980
$69,019
$1,916,019
$1,577,515
pref. stocks for the period
1,704,761
1,704,761
$211,258 def$127,246
Balance
1940, amounted to
$7,955,551.
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on Oct. 1, 1940.
Dividends on these stocks are cumulative.—V. 151, p. 3258.
accumulated and unpaid to Oct. 31,
Vapor Car Heating Co., Inc.—Extra Dividend—
an extra divdend of $1 per share in addition
quarterly dividend of 50 cents per share on the common
stock, both payable Dec. 10 to holders of record Dec. 2.—Y. 149, p. 3280.
Directors have declared
to
2102.
premises
$4,661,948
$148,088
_
Net income
Dividends
al08,278
Ended Aug. 31 {Incl. Subs.)
1938
1937
Net sales
$78,678,677 $68,325,810 $67,201,413 $63,969,514
Cost of goods soid.
57,776,645
50,640,488 48,033,743 45,940,917
Seuing & gen. expenses. 11,644,744
9,868,343
9,937,357
8,907,809
Depreciation.
810,552
837,750
730,927
678,187
393
$298,564
189,428
25,000
15,117
189,028
bonds-
Other int. & deductions.
a
1,685
258,115
39,239
(deficit)
(Hiram) Walker-Gooderham & Worts,
$298,171
25,000
14,291
$376,407
Gross income.
Int. on debenture bonds
Divs. applic. to
_
Total
$7,566,639
———
-
on
bank loans.
_
Debenture interest
a
<
..$7,566,639
x After reserve for doubtful
notes and accounts of $3,273.
y To cover
past due special assessments, including penalties and interest,
z After
reserve for depreciation of $618,186.
a After credit of $142,911 repre¬
senting discount on mortgage income bonds reacquired.
Note—No provision for Federal normal and excess profits taxes has
been made by the company since no taxable income is indicated in the
company's income tax returns. The deduction for depreciation as reported
in the income tax returns is subject to final approval by the Treasury
Total
Balance
(& Subs.)—-Earnings-
1940—Month—1939
Period End. Oct. 31—
mtge.
8,942
adv. & un¬
April 1, 19^8.—V. 149, p. 3732.
Utah Power & Light Co.
on
998
7,022,875
Funded debt...
Rents collected in
1940
July 1 and April 1 last, and on Dec. 20, Oct. 2, July 1 and April 1, 1939,
a dividend of $3 was paid on Dec. 21, 1938 and dividends of $2 were paid
Int.
99,656
Consolidated Income Account for Years
The directors have declared a
Net oper.
reorganization exps—
fund dep. pay. July
1, 1940 for retire, of 5%
mtge. income bonds
equipment..z7,135,875
Department.—V. 149
175,753
lative preferred stock, par $100, payable on account of accumulations,
Dec. 20 to holders of record Dec. 9.
Dividends of $2 were paid on Oct.
Operating revenues
Operating expenses..
Land, building &
due
Bond pur.
9,002
Other assets
past
Res. for
$2,366,000
2276.
Oct. 1, July 1 and
127,286
assessm'ts
160,458
$100, payable
$6.50 was paid on
on this issue will amount
United Stove Co.- -Earnings-
on
yl03,059
.
5,839
59,316
being pro+ested. incl. penal¬
ties and interest
1,101
share on account of
$1,513,756
3 Months Ended Oct. 31—
Net profit after charges but
excess
Special
due
Prepd. exps., defd. chgs., &c .
$17,792
—
salaries
Accrued interest---.--
Capital stock (par $1)
Capital surplus
to $14 per
and
bond, 4%
1943, at cost
impr.
Accrued wages &
Accrued taxes—-
City of Chicago South Water
Corp.—To Pay $7.50 Dividend—
accumulations on the $6 cumulative preferred stock,
Dec. 27 to holders of record Dec. 13.
Dividend of
28,
Inventories, at cost
Title & Trust Co
dividend of $1.50 per share on the common
stock, payable Dec. 20 to holders of record Dec. 12 and another dividend
of $1 per share payable Jan. 15 to holders of record Dec. 12.
Dividend of
$1.50 per share was paid on Oct. 15, last; dividends of $1 were paid in three
preceding quarters; $1.50 paid on Dec. 22, 1939 and quarterly dividend
of $1 was paid on Oct. 14, 1939.—Y. 151, p. 1914.
Dec.
.
Accounts payable.
Assets deposited with Chicago
Directors have declared a
Directors
$163,067
x22,660
4,589
hand
Receivables.
St.
30; 1940
Llabillties-
Assets—
Cash in banks and on
Jan. 1,
2,500
$31,241
Balance Sheet April
Balance------
Earns. per sh. on 528,765
shs. of com. stk. outst.
$534,399
$245,474
201,279
Taxes and
1940
$6,690,678
10 Mos. End. Oct.
x
Smelting,
States
2812.
Total
Apr. 30, '40
$273,508
sold &
electricity & lamps
other income deductions
Cost
.
Company was recently awarded a contract totaling
facture raincoats for the U. S. Government.—V. 151, p.
1939
1940
12 Mos. Ended Oct. 31—
p.
Co.—Class B Stock Retired—
United States Plywood
15 to
three
Virginia Electric & Power Co. -Earnings—
2666.
Stockholders at the annual
30 dents per share on the
holders of record Dec. 9.
Dividend of
had been previously declared will be paid on Dec.
holders of record Dec. 1.
Dividends of 40 cents were paid in the
50 cents which
Corp.—Dividend—
declared a dividend of 75 cents per share on the S3
dividend series preferred stock and 6854 cents per share on the $2.75 divi¬
dend series preferred stock of the corporation.
This dividend is payable
Dec. 16, 1940, to holders of record at the close of business Dec. 2. 1940.
A
similar dividend was paid on June 15, 1940.
Dividends are in arrears.
United Specialties
Co.—Special Dividend—
declared a special dividend of
stock, payable Dec. 15 to
common
Directors on Nov. 26
—V. 151, p.
151, p. 2667.
Viking Pump
.33,224,323 31,639,783
Total...
Represented by 397,885 no par shares,
z Includes provision for ac¬
cruals, Federal and State taxes.
The income statement for the 9 months ended Sept. 30 was published in
V. 151, p. 3257.
United Engineering
—V.
.
preceding quarters; 75 cents paid on Dec. 15, 1939, and dividends of 25
cents per share were paid on Sept. 15, June 15, and March 15, 1939.
y
Company was
(& Subs.)—Earnings—
1939
1938
1937
Netprofit
_a$l,044,248 x$l,071.939 x$l,254,895 x$l,000,785
Earnings per share—_ >
b$1.52
y$1.53
y$1.79
z$l,44
x After
depreciation, taxes and other charges,
y On 700,280 shares
(par $5) capital stock,
z On 697,480 shares capital stock
.a After pro¬
viding for taxes, depreciation and other charges, and reserving for un¬
determined losses attributable to prevaling war conditions, b Approximate.
1940
30—
Res.
858,703
of Car¬
Cap. stock
$
Res. for deprec. &
,695,654
366,323
receivable--
Cash
S
Common stock.. 11,952,538 11,952,638
z Accounts payable
630,151
628,941
Dividends payable
298,414
298.414
Misc. defd liabils.
31,913
42,829
y
7, 1940
Vick Chemical Co.
3 Mos. End. Sept.
1939
Liabilities—
$
5
Assets—
Sept. 30 —
1940
1939
1940
Dec.
Chronicle
the regular
Amort, of debt discount
and expense
Premium
on
,
238,848
70,092
$8,842,328
107,937
228,922
152,194
56,562
debs, red..
Amt. required to reduce
investments
'
a256,604
c
Miscell. deductions
Prov. for income taxes.
_
2,896,016
Earnings per share
$7.60
a To market value at Aug. 31, 1937.
460,818
1,443,433
724,004
$8.29
2,896,016
724,004
$8.04
b Includes $111,810 for exchange
subsidiaries
subsidiary
adjustments arising from conversion of net assets of Scottish
and $59,194 for incorporation and preliminary expenses of a
Commission and expenses in connection
cumulative dividend redeemable preference shares.
company,
c
with issue of 100,000
Volume
The Commercial & Financial Chronicle
151
Note—The company's proportionate share of the
earnings of subsidiary
company not wholly owned and not consolidated, for the fiscal year ended
Aug. 31, 1940, exceeded the dividends received from such subsidiary dur¬
ing the same period by an amount of $42,964.
Consolidated Balance Sheet Aug. 31 (Incl. Subs.)
1940
Assets—
c
Receivables
Liabilities—
2,259,457
6,245,524
Accounts
suit, value
310,857
287,247
Bal.
739,717
864,209
130,239
10-yr. 4H%
108,094
deb.
3,954,000
onconsol
Res
Total
-V.
7,500,000
886*465
,m_
1,184,792
|
Total
Wheeling Steel Com.—Preferred Dividend—
reserve for depreciation of $8,761,014 in 1940 and
b Represented by 560,818 no par shares,
c After
reserves,
d Includes $2,645,546 United States taxes
paid on goods in
branch warehouses unsold in 1940 and
$1,314,711 in 1939.
e
Held by
trustee for United States
subsidiary under option at cost to an employee,
2,773 shares in 1940 and 3,011 in 1939.
f Represented by 724,004 no par
shares.
equity in subsidiary
wholly owned and
company not
not consolidated has been increased since dates of
acquisition
as a
result of
dividends, by an amount of $282,269.
A portion of the assets
of this company is represented
by spirits in Scotland.—V. 151, p. 2960.
less
Waldorf System, Inc.—Extra and
Nov. 25 declared
a
quar¬
terly dividend of 20 cents per share on the common stock, no par value,
both payable Dec. 20 to holders of record Dec. 10.
Previously regular
quarterly dividends of 15 cents per share were distributed.
Extra dividend
of 15 cents
was
paid
Fears End. Sept. 30—
1940
1939
1938
1937
$2,678,655
2,414,089
75,000
Gross income
$2,276,301
2,216,432
75,000
$1,870,641
1,911,806
78,750
$2,933,439
2,782,630
81,250
Reserve for Federal taxes
$164,566
$697559
loss$15,131 loss$119,914
Balance Sheet Sept. 30
Assets—
1940
1939
stock in process.
1940
1939
&
$5,593,400 55,593,400
payable
490,281
591,530
834,982
Reserve for taxes..
61,961
56,545
10,948
Cotton acceptances
106,350
216,996
1,684,466
1,627,069
576,813
741,378
106,350
76,530
73,178
Depreciation
Deficit
61,983
.57,359,645 $7,200,344
Total
$7,359,645 $7,200,344
—V. 149, p. 4046.
Waukesha Motor
Co.-—Earnings—
1940
1939
1938
1937
$92,506
$0.23
Earns.per sh.on cap.stk.
$71,487
$0.18
$25,191
$152,479
$0.38
$0.06
—V. 151, P. 2366.
a
year
end dividend of $1.25
per
on
the
stock, payable Dec. 24 to holders of record Dec. 12.
Dividends
Dec. 23, 1939; one of $1 was paid on Dec. 24,
1938, and an initial dividend of $1 was paid on Dec. 24, 1937.—V. 149,
p. 3733.
of like amount was paid on
1940
1938
1937
$4,448,504
3,983,455
$4,503,547
3,970,386
328,504
$4,707,150
4,204,251
330,396
$176,255
$134,653
$204,657
$162,773
Dr21,713
exps
1939
$4,662,329
4,128,387
357,687
Cost of goods sold
Dr 12,935
Dr22,150
23,613
Net operating income.
Other income, less other
340,126
Net income before Fed¬
eral income taxes
$154,543
$121,718
Preferred dividend
20,304
$182,507
26,643
$101,414
$155,864
34,033
82,003
Net income
$186,386
28,039
$126,504
33,565
Prov. for Fed. inc. taxes.
82,003
34,431
82,003
$158,760
34,533
133,246
27,626
out¬
410,016
standing ($1.25 par)..
per share
Earnings
410,016
$0.16
$0.22
_
410,016
410,016
$0.30
$0.29
Balance Sheet Oct. 31
Assets-
1940
1939
Liabilities—
1940
1939
Current assets
Current liabilities,
$384,616
$109,598
Other assets..
y
Conv. pref. stock
441,248
539,190
x
Common stock..
512,520
512,520
$1,579,488 $1,251,766
8,000
Property not used
in business
assets
109,866
136,368
(less
depreciation)
Deferred charges A
Total
560,386
Capital surplus
203,106
229,900
24,892
expenses
Earned surplus
547,697
660
26,582
33,614
z
Treasury stock..
Dr58,016
$1,925,352 $1,651,648
Total
$1,925,352 $1,651,648
Represented by shares of $1.25 par.
y Represented by 32,685 (39,940
no par shares,
z Represented by 5,845 shares of preferred stock.
—V. 151. P. 2367.
Public
Service
Co.
(& Subs.)—Earnings—
12 Mos. Ended Oct. 31—
Operating
1940
revenues
—
Balance for interest
Balance for dividends and surplus
a
p.
$2,512,801
$2,385,769
Wisconsin Central
Period End.
Freight
Oct.
31—
revenue
Passenger
Total
revenue
re venue
revenues
Ry.—Earnings—
1940—Month—1939
1940—10 Mos.—1939
$1,280,062
$1,241,962 $10,653,953
$9,798,220
20,317
19,450
240,080
249,433
104,177
106,456
814,836
776,231
$1,404,556
of way & struc¬
tural expense
Maint. of equipment
$1,367,868 $11,708,869
$10,823,885
203,116
155,868
28,594
468,007
37,274
157,204
29,135
455,368
36,537
288,004
4,360,944
372,035
Net railway revenues.
Taxes
$511,696
91,891
$550,622
83,097
$3,584,029
801,158
$3,282,608
784,274
$419,804
49,790
31,697
$467,525
37,736
37,697
$2,782,870
393,841
312,992
$2,498,334
357,228
$338,317
Dr3,986
$392,091
Dr2,486
$2,076,038
Dr37,714
$1,769,829
Z)r43,864
$334,331
$389,606
9,590
$2,038,323
91,018
$1,725,966
8,671
$325,660
$380,015
$1,947,306
$1,626,771
Transportation
exps
139,003
1,470,388
1,633,470
1,258,368
1,585,732
285,078
4,059,425
General expenses
Net after rents.
s.
"
.
Income before interest
Int. being accrued & paid
352,675
371,277
bonds, Ac.-.
—V. 151, p. 2669.
on
99,195
(& Subs.)—Earnings —
1940
1939
$9,624,838
2,937,260
$9,133,074
2,901,706
501,083
1,108,213
1,300,555
726,250
535,276
1,099,750
1,255,080
$3,051,477
52,673
$2,911,842
Drl,629
$3,104,150
1,067,420
146,814
16,577
Amortization of abandoned street railway property
50.000
Interest charged to construction.
Cr4,436
Miscellaneous deductions
*
44,370
$2,910,213
Operating re venues
OperationMaintenance
Depreciation...-.
Taxes
Net operating income
Other income
Gross income
429,420
Interest on funded debt..
Amortization of debt discount and expense
Other interest
1,077,420
...
Net income..
—V.
$1,783,406
148,366
15,325
50,000
Crl6,444
47,131
$1,588,415
151, P. 3104.
Woodward
pany
Iron
Co.—Bonds
has sold privately
an
Sold
Privately—The
com"
issue of $4,750,000 1st mtge
bonds and $2,000,000 notes to 12 institutions in the South
and East.
Negotiations were handled by Kidder, Peabody
Ward, Sterne & Co. of Birmingham,
used to retire the outstanding 1st
mtge. 5s called for payment Jan. 1 next at 104 and int.
& Co., New York, and
Ala.
Proceeds will be
The notes
were
issued to banks.
new
bonds in three series; Series A, 2%%', series B, 3J£%, and
C, 3\i% are dated Nov. 1, 1940.
Series A ($800,000) matures
$200,000 semi-annually May 1, 1946 to Nov. 1, 1947, both inclusive.
Series B ($3,450,000) and series C ($500,000) mature Nov. 1, 1955.
In¬
terest on all series payable May 1 and Nov. 1.
City Bank Farmers Trust
Co., New York, trustee.
Series A redeemable at option of company on
not less than 30 or more than 90 days' notice.
Series B redeemable at
The
x
Western
$258,029
series
in 1939
a
$261,774
Provision for Federal and State income taxes
Went worth Mfg. Co,—Earninas—
Years End. Oct. 31-
Common dividend
Shs. of com. stk.
$5,666,030
3,280,261
Years Ended Oct. 31—
share
common
& admin,
$5,941,251
3,428.450
Wisconsin Public Service Corp.
Wayne Knitting Mills — Year-End Dividend—
Directors have declared
gen.
1940—10 Mos.—1939
$598,650
340,621
Balance before interest
P> & Fed. & State inc. tax
prepaid
1940—Month—1939
$611,081
349,307
Other income (net)
3 Mos. End. Oct. 31—
Net profit after charges
Fixed
Period Ended Oct. 31—
Gross earnings
Oper. expenses & taxes..
Rental of terminals
Total
Sell.,
C. Levin has been elected President of this
company, it was
on Nov. 29.
Joseph Newman was made Vice-President and
Treasurer; Samuel Lentz and Millard Bennett were named Vice-Presidents,
and Joseph Davis, Secretary.—V. 97,
p. 242.
announed
73,178
208,103
Deferred charges..
J
Harold
Traffic expenses
accounts
5,263
Cotton against ac► ceptances
2668.
Wilson Distilling Co., Inc .—New President, &c.—
Net after taxes
Hire of equipment.
Capital stock
Notes
915,029
.....
Cash&accts.rec..
for Exchanqe Extended—
Maint.
Liabilities—
Land, bldgs., ma¬
chinery, Ac..56,048,370 56,002,257
Mdse., material &
Investments
p.
All other
25,000
Net profit
Time
The corporation has notified the New York Stock
Exchange that the time
6% preferred stock may be exchanged for $5 cumul. conv.
prior preferred stock and common stock pursuant to the plan of recapitaliza¬
tion dated June 8, 1937, has been extended to March
15, 1941.—V. 151,
within which
-V. 151. p. 2813.
Wamsutta Mills- —Earnings
Operating expenses
Depreciation
a dividend of $1.50 a share on the old
6% preferred
on Jan 2 to holders of record Dec. 13.
Similar payments
Oct. 1, July 1, April 1 and Jan. 2, 1940, and on July 1, 1938.
Net earnings
Dec. 20, 1939.—V. 151, p. 2516.
on
were made on
Winnipeg Electric Co.—Earnings—
Larger Dividend—
extra dividend of 20 cents and
an
Directors authorized
stock, payable
62,406,434 58,752,683
4fter deducting
$8,163,026 in 1939.
on
3,073,652
paid last Sept.
1,187,428
for conting..
11,216,360 11,216,360
t Common stock.,17,330,180
17,330,180
Earned surplus...13,296,141 10,687,311
Directors
Total......... 3,305,550
$3,305,550 $3,073,652
150, p. 289.
Directors have declared an extra dividend of 50 cents per share in addi¬
tion to the regular dividend of 25 cents per share on the common
stock,
both payable Dec. 2.
Dividend of 75 cents per share was
b Preference stock
Note—The company's
164,002
1,706,044
Weyerhauser Timber Co.—Extra Dividend—
3,954,000
7,500,000
guar.
stock
For'nexch. adjust.
profits,
79,584
2,024,047
conv.
debentures
15-yr. 4H%
62,406,434 58,752,683
of
4,882
133,971
889
749,940
372,297
Surplus through re¬
valuation
864,208
21,980
921
749,940
373,794
Capital stock
274,618
consolidated
and trademarks.
Total
11,896
taxes pay¬
Earned surplus
Profit on sales
sub.
to
pay.
not
99,550
12,423
$50,988
7,513
able A accrued..
interests
288,243
Dividend payable.
Deb. int. accrued.
Shs. of H. W -G.
A W.,
Ltd.(cost)
Goodwill, processes
26,025
Miscell
1939
6,576
$58,793
Federal,
Ac., taxei
268,156
2,592,096
Misc.accts. pay. A
plant and equip.17,524,251 17,534,667
Invest's (atcost).. 3,563,092
3,500,090
e
89
122,482
2,853,546
Other assets
1940
Accounts payable.
Accrued ravroll...
Accrued
1,079,383
1,784,979
payable-r-
sundry accruals.
764,546
71,307
5,091
Capital assets
of Aug. 31
Liabilit es—
86,452
__
as
1939
$129,669
Advs. A lease sales
3,044,939
Trade
of
life ins. policies.
Prepaid A deferred
charges
a
Land, buildings,
Acc'ts receivable
$
1,100,000
1,101,661
Res. for all taxes.. 3,244,568
30,889,706 28,077,885
1940
$211,864
Notes receivable..
Accr'd int. ree'le..
$
Bank loans
Balance Sheet
Asse/s—
Cash in banks
1939
1940
S
1,557,725
7,696,706
d Inventories
Cash
1939
$
Cash
3413
After depreciation
1939
$2,162,848
486,645
168,203
$2,144,517
503,427
172,160
and including non-operating income (net).—Y. 151,
3104.
a
dividend of 37 K cents per share
on
the
common
stock, par $1, payable Dec. 20 to holders of record Dec. 7.
Like amount
was paid on June 15, last, and compares with 50 cents paid on Dec. 20,1939,
and 25 cents paid on July 6, 1939, and on Dec. 31, 1938, this last being the
first payment made since Dec. 28, 1937, when a quarterly dividend of 25
cents per share was distributed.—V. 151, p. 264.
Year Ended Aug. 31—
Net income after all charges
1940
$120,885
$0.15
1939
$207,119
• $0.26
Directors on Nov.
common
1938
$295,664
$0.37
29 declared
stock, payable on
V. 151, P.
an
initial dividend of $1
Dec. 23 to holders of record
a
share on the
on
Dec.
12.—
3104.
(F. W.) Woolworth Co.—Sales—
Period End. Nov. 30—
—V.
Surplus account year ended Aug. 31, 1940—Balance Aug. 31,
1939, $372,297, net income 1940, $120,885, total $493,182; dividends paid
$110,821, income tax prior years $8,567, balance $373,794.
Earned
outstanding first mortgage 5% bonds due Jan. 1,1962 have been
Payment wil.
called for redemption on Jan. 1 at 104 and accrued interest.
be made at the City Bank Farmers Trust Co., N. Y. City.
Sales.
Westgate-Greenland Oil Co.—Earnings—
Earnings per share
Bonds Called—
All of the
Initial Common Dividend—
Wevenberg Shoe Mfg. Co.—Dividends—
Directors have declared
option of company in amounts not less than $50,000 or multiples thereof, on
not less than 30 or more than 90 days' notice.
Series O not redeemable
until all series A and B paid in full or such provision made.
A sinking
fund is also provided for series B bonds.
'
1940—Month—1939
1940—11 M^os.—1939
$29,688,330 $26,951,234 $280889,170 $266500,345
151, p. 2813.
Worcester Salt Co. —Extra Dividend—
Directors
addition to
common
—V.
have
declared
an
extra
dividend
of
50
cents
per
share
in
the regular quarterly dividend of 50 cents per share on the
stock, par $100, both payable Dec. 16 to holders of record Dec. 9.
149, p. 3734.
The Commercial &
3414
The Commercial
Dec.
Financial Chronicle
7,
1940
Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY
minimums on the wide
produced in that country.
Rio coffee prices closed as follows:
naming definite
COMMERCIAL EPITOME
Friday Night, Dec. 6,
Coffee—On the 30th ult. futures
1940.
closed 3 to 8 points net
Renewal of demand for
Brazil account was the primary reason for the Saturday
improvement.
Of late Brazilian interests have been ac¬
cumulating a sizeable long position, wihch gives rise to the
belief in some quarters that as they sell their actual coffee
for dollars they are using their dollars as margin for larger
replacement purchases in the futures market.
The selling
to a large extent has been for trade account against the
purchases of actuals, although there has been some profittaking.
Rio 7s in Brazil today were 100 reis lower at 12,200
reis per 10 kilos.
Prices were otherwise unchanged.
On
higher for the Santos contract.
17 points net higher for the
with sales totaling 103 lots.
The market
was
active and higher during most of the session.
All
months, except the Dec. contract, were at new seasonal
highs.
Good roaster buying and the belief that Brazil
would fix minimum prices in line with those enacted by
Colombia, supported the market.
Although not confirmed,
it was said that Colombia had raised the initial minimum
the 2d inst. futures closed 10 to
Santos contracts,
certain growths. According to reliable
sources the export minimum on Manizales had been raised
from $12.28 per 70 kilos bag, to $12.97.
This meant an
increase of about 45-100c. per pound and the New York
price on that basis would be above 93^e.
On the 3d inst.
futures closed 2 to 5 points net higher for the Santos con¬
tract, with sales totaling 112 lots.
While the trading pace
and the extent of the advance were both less than in yester¬
day's session, coffee futures could still be classed as active,
and gains of 3 to 5 points during early afternoon, represented
new
seasonal highs again for all except the spot month,
Dec.
Sept., 1941, contracts were selling at 6.75c., up 3
points, after having been at 6.77c.
In Brazil official
Santos spot quotations were up 80G reis per 10 kilos on both
hard and soft 4s, which were quoted at 17.8 and 18.8 milreis,
respectively.
In the actual market here the new minimum
export prices on certain Colombian grades brought resale
coffees into the market and these were being traded.
Local
closing: Santos contracts: Dec., 6.22; Mar., 6.46; May,
6.55; July, 6.65; Sept., 6.77.
On the 4th inst. futures closed
6 points net higher to unchanged for the Santos contract,
with sales totaling 123 lots.
Gains of 8 to 10 points were
maintained in early afternoon.
Prices were about 100 points
above the seasonal lows made back in Aug., with about half
that gain chalked up during the last week—or since the
Inter-American coffee agreement was signed.
During the
first three hours over 20,000 bags were traded.
Outside
buying appeared in greater quantity than in many months.
Actuals were active with reports that the "new" Colombian
minimum prices had been paid, suggesting that resale coffee
had been pretty well cleaned up.
The prospect of higher
freights some time next year was a factor in the advance.
In Brazil the spot price on Rio 7s was off 200 reis to 12
prices
export
on
milreis per 10 kilos.
On the 5th inst. futures closed 12 to 7
points net higher
There
which
closed 4 points net higher. Coffee futures resumed the upward
march into new high ground after would-be buyers in early
trading waited for some reaction. Gains of 8 to 10 points
were registered just after the end of the third hour.
In
Brazil the Santos spot prices on soft 4s and Rio 5s were
up 100 reis to 18.9 and 15.9 milreis respectively.
Cost and
freight offers from Brazil were 10 to 15 points higher. Colom¬
bian coffees were quoted at just below the export "minimums" as most business went to resales and coffees already
here on consignment.
An active business was reported
taking place in primary markets as various interests covered
short
positions.
A national roaster started the buying
here more than a week ago and since then there has been
considerable follow up accumulation, it was said in trade
for the Santos contracts, with sales totaling 99 lots.
was one contract traded in the Rio March delivery,
CiF o8,
^
futures closed unchanged to 2 points off for
the Santos contracts with sales
totaling 73 lots. There were
division, which closed 2 to
5 points net higher.
Santos coffee futures on early gains of
0 to 7 points were at new seasonal
highs for the sixth con¬
secutive session.
Hedging and profit taking cut gains to
1 to 3 points by the end of the third hour.
In Brazil Santos
spot prices were up 300 reis on soft 4s and 400 reis on hard
five contracts traded in the Rio
fj?
offers
J
from
instances.
£ 7s were 200 reis higher.
Brazil
6.50 to
from
were
up
a
further
Well described Santos 4s
Cost and freight
10 points
were
held in
in
a
many
range
of
7.00.
Colombian coffees were being sold at
which for Manizales, are at least 9%.
nothing further has been heard on a second upward revision
munmuni
levels,
of Colombian
not
minimum
export prices. Although Brazil has
fixed minimum prices, traders believe Brazilian
could be advanced in line with "mild" coffees without
yet
prices
GOODS—WOOL—ETC.
December.—
—
Santos coffee
December
J-g*
4-()6
-
r—
-
prices closed as follows:
...
— .
March, 1941
f£2|May
4.221 July—
r
March, 1941
variety of coffees
—
-
-
£ *qZ
6.87
futures closed 4 points to
1 point
—6.381 July..—
6.58 September.
— -—~ ~
.—6.671
May..
Cocoa—On the 30th ult.
higher, with sales totaling 69 lots, or 925 tons.
With
Saturday not a notice day no switches out of the past month
were recorded.
Prices swung within a narrow range and
closed at about the top for the day.
Reports of expected
increase in freight rates on shipments from Brazil attracted
attention toward the end of the week and contributed to a
firmer tone.
The good manufacturer demand for the spot
month along with dealer covering narrowed spreads and left
little doubt that final liquidation of the month would be
net
easily accomplished.
Local closing:
Dec. 481; Jan.4.81;
March 4.87; May 4.93; July 5.00; Sept. 5.08; Oct. 5.12.
On the 2d inst. futures closed 3 to 4 points net higher, with
totaling 82 lots.
Persistent demand from manufactur¬
imparted a firm tone to the cocoa futures market, with the
result that prices during early afternoon stood 2 to 4 points
higher.
Thirty-six transferable December notices were
issued, but they were promptly absorbed by manufacturers,
probably because primary countries are offering little or no
cocoa just now.
Warehouse stocks increased 1,900 bags.
sales
ers
They now total
1,274,106 bags against 1,112,715 bags a
Local closing: Dec. 4.84; March 4.90; May 4.97;
July 5.04.
On the 3d inst. futures closed 9 to 10 points net
higher.
Sales totaled 423 lots.
Cocoa futures were bid up
to new highs in further buying by manufacturers and Wall
Street, based largely on fears of a shortage in shipping from
primary countries.
During early afternoon the market was
8 to 9 points higher. Thirty December notices were promptly
stopped and hedge sales by both Brazil and West Africa were
readily absorbed.
The open interest in December at the
opening was 1,042 lots, but the manner in which December
is acting indicates that liquidation will be accomplished
readily without upsetting the market. Warehouse stocks
increased 2,600 bags.
They now total 1,276,761 bags com¬
pared with 1,223,550 bags a year ago.
Local closing:
Dec. 4.94; March 5X0; May 5.06; July 5.14; Sept. 5.20.
On the 4th inst. futures closed 7 to 8 points net higher.
Transactions totaled 316 lots.
Today cocoa futures had the
vear
ago.
biggest movement upward witnessed in a long time and sold
at best prices since last June, with gains ranging from 9 to 11
points, and December selling at 5.03 cents.
Sales to early
afternoon totaled 2U0 lots.
Forty December notices issued
manufacturers who
the shipping outlook.
Buying is by trade interests.
So far the speculative public
has not come into the market, it is said.
Warehouse stocks
increased 4,COO bags.
They how total 1,280,730 bags
against 1,123,250 bags a year ago.
Local closing: Dec. 5.02;
March 5.08; May 5.13; July 5.21; Sept. 5.28.
On the 5th inst. futures closed 6 to 7 points net higher.
Transactions totaled 180 lots.
All active cocoa positions
today sold above 5c. for the first time since last June. The
market generally was 3 to 5 points higher.
Trading to midafternoon totaled 115 lots.
A rather unusual situation is
that Dec. is being liquidated on a scale up.
So far notices on
253 lots have been issued.
The open position still was 932
lots this morning.
Dec. 24 is the last notice day.
The
strength of the spot month is due to the anxiety of manufac¬
turers to get the cocoa.
They stop notices as they are issued.
Warehouse stocks today decreased 900 bags.
The total now
is 1,279,828 bags compared with 1,125,405 bags a year ago.
Local closing: Dec., 5.08; Mar., 5.14; May, 5.20; July, 5.28;
Sept., 5.35.
Today futures closed 1 to 3 points net lower,
with sales totaling*371 lots.
Cocoa futures continued their
rise into new high ground under active Wall Street buying
and trade demand.
Prices during early afternoon were 3 to
4 points net higher, and at the highest levels since last June.
Sales to that time totaled 275 lots.
Confirmation of rumors
of restrictions on cocoa shipments had a bearing on the
market.
Warehouse stocks increased 3,200 bags.
They
now total 1,283,088 bags against 1,126,558 bags a year ago.
Local closing: Dec., 5.07; Jan., 5.06; Mar., 5.12; July, 5.25;
this morning were
are
stopped promptly by
showing increasing nervousness over
Sept., 5.23.
Sugar—On the 30th ult. futures closed unchanged to 1
point higher for the domestic contract, with sales totaling
43 lots.
In the world sugar contract prices were unchanged
This activity,
For the
prices were 1 to 2 points higher, all positions
but January gaining 2 points.
The average spot price of raw
sugar during November advanced approximately 8 points
from the October average of 2.795c. to 2.877c. duty paid
to
as
iy2 points higher on sales of only 4 lots.
the No. 3 contract, was mostly for trade account.
week domestic
Volume
The Commercial & Financial Chronicle
151
basis, according to B. W. Dyer & Co.
This figure is the
highest monthly average of the year, and is about 23 points
above the lowest, which was established in
August.
On the
2d
inst.
futures closed unchanged to 1
point up for the
domestic contracts, with sales totaling 118 lots.
The world
sugar contract closed 34 to 2 points off, with sales totaling
39 lots.
The domestic market
reflecting continued Cuban
be able to maintain
the
second group
previous
programs,
and
provisions
similar
by
provisions
assured
the
1941
acres,
No
sales
have
been
re¬
One lot of Philippines due next week
is believed subject to a bid of
2.87c., while 2.90c. a pound is
asked for January arrival and
December-January or January-
February shipment.
Cubas for January shipment are held
at 2c., equivalent to 2.90c. with the
duty.
Traders are
expectantly awaiting announcement of 1941 quotas.
Most
experts look for
initial quota of 6,700,000 tons.
In the
world sugar market futures stood
3^-point higher to 3^-point
lower in slow trading, with May at 0.80 of a
cent, up 34.
quiet,
all interests apparently awaiting the 1941 sugar
quota to be announced some time this month.
Prices during
the early afternoon were unchanged.
The only raw business
reported was 500 tons of Louisiana raws to Godchaux at
At 2.88c.
2.85c.
offered 1,000 tons of
were
Philippines due
Dec.
14, against which 2.85c. was bid.
At 2.90c., 2,000
tons, early January, and several lots December-January and
January-February shipment, could be had.
World sugar
futures were dull, with only trading in September at 0.8634c.,
up 1 point.
Pending renewed business in Cuban raws to
Britain
or
other world
buyers, and the official decree
on
the
size of Cuba's next crop, traders were
moving slowly.
On
the 4th inst. futures closed unchanged to 1 point net higher,
with
sales totaling 132 lots.
The world sugar contract
closed 1 to 3 points off, with sales totaling 40 lots.
Domestic
sugar futures were firm.
No further sales of raws were
reported.
It
seems
that everybody is waiting for
announce¬
ment of the 1941
quotas before doing anything.
Sellers are
asking 2.88c. a pound for 1940 sugars and 2.90c. for more
distant arrivals, but refiners are indifferent. The Agricultural
Adjustment Administration announced that after Dec. 9
prior certification would be required on all Philippines that
such entries were within the 1940 quota of 982,441 short
tons.
Refined syrups announed a price of 4.30c. a pound on
sugar for December delivery.
In the world sugar market
prices were 1 34 to 3 points lower as scattered selling met little
support except short covering on a scale down.
Traders are
losing hope that Great Britain will soon be a buyer of Cuban
raws
once
more.
On the 5th inst. future closed unchanged to
1 point net
higher for the domestic contracts, with sales totaling 62 lots.
The world sugar contract closed unchanged to %
point net
higher, with sales totaling 18 lots. It developed today that
2 sales of raw sugars were made
yesterday.
An unnamed
refiner paid 2.85c. a pound or 2,300 tons of Cubas out of
store here, unchanged from the last spot sale.
Sucrest paid
2.82c. a pound for 3,5C0 tons of Philippines 1941
quota sugars
due Dec. 20.
Offers included 1,000 tons of Philippines due
Dec. 14 at 2.88c. and
a
month at 2.85 to 2.90c.
combination lot due the middle of this
The weekly weather report of the De-
partment of Commerce said that harvesting of the Louisiana
cane crop was about completed.
Today futures closed 1 to 3
points net higher for the domestic contract, with sales total¬
ing 143 lots. The world sugar contract closed 1 to 134 points
net higher,- with sales totaling 51 lots.
In the raw market it
was
disclosed that National paid 2.88c. for 2 cargoes of
prompt shipment Puerto Ricos, and yesterday bought 1,100
tons of Cubas, ex-store New York at 2.87c.
Sellers were
askiDg 2.90c. for 1941 sugars to arrive in Jan. and beyond,
while 1,000 tons of Philippines, due Dec. 14 could be had
at 2.88c., and 1,000 Jan. arrival also at that
figure. World
sugar futures advanced 1% to 234 points, wiping out part of
the week's losses, when selling became thin and some
light
covering appeared.
A renewal of British buying could help
turn the market and some believe this
longer water haul
Prices closed
of
10
and
on sugars
as
possible because of the
from Australia, India and Java.
follows:
January, 1941
1.871 July
September.
March
-.2.03
1.93
May
of
1940
will
growers
of
Florida
The
Announced by
Sugar Division of the Agricultural Adjustment Ad¬
ministration announced
1941
the
acreage
sugarcane
is
Nov. 29 the basis for establishing
on
allotments
for
300,000
farms
comprising Louisiana
area,
expected to make available
about
acres,
AAA announcement
a
total
tion
the
during the
in
area
1938
acreage
acreage
greater
Under
past two
in
1939.
acreage
adjustment
reduction
the
years.
acreage
and
mainland
Florida, which
for 1941 of
acres in
The
will depend
production
its history made
The great majority of
adjustment in 1939 and in
somewhat.
the
1940.
The
added:
of the largest crop in
necessary
25%
their
in
acreage
compared to 288,000
The size of 1941 allotments for many growers
made
AAA
Other
growers
who
by
a
growers
1940
were
deferred
on
adjustments
the mainland cane
25% acreage reduc¬
in the
area
able to
part
or
all
made
increase
of the
until 1940 were required to make a proportionately
order to complete the basic adjustment this year.
allotment determination foT 1941 the first group will
in
to them
1940, while
in
acres
small growers
who
a
the
as
less
or
in
determina¬
Under
program.
sugarcane
these
is
1940
in
one-third of the crop land
farm, but not in excess of 10
up
his
to
minimum of five
amount
Similarly,
sugarcane.
1940
It also will be possible to increase
on
from
on
the
protected under
the
below this minimum.
was
the
of
Acreage allotments
to a maximum
acres
land
crop
determination
suitable
also
for
protects
the
new
members operate producer-owned and controlled
cooperative farms.
United
States
Exports
of 'Refined
Months of 1940 Increased
Refined
Sugar During
79% Over 1939 Period
10
the United States during the
143,429 long tons as con¬
trasted with 80,121 tons during the similar period last year,
first
an
10
exports by
sugar
months
of
1940
totaled
increase of
Co.,
€3,308 tons, or 79%, according to Lamborn &
York, sugar brokers.
The exports for the 10
New
of 1940
months
are
the
largest in 15
years,
or
since 1925,
when the
to
shipments for the corresponding period amounted
320,531 tons.
The firm's announcement also said:
refined
The
vent
to
more
leads
the
with
8,539
21,877
with
list,
than
50
Last
being
during
different
being followed
tons.
tons,
exports
sugar
year
followed
the
January-October
countries.
by Greece with
the
by
United
Finland
France,
29,625 tons
Kingdom
with
period
with
topped
10,937
tons
of
1940
35,973
tons,
and
Colombia
the
list
and
with
Norway
8,702 tons.
Lard—On the 30th ult. futures closed unchanged to 12
points lower.
The lard market ruled heavy during today's
short session, the market being under pressure of liquidation
in the nearby deliveries.
There was some slight rallying
power towards the close, but the market registered substan¬
tial net losses.
There was not much activity in the hog
market and no early sales were reported.
Western hog
marketings totaled 24,600 head compared with 24,400 head
for the same day last year.
On the 2d inst. futures closed
unchanged to 5 points higher.
The market was quiet but
steady.
The opening range was unchanged to 5 points
The Chicago Board of Trade announced that
higher.
178 tenders were made on Dec. contracts and 76 retenders,
making a total of 254 lots delivered on spot contracts.
This
news had very little influence upon the market.
Western
hog marketings today totaled 131,200 head against 116,700
head for the same day last year.
Hog prices were mostly
10c. higher, with sales ranging from $5.50 to $6.25.
On
the 3d inst. futures closed unchanged to 2 points lower.
Despite heavy liquidation in the nearby months prices on
lard at Chicago remained steady again today.
Heavy
liquidation in Dec. during the past two days has resulted in
a sharp decline in the open interest in the spot delivery.
The open interest figure for Dec. as reported today totaled
143 contracts, the latter figure representing a decrease of
197 contracts from the previous session. The export demand
continued inactive and no reports of any purchases being
made by England or any other foreign country were dis¬
closed.
Receipts of hogs at Chicago and other packing
centers in the West were quite heavy and totaled 121,000
against 108,200 head for the same day a year ago.
On
the 4th inst. futures closed unchanged to 5 points lower.
The market ruled quiet, with a heavy undertone during most
of the session.
Receipts of hogs at the leading packing
centers in the West as reported today totaled 143,800 head
compared with 99,400 head for the same day a year ago.
Prices on hogs at Chicago held fairly steady, and throughout
the session the bulk of the transactions ranged from $6 to
$6.30.
Despite the fact that lard stocks are again ac¬
cumulating as a result of extremely heavy hog marketings,
during a period when the export trade is at a standstill,
selling pressure in lard has not been very heavy recently.
On the 5th inst. futures closed 2 to 5 points net lower.
The lard market was a dull affair, with prices ruling within
a narrow range.
Hog prices at Chicago again ruled easy and
prices were 10c. lower.
Western hog marketings continue
to run heavy and receipts totaled 122,500 head, compared
with 103,900 head last year.
Sales of hogs at Chicago ranged
from $5.75 to $6.10.
Today futures closed 2 points up to
8 points off.
Trading continued light and featureless.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat.
Sugarcane Acreage Allotments for Louisiana and
10
are
in
small grower
range
depending
Mon.
Tues.
Wed.
Thiers.
4.45
4.47
4.47
4.47
4.45
Frt.
4.47
January, 1941
4.62
4.65
4.65
4.65
4.60
4.52
March
5.92
5.97
5.95
5.92
5.90
5.85
May
July
6.10
6.30
6.15
6.35
6.15
6.35
6.10
6.30
6.07
6.25
6.05
6.22
December
1941
those
production
acreage
1.981
2.07
any
sugarcane
acres,
growing
an
On the 3d inst. futures closed 1
point net lower for the
domestic contracts, with sales totaling 36 lots.
The world
sugar contracts closed 1 point net higher, with sales totaling
44 lots.
The domestic sugar market was reported as
very
for
new
growers,
to
with
grower
allotment
if his
for
new
equivalent acreage in 1941.
an
suitable
neglected.
any
the acreage allotted
who have not been required to reduce their acreage under
tion
Raw
remained
ported since Nov. 22.
1941
will receive larger allotments than in 1940.
Small growers,
buying, stood 1 to 2 points higher during early afternoon.
sugar
in
3415
-
-
Pork—(Export), mess, $24.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.75 (200 pound barrel).
Beef: (export), steady.
Family (export), $24.25 per barrel
(200 pound barrel).
Cut Meats: Steady. Pickled Hams:
Picnics, loose, c.a.f.—4 to 6 lbs., 1034c.; 6 to 8 lbs., 1034c.;
8 to 10 lbs., 1034c.
Skinned, Loose, c.a.f.—14 to 16 lbs.,
17c.; 18 to 20 lbs., 1534c. Bellies: Clear,
f.o.b. New York
6 to 8 lbs., 1334c.; 8 to 10 lbs., 1334c.; 12 to 14 lbs., 1234c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs., not
18 to 20 lbs., 10%c.; 20 to 25 lbs., 1034 c.; 25 to
Butter: Firsts to Higher than Extra and
3034 to 3534c.
Cheese: State, Held '39,
25 to 2534c.
Eggs: Mixed Colors: Checks to Special Packs;
2234 to 3434c.
quoted.
30 lbs., 1034c.
Premium Marks:
The Commercial & Financial Chronicle
3416
Oils—Linseed oil in tank ears is quoted 8.1 to 8.3c. per
pound.
Quotations: Chinawood: tanks, spot—25% bid;
drums—26% bid.
Coconut: crude: tanks— .02% bid;
Pacific Coast—.02% bid.
Corn: crude: west, tanks, nearby
—.05% to .06 nominal.
Olive: Denatured: drums, spot—
$2.40 to $2.45 nominal.
Soy bean: tanks, west—.04% to
:
.04%; New York, 1. c. L, raw—.005 bid. Edible: coconut:
degrees—.08 to .08%.
Lard: prime, ex. winter—7%
offer; strained—7% offer. Cod: crude—50 offer.
Turpentine: 42% to 44%, all bids.
Rosins: $2.15 to $3.40.
76
_
■
,
Cottonseed
O.l sales,
SHI
5.87@
February
March.
,
.
yesterday
Crude, S. E., val.
contracts.
^
—-—i—
n
5.93@
,
including switches, 85
secirP.%4 closed as follows:
till
(.June
j
July.-.......-.—...
-
6.03(4 n
6.07<$ 6.08
Rubber—On the 30th ult. futures closed 2
points higher
The market ruled quiet during most of the
short session. Little interest was displayed, with dealers still
supporting the nearbys and commission house buying the
Mar. delivery.
Sales totaled 5,50 tons, inclusing 50 tons
which were exchanged for physicals in the old contract and
20 tons in the new standard contract.
Little or no activity
was reported in the actual market today.
Offerings from
the Far East were light and too high for the local trade.
Spot standard No. 1-X ribbed smoked sheets, in cases
remain the same at 21c. per pound.
Local closing: old
contract: Dec., 20.45; Jan., 20.33; Mar., 20.13; May, 19.93.
On the 2d inst. futures closed 8 to 7 points net higher for the
No. 1 standard contract, with sales totaling 33 lots.
The
new standard contract closed 9 to 7 points net higher, with
sales of 9 lots.
Trading in rubber was limited to dealers
whose operations resulted in advancing the active list 7 to
10 points, with Dec. selling at 20.55, up 10 points.
Up
to early afternoon 25 lots had been traded, of which 20 were
in the old contract.
Certificated stocks decreased 10 tons
to a total of 1,550 tons.
London closed unchanged to l-16d.
lower/ Singapore closed
1-32 to l-16d. higher.
Local
closing: No. 1 standard: Dec., 20.53; Mar., 20.20; May,
20.00.
New standard: Mar., 20.22; Sept., 19.67.
On the
to 2
points lower.
3d inst. futures closed 12 to 15
1
were
points net higher for the No.
with sales totaling 90 lots.
There
three contracts traded in the new standard Mar. con-
standard
contracts,
Firmness
of primary markets had a favorable influence on trading in
rubber futures markets, where British dealer buying was a
feature.
During early afternoon prices were 13 to 14 points
net higher, with Dec. selling at 20.66c.
Sales to that time
totaled 36 lots.
The London market closed 1-16 to %d.
higher.
Singapore was
1-32 to
l-16d. higher.
Local
closing: No. 1 standard: Dec., 20.65; Mar., 20.35; May,
20.15.
On the 4th inst. futures closed unchanged to 10
points net higher, with sales totaling 54 lots, all in the No. 1
standard.
There were 21 July contracts sold in the new
standard, which delivery closed 5 points net higher.
Rubber
futures opened at advances of 10
P^nts and held 10 points.
gams this
afternoon, when Dec. was selling at 20.75c., up
tract, which delivery closed 13 points net higher.
bales to that time totaled 35 lots,
M contract.
Thirty tons
were
of which 2o
tendered for
were on
the
delivery^on the
P?ohC01?maCt a-nd- c„ftlflcat.ed+stocks market was .the> rising
decreased 30 tons, to
1,520.
The mam influence in today's
fear of
holesale British
losses at sea.
The London market closed unchanged to
l-16d. higher. Singapore was steady 1-16 to %d. higher.
Local closing. No. 1 standard. Dec., 20.65, Mar., 20.4o,
a
shipping shortage due to
W'Zi?
On the
cVu
*
+
p\
i
je
news
•
of
-w
L
+
i>
-u
5th inst. futures closed 5 points net higher for the
hio. 1 Standard with sales totaling 29 lots. The fsew Standard contract closed 5 points net higher, with sales totaling
42 lots.
The creeping bull market in rubber futures cona turnover which to early afternoon totaled
tinned.
35 lots
On
the
market
of 10 points.
1,510 tons.
The
chief market influence continues the fears of a shortage of
shipping owing to the great destruction of British shipping
reported.
The London rubber market closed unchanged to
%d higher.
Singapore was l-32d to 3-32d higher.
Local
closing: No. 1 Standard: March 20.45; May 20.25.
New
Standard: March 20.45; May 20.25; July 20.03.
Today
futures closed 10 points net lower for the No. 1 Standard
contract, with sales totaling only 8 lots. Speculative buying
of rubber futures ran into British dealer selling which held
the market in check.
In early afternoon prices were 4 to
5 points net lower.
Sales to early afternoon totaled 16 lots,
of which 12 were in the new contract. Switching from March
into September new was a feature of the trading.
Twelve
lots figured in those trades.
The London and Singapore
markets closed quiet and unchanged to 3-32d lower.
Local
closing: March 20.35; May 20.15.
registered
Certificated stocks decreased
u:qn+u
a
further
rise
June;
qo
oa
Hides —On the 30th ult. futures closed 32 to 26 points net
Heavier demand for Army and Navy needs
Local
toda
12.38; Sept.,
De0M 12.90; Mar., 12.54;
12.30.
On the 3d inst.
ciosing.
12.35; Dec.,
sales totaled 70
futures closed 10 to 13 points net lower.
The opening range was 11 to 14 points lower.
lots.
additional declines
losses of
were
much as 17 points were recorded.
as
Slight
registered during the morning and
Transactions
totaled only 35 lots. Certificated stocks of hides decreased
by 2,052 hides to 417,260 hides. In the domestic spot
markets sales on Saturday, Nov. 30, to Monday, Dee. 2,
totaled about 65,000 hides including Oct.-Nov. Light
native cows at 13c., river points at 13%c. and Nov. heavy
Local closing: Dec., 12.77; Mar.,
12.44; June, 12.26. On the 4th mst. futures closed 30 to,
20 points net higher. Influenced by the belief that the
leather consumption in the United States will increase as a
result of the national defense program, hide futures advanced sharply in a quiet session today. Buying came
principally from commission house sources. Dealers were
also reported lifting hedges against sales of resale hides in
the actual market. One Dec. switch to Mar. was done at
42 points. The spot month advanced 30 points, whereas the
Mar. position gained only 20 points today. Sales totaled
131 lots, equal to 5,240,000 pounds. Most of the volume
was done^ih the final hour. Certificated hides in licensed
native steers at 14%c.
Exchange warehouses declined 1,827 hides to 415,433 today,
Little business was reported in the Western packer market,
Local closing: Dec., 12.77; Mar., 12.44; June, 12.26; Sept.,
12.16; Dec., 12.11.
On the 5th inst. futures closed 1 to 8 points off with sales
totaling 163 lots. Tne opening range was 6 to 15 points net
higher. The market was fairly steady throughout the mornmg
and prices by early afternoon were 5 to 9 points higher,
Hedge lifting and speculative buying caused the rise. Transactions totaled 92 lots. Certificated stocks decreased by
8,822 hides to 406,611 hides. Local closing: Dec., 13.04;
Mar., 12.65; June, 12.41; Sept., 12.31. Today futures closed
1 point up to 5 points off. Raw hide-futures opened 5 points
higher.
Further advances were registered following the
opening and by early afternoon gains of 11 to 12 points were
shown. Transactions to that time totaled 49 lots. Certificated stocks decreased by 3,338 hides to 403,273 hides. Local
closing: Dec., 13.05; Mar., 12.60; June, 12.40.
Ocean
Freights—Quiet prevailed in the ocean freight
during most $ the week.
Uncertainties as to the
market
status of European countries in the immediate future has had
a gome^at depressing influence upon business.
Charters
included:
Time:
Two to three months' West Indies
trading,
December, $2.75 per ton.
Round trip Canadian trade,
December (continuation), $4.25 per ton
Trip up, delivery
Cuba> redelivery North Gf Hatteras, end December, $4 per
^on.
Round trip Canadian-West Indies trade, December,
u
Til£e
ton
noI£iliaL
North
North
ton
asked.
North
of
West
of
asked.
Charter:
West Indies trade
$3.25-$4,
of Hatteras-South African trade, $4 per
Hatteras-South American trade, $4-$4.50
Indies trade,
Hatteras-South
Charters Tankers:
$3.75-$4.25
African
per
ton asked.
trade, $4.75-45
per
ton
Gulf to North of Hatteras, No. 2
heating ojl> 80o. a
December 24 loading.
Coal:
Hampton Roads to Rio de Janeiro, about $4.75 per ton.
Hampton Roads to Lisbon, $9.50 per ton.
1
^
Coal—The Pennsylvania Anthracite Emergency Commit-
10 tons to
higher.
On the report that the Umted States Army was
inviting bids for 1,500,000 pairs of shoes, hide futures advanced sharply in a moderate session today (Saturday),
According to dealers here the demand for leather, which
usually slackens off at this time of the year, is better than a
Dec. 7, 1940
for physicals. The market opened 5 points higher to 7
points lower and proceeded to advance steadily. Most of
the support came from commission house sources, it was
further learned. Local closing: Dec., 12.77; Mar., 12.41;
June, 12.25; Sept., 12.20; Dec., 12.15. On the 2d inst.
futures closed 11 to 15 points net higher. Sales totaled
120 lots, equal to 4,800,000 pounds. Although there were
no actual switches between the Dec. and Mar. deliveries in
the hide futures market today, the spread was 30 points bid
and 35 points offered at the close of trading. About 40,000
hides were sold by Western packers to tanners at steady
riees
;
'
tee notified operators that production for the week ended
Dec. 7th has been fixed at 720,000 tons, equal to three
working days, which is the same as in three preceding
weeks.
The Bureau of Foreign and Domestic Commerce
reports that total imports of anthracite during October
amounted to 13,698 net tons.
This compared with 9,875
tons in September and 8,230 tons in October last year. All
of the imports in September and October this year were
from the United Kingdom, either direct or via Canada,
while all but 316 tons last October originated in Russia.
No anthracite has been received from Russia since October,
1939." In the week ended Nov. 23d the estimated production of Pennsylvania anthracits declined slightly to 88,0000
tons, according to the figures released bV the Department
of the Interior.
This was a decrease of 13,000 tons, or
1-5% from that of the preceding week.
When compared
^e output in the corresponding week in 1939, however,
th
increase of
74,000 tons,
'
'
or
about 7.4%.
/0
Wool Tops—On the 30th ult. futures closed 6 to 10 points
net
higher.
session.
The
The market
more
1 down to 4 points
was
fairly active for the short
active deliveries in the early session were
up.
Sales
were
estimated at 110 lots or
are
important factors in the current trend for leather,
550,000 pounds, against 470,000 officially reported for the
full Friday session.
Today's (Saturday's) market continued
Today there were only 81 lots traded—equal to 3,240,000
pounds and including 120,000 pounds which were exchanged
to be featured by considerable switching between months at
year ago.
the
more
t
differences which tended to widen.
Prices of
raw
wools held
Volume
The Commercial & Financial Chronicle
151
steady in quiet dealings.
The average price of 10 types of
apparel wools in the Boston market was quoted on Friday
at
101.3c. per pound, the same as the close of the
previous
week.
Local wool tops closing: Dec., 117.0; Mar., 106.8:
May, 103.1; July, 100.0; Oct., 98.2. On the 2d inst. futures
closed steady, unchanged to 7 points net
higher. Sales were
estimated at about 45 lots or 225,000 pounds for the
day,
305,000 officially reported for Saturday's short
Trading was quiet, with fluctuations narrow. Cer¬
tificated tops in the spot market were 118.0c. bid and 120.0c.
against
session.
offered.
Domestic
Boston said
a
fair
raw
wool markets
amount
of
were
reported quiet.
medium fleeces
was
offered
there, but that demand was lacking.
Local closing: Dec.,
117.4; Mar., 107.5; May, 103.3; July, 100.2; Oct., 98.2. On
the 3d inst. futures closed 10 points
higher to 2 points net
lower.
Wool top futures moved
irregularly today, with
firmness in the Dec. and Mar. positions and weakness in the
forward deliveries.
The market swung from 3 to 10 points
up at the highs to unchanged to 3 points up at the actual
trading lows. Sales totaled 105 lots, or 525,000 pounds. On
Monday sales were 265,000 pounds.
The market was fea¬
tured by active trade and other buying of the Mar.
position,
together with a steady tone in Dec. where no delivery notices
appeared.
Certificated tops in the spot market here were
quoted at 119.0c. bid and 121.0c. asked. Local closing: Dec.,
118.4; Mar., 108.4; May, 103.3; July, 100.1; Oct., 98.0. On
the 4th inst. futures closed 7
points up to 8 points off. Wool
top futures were again featured by firmness in near months as
contrasted with weakness in the more distant positions today.
The opening was unchanged, but liquidation
appeared soon
afterward and the forward positions dropped at one time to
4 to 6 points loss.
Dec. with no notices issued, was in demand
and sold 6 points up.
Certificated tops in the spot market
here were 5 points higher on both bids and offers with 119.5c.
bid and 121.5c. asked.
Boston advices cited
more numerous
inquiries for raw wool, but light actual transactions. Prices
were
reported firm. In South American wools it was stated
numerous attempts were being made to obtain
options. Sales
in the future market here were estimated at 90 lots, or 450,000
pounds. Local closing: Dec., 119.1; Mar., 108.6;May, 102.8;
July 99.6.
On
the
5th
inst.
futures
closed
4
points net higher to
unchanged.
The wool top future market was quiet and
steady today, with total sales on the New York exchange
to noon estimated in the trade at approximately 225,000
pounds of tops. Bid prices around midday were unchanged
to 4 points above last night's close.
At the best prices of the
morning active options were 2 to 5 points above yesterday's
closing levels, while at the lows they registered no change
to a gain of 2 points over the last quotations of the preceding
day. Although interest was shown in all positions, most of
the activity was centered in the March and May contracts.
Local closing: Dec., 119.5; Mar., 108.8; May, 103.0; July,
99.6.
Today futures closed 17 to 11 points net higher. The
wool top futures market was strong and active today, with
total sales on the New York exchange to midday estimated
in the trade at about 600,000 pounds of tops.
The strength
of prices was the result of active general
buying.
At the
low prices of the morning, which were recorded on the open¬
ing, active positions showed no change to an advance of 4
points over the closing levels of the previous day.
The
market continued to move upward in later dealings and
around noon, prices were 7 to 15 points over yesterday's last
quiet, due to
holiday in Japan and the inactivity of the
a
spot silk market uptown.
Transactions to early afternoon
totaled two lots executed in a switching operation between
the March and the
July deliveries. Fifty bales were tendered
The price of crack double extra
silk in the spot market stood unchanged at $2,563^ a
pound.
No cables were received from Yokohama.
Local closing:
No. 1 Contracts: Feb. 2.50; March 2.51.
Today futures
closed with sales of only six contracts, and they were exe¬
cuted in the April delivery at 2.51c.
Silk futures were
steady but neglected. The price of crack double extra silk
in the spot market uptown was unchanged at
$2,563^. The
Yokohama Bourse which reopened after a holiday yesterday,
was unchanged
to 8 yen lower.
The price of grade "D"
spot silk stood unchanged at the minimum level of 1,350
yen.
It is reported here that the Japanese Government
is selling some of its silk stocks at the minimum
price.
December contracts.
on
COTTON
Friday Night, Dec. 6, 1940
The Movement of
the
Crop,
2d
of 1939, showing a decrease since Aug. 1, 1940, of 1,970,392
'"V"
bales.
Sat.
Receipts at—
Galveston
Mon.
3,266
3,278
Houston
■'V--!■■■
Tues.
8,303
Wed.
1,066
6,645
6,609
Thurs.
1,130
Fri.
3,708
4,330
2.770
Total
5,524
10,960
22,997
34,592
"
Corpus Christi--
418
'
.'#»
Beaumont
-
•»
«-
-
-
418
-
-
«» -
-
M
437
437
13,169
1,472
26,793
2
9
2
2
175
47
268
50
50
276
276
.
-
New Orleans
6,753
Mobile
3,275
-
26
-
2,124
46
•
19
24
126
■
Pensacola, &c
«,
Savannah
11
3
2
30
Charleston
Lake Charles
M
Norfolk
70
Totals this week.
13,334
•*
—
—
47
465
595
6,120
11,034
15,427
13
21,397
19,242
86,554
The following table shows
the week's total receipts, the
Aug. 1, 1940, and the stocks tonight, compared
total since
with last year:
1939
1940
Stock
Receipts to
This
Brownsville
34 ",592
Houston
Corpus Christ!
418
Beaumont
437
26 ,793
New Orleans
Gulfport
'126
Mobile
Pensacola
2
1, 1939
1940
5,690
510,291
5,867
21,640
758
3",831
842
57,024
14,260
1,734
32,223
33,892
97
44,255
26
2
9,507
14,543
24,707
4,500
1,983
205
301
Charles
276
Wilmington
"595
Norfolk
New York
52,853
70,592
748,611
66,334
52,758
*
9,090
1,778
123,481
41,653
14,015
9,668
28,109
118,275
36,156
22,444
10,600
32,725
982
100
782
866
Boston
*
864",782
1,973
1,215
10,804
"448
50
Charleston
870,345
50,126
5,366
12,392
*268
Savannah
1939
51,287 1,066,138
916,158
80
40,578
760
56,032 1,308,165 1,012,072
798
173,995
74,975
41,790
102,462
94", 221 1,139,185
532,271
56,960
367,496
15,596
870,948
144,146
Jacksonville
Lake
Since Aug
Week
1,1940
22 ,997
Galveston
This
Since Aug
Week
Dec. 6
net
tele¬
previous week, making the total receipts since Aug. 1, 1940,
2,008,107 bales, against 3,978,499 bales for the same period
inst. futures closed 1
point to 3^-point
higher for the No. 1 contract.
After having opened un¬
changed, silk futures firmed up on trade covering, par¬
ticularly in January, which absorbed liquidation.
Traders
said that November consumption figures were better than
expected and offset other statistics.
Sales to early afternoon
totaled 17 lots, with prices standing 3^ to 1^ cents a pound
net higher.
The price of crack double extra silk in the New
York spot market declined 3^-cent to $2.61*4 a pound.
The Yokohama Bourse closed 9 to 13 yen lower, but the price
of Grade D silk in the spot market was unchanged at 1,350
yen a bale.
Local closing:
No. Contracts:
Dec. 2.49;
Jan. 2.503^; April 2.51*4', May 2.52.
On the 3d inst. futures
closed with only two contracts traded during the whole
session, and they were made in the January contract, which
closed 3^-point off.
Interest in the market was virtually nil.
Twenty bales were tendered for delivery on the November
contract.
The price of crack double extra spot silk was un¬
changed at S2.56H a pound.
In Yokohama Bourse prices
closed 4 yen lower to 5 yen higher.
Grade D silk in the spot
market was unchanged at 1,350 yen a bale.
On the 4th inst.
futures closed net lc. lower to lc. higher.
Transactions
totaled 260 bales.
The market was a dull affair during most
of the session.
There were 21 lots exchanged in the Decem¬
ber delivery and 1 lot in the May position.
Both the primary
markets ruled quiet and steady.
Futures at Yokohama were
6 yen higher to 3 yen lower, -while at Kobe they were un¬
changed to 6 yen better.
Grade D remains the same at
1,350 yen.
Spot sales in both Japanese markets amounted
to 300 bales, while futures transactions equaled 1,375 bales.
Local closing: Dec. 2.49; Jan. 2.49; March 2.51; May 2.513^;
July 2.513^-.
On the 5th inst. futures closed 33^c. up to unchanged
compared with previous finals.
Sales totaled only 6 lots,
all in the No. 1 contracts.
Trading in silk futures was
our
For the week
ending this evening, the total receipts have reached 86,554
bales, against 83,853 bales last week and 98,226 bales the
1,025
86,554 2,008,107 210,127 3,978,499 2,971,020 2,946,886
Totals
the
indicated by
as
from the South tonight, is given below.
grams
Baltimore
quotations.
Silk—On
3417
Included in Gulfport.
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1939
1940
Receipts at—
Galveston
22.997
Houston
34,592
New
Orleans.
Mobile
26,793
126
1938
1937
1936
1935
43,860
51,079
41,926
36,141
3,831
1,983
23,777
26,725
23,014
1,248
1,716
55,702
3,476
41,064
4,547
60,395
53,782
31,941
13,714
3,515
4,307
1,168
1,105
51,287
56,032
94,221
1,418
363
842
91
3,678
3,650
205
268
50
Savannah
Charleston—
23
59
"595
Wilmington
301
307
2,766
863
637
1,133
1,425
884
3,468
3,827
86,554
210,127
77,815
165,506
133,018
__
Nnl*trtlk
All others
Total this wk_
v.
7,528
177,455
Since Aug. l._ 2,008,107 3,978,499 2,617,438 5,032,280 4,573,275 4,899,669
ine
exports iur me
of 27,667 bales,
China and 20,602
to
wtojv cubing
of which 6,065
wuo cvciAuug xcaeu a wtiu
were
to Great Britain, 1,000
In the corre¬
to other destinations.
sponding week last year total exports were 212,043 bales.
For the season to date aggregate exports have been 469,864
bales, against 2,449,710 bales in the same period of the pre¬
vious season.
Below are the exports for the week:
Exported to—
Week Ended
Dec.
6, 1940
Ger¬
Great
Exports from—
Britain
France
many
Italy
Japan
China
698
698
"109
Galveston
New Orleans
15,697
15,806
2*732
147
Norfolk
Lo
i
An
r,66o
798
2,732
1,798
1,000
20,602
27,667
....
eles
Total
6,486
147
....
trk
/
Total
677
Houston—
Ne
Other
5,809
-
6,065
Total
1939
35,820
Total
1938
12,890
12,631
33,770
11,500
13" 172
51,448
16,258
16,349
43,476
4.676
63,247 212,043
20.960 134,154
Great
Britain
Ger¬
Houston--—
Orleans-
Norfolk..—
352
1,680
1,439
20,639
203,619
25,605
149,192
28,111
37,913
28,111
1,579
York.,..
415
4,884
109,840
New
214
New
—
Total
7,429
90,736
600
1,617
23,225
Galveston
Other
China
Japan
Italy
many
11,178
107,647
Corpus Christl
France
5,134
1,579
5,348
602
Boston
602
Los Angeles..
""600
18~213
5,796
26,383
Francisco
2,781
4,897
1,208
8,886
Total.-—-.
285,175
32,730
2,541 149,418
469,864
San
■
Total 1939—
Total 1938—
41,986 206,823
254,180 152,490
836,953 308,035
236,219 287,157
l/ivii
XIX
uv
wMv V
voj
v
1J74
343,930 121,173 590,810 2449,710
401,037 17,081 325,466 1673,630
vU4.
On
f^iOv
vvlv^l
give us the following amounts of cotton on
cleared, at the ports named:
shipboard, not
Shipboard Not Cleared for—
Leaving
Dec. 6 at—
Ger¬
Other
France
Britain
Foreign
wise
2,162
1,365
Houston..
Orleans..
4*
**,
1,500
3,700
1,713
1,000
500
Galveston
New
•»
"600
Savannah
Charleston.
-
11II
--
Mobile---
Norfolk-!Other
ports.—
Total 1940—
4,027
46,284
9,316
Total 1939
Total 1938
Slock
Coast¬
many
Great
6,413
128,183
12",061
4,095
8,896
24,492
Total
910,458
5,700
3,875 1,008,197
529,306
2,965
448,275
36,156
50,126
32,725
273,237
2,100 12,540 2,958,480
17,152 203,680 2,743,206
10.462
57,256 2,878,424
Speculation in cotton for future delivery was moderately
active, with price trend more or less
had
market
showed
a
into
run
high
new
ground
disposition to take profits.
After the
irregular.
traders
generally
There has been little
substantial new business.
to stimulate
Talk
in
the
of
possible credits to Great Britain continue to be viewed
as a
news
potentially favorable factor.
On the 30th ult.
Trading
were
was>
the market ruled relatively
aggressive stand, and as a result
quiet during most of the session.
Early slight losses were followed by recoveries on
and Oct. contracts.
a
while trade
mill buying
and moderate Bombay demand for July
of Mar. and May
attracted
Operators
with fluctuations narrow.
not inclined to take an
buying of nearby positions was limited.
Wash¬
favors the certificate plan
that
this
cotton loan program
of processing taxes, although it is
would not immediately end the
plan
and that loans under certain conditions
would be mandatory and
points net higher.
waiting today for
gram
news on
the Administration's cotton pro¬
be made will
prove
quiet, with both buy and sell orders
small.
Initial prices were 1 point lower to 3 points higher.
Hedge sales by the South and liquidation by commission
houses supplied the limited demand which emanated from
trade interests.
A feature of the early trading was a rise
of Oct. to 9.30c., a net gain of 5 points, in spite of reiterated
ing
on
rumors
the
open
was
that the Government would substitute
a
certificate
plan for the cotton loan.
Around midday the market was
steady at slightly below the forenoon's best levels in small
trading.
Price-fixing in Dec. continued.
In view of the
fact that the spot month has not commanded much of pre¬
mium over Mar. and at times has even sold at a slight dis¬
count, it is doubted that deliveries will be large.
On the
3d mst. prices closed 6 to 9 points net higher.
The opening
range was 2 to 4 points net higher.
Persistent mill buying
and
diminishing offerings from the South brought'the
cotton market today to levels that showed fair net gains.
There were 19 Dec. notices issued but they were promptly
stopped by leading spot houses.
Further tenders are ex¬
pected, but the aggregate tenders on Dec. will be small.
The certificated stock has gradually increased and now totals
13,085 bales.
The foreign markets were hardly a factor, as
Bombay was closed and Liverpool was still under the influ¬
ence of the Cotton
Controller.
Liverpool closed 2 to 23
points higher, with Oct. the strong month.
Cables also
reported a further increase in the Egyptian crop.
The last
crop estimate of the Egyptian Government placed the total
at
1,925,000 bales, compared with 1,801,000 last year.
Total sales at leading spot markets of the South were 24,118
bales of which 16,162 were sold at Memphis. ' On the 4th
inst. prices closed 3 to 7 points net higher.
The opening
range was steady at 2 to 3 points net higher.
A leading spot
10,000 bales of Mar. on the scale up to
10.22c. for Mar., and later spot interests were selling May.
house sold about
The steadiness in the face of this
The initial prices were unchanged to 4 points
All positions except spot December were higher.
of 14 transferable notices caused hesitation in
higher.
Issuance
spot month.
Spot firms and wire houses were buyers.
sold the more distant positions.
Offerings were
the
Bombay
Trade and local support caused the market
by the South.
However,
early gains during the first hour.
to advance to
which has been a persistent seller
March renewed its offerings of that position on a scale
the rise the spot firm
of
which served to check the advance.
up,
The official quotation
for middling upland cotton in the
day for the last week has been:
Nov. 30 to Dec. 6
Sat.
Mon. Tues. Wed. Thurs.
Fri.
Middling upland % (nominal).. 10.04
10.06
10.13 10.17 10.19 10.25
Middling upland 15-16 (nom'l) .10.24
10.26
10.33 10.37 10.39 10.45
New York market each
Premiums and Discounts for
Grade and Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries on contract on Dec. 12.
Premiums
the average quota¬
Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
and discounts for grades and staples are
tions of 10 markets, designated by the
Dec. 5.
on
■
:-:;v
v-
X
29-32
15-16
31-32
Inch
On the 2d inst. prices closed 1
constructive, for prices
during early afternoon stood 1 to 2 points net higher.
Trad¬
may
yesterday.
net
closed
into selling for the
ran
Inch
Inch
Inch
1 Inch
and
Uv
The cotton market appeared to be
for 1941, but showed confidence that whatever modifi¬
cations
3 to 6 points net higher.
Cotton
second consecutive day aftertrade buying had caused an early rise.
During the early
afternoon the market was irregular and prices 5 points
higher to 1 point lower.
When the market opened it re¬
sumed the rising trend which profit-taking interrupted late
futures
prices
supplementary to any payments
under the certificate plan.
to 3
9.38c.
or
Today
Moderate rallies for the distant months
renewal of Southern and New Orleans selling,
ington uncertainties continue to restrict more active trading.
It is believed in some circles that the Administration strongly
conceded
parity,
on
prices closed unchanged to 2 points lower.
light,
buying.
than offset scale-up selling
more
Exports from,—
7, 1940
A steady stream of mill price-fixing orders
from the South, and final
prices were 3 to 7 points net higher, or 1 to 3 points off from
the best levels of the day.
There were three Dec. notices
issued, but they were stopped by leading spot interests, and
they had no influence on the market.
There were four
Dec. notices issued in New Orleans.
The open interest in
Dec. was believed to have been reduced to near 100,000
bales.
Sales of spot cotton at leading spot markets were
32,356 bales compared with 48,142 bales last year.
On the 5th inst. prices closed 4 points higher to 1 point
off.
The opening range was 2 points higher.
The local
cotton market did not hold all the early gains today, but
after making new highs for the season for all months except
July and October, eased off toward the close.
The early
trade buying was followed by increased pressure from spot
houses and the South, mostly in December and March.
A
leading firm sold 3,000 bales of March on the scale up, but
when this selling ceased the market advanced, March touch¬
ing 10.31c.
There /were only six December notices issued,
und they were promptly stopped by leading spot firms.
Meanwhile, more tenders are expected, as the certificated
stock is slowly increasing and now totals 15,001 bales.
Washington reported that the parity price for cotton as of
Nov. 15 was 15.75c. and the/ farm price on that day 00%
outside
Aug. 1,1940 to
Dec. 6, 1940
Mobile
Dec.
The Commercial & Financial Chronicle
3418
selling brought in scattered
White—
Middling Fair
.35
on
.46 on
.58 on
.65 on
.72 on
Strict Good Middling
.29
on
.40
on
.52 on
.60 on
.66 on
Good Middling
.23
on
.33
on
.46 on
.53
on
.60
on
Strict
.11
on
.21
on
.34
.41
on
.48
on
Middling
on
Middling
.21 off
.11 off
Basis
.06 on
.14 on
Strict Low Middling
.72 off
.62 off
.52 off
.47 off
.39 off
1.34 off
1.25 off
1.18 off
1.14 off
1.11 off
Low
Middling
Extra
White—
.46
on
.53
.60
on
.34
on
.41 on
.48
on
.06 on
.14 on
.52 off
.47 off
.39 off
1.11 off
.23
on
.33
on
Strict Middling
.11
on
.21
on
Middling
.21 off
.11 off
Even
Strict Low Middling
.72 off
.62 off
Good Middling
on
1.34 off
1.25 off
1.18 off
1.14 off
Spotted—
Good Middling-.
Strict Middling
.14 off
.05 off
.06 on
.12 on
.29 off
.19 off
.09 off
.02 off
.05 on
aMlddllng
.81 off
.71 off
.61 off
.56 off
.50 off
Low
a
Middling.,
-
Middling spotted shall be tenderable
culture establishes a type for such
New York
.19
on
only when and if the Secretary of Agrl«
grade.
Quotations for 32 Years
quotations for middling upland at New York on
6 for each of the past 32 years have been as follows:
The
Dec.
1940
10.25c.
1932
1939
1931
1937
10.29c.
8.66c.
8.57c.
1936
12.84c.
1928
1935
1934
12.05c.
12.70c.
1926
1933
10.20c.
5.90c. 1924
6.00c. 1923
10.30c. 1922
17.20c. 1921
20.00c. 1920
19.35c. 1919
1938
1930
1929
1927
_.12.40c.
1925 -—-20.20c.
—
—
1918
23.25c. 1916—18.75c.
12.65c.
35.00c. 1915
7.50c.
25.10c. 1914
13.40c.
18.10c. 1913
12.75c.
-16.25c. 1912
9.20c.
39.20c. 1911
15.10c.
29.10c. 1910
1917
29.95c.
Market and Sales at New
1909 --—14.95c.
York
each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also show how the
The total sales of cotton on the spot
market for spot
and futures closed on the same days:
SALES
Futures
Spot Market
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
_.
Since Aug.
1
Market
Closed
Closed
Nominal
Nomifnal
Nominal
Nominal
Nominal
Nominal
-
Spot
Steady———.
Steady
Steady———
Steady--Barely steady.
Steady
.
Contract
Total
*600
1,000
200
1,000
1,600
400
500
600
1,000
200
700
500
2,800
5,000
47,881
200
l",566
500
2,200
40,381
7,500
Volume
The Commercial & Financial Chronicle
151
Futures—The
highest, lowest and closing prices at New
York for the past week have been
as
Movement to Dec. 6,
follows:
Receipts
Saturday
Monday
Tuesday
Nov. 30
Dec. 2
Dec. 3
Thursday
Friday
Dec. 5
Wednesday
Dec. 6
Dec. 4
Ala., Birm'am
Dec. (1940)
10.03-10.08 10.04r-10.06 10.07-10.16 10.14-10.19 10.17-10.26 10.19-10.23
10.04
10.06
10.13
10.17
10.19
10.23
Closing.
Jan.(1941)
Range..
10.05-10.05 10.08-10.10 10.08-10.16 10.15-10.15
Closing.
9.96n
9.98 n
10.04n
10.08
10.1077
10.1577
Eufaula
215
12
Selma
3,776
Ark.,Blytbev
Forest City
584
Jones boro
Range..
10.03ra
lO.Olrc
10.1071
10.1471
10.1677
10.2077
10.06-10.11 10.07-10.12 10.10-10.19 10.17 10.22 10.22-10.31 10.22-10.28
10.07-10.08 10.09-10.10 10.16
10.21
10.22-10.23 10.25-10.27
Closing.
165
Little
March—
Range..
1,023
1,253
A pril—
Rock..
Pine
Bluff.
Walnut Rge
10.02n
Closing.
10.04n
10.1 Iti
10.1777
10.1977
Athens
10.2277
ay—
9.97-10.01 10.01-10.10 10.09-10.14 10.14-10.23 10.15-10.20
9.97- 9.98 10.00
10.07
10.13 —
10.17 —
10.19 •
9.94-10.01
Range..
Closing.
Augusta...
June—
Columbus..
9.88 n
9.86n
Closing.
July—
9.71- 9.80
Range..
Closing.
9.9671
9.75- 9.79
9.79- 9.89
9.77- 9.78
9.76 n
10.0377
9.86
10.0777
9.89- 9.94
9.95- 9.99
9.93
—
9.93-10.02
9.97
9.99
—
—
Columbus..
9.60n
9.59 n
Closing.
9.68TI
9.7477
9.7677
Range9.43n
9.42n
9.5077
9.5577
9.5577
9.6077
Range..
9.21- 9.28
9.25- 9.30
9.29- 9.36
9.35- 9.39
9.35- 9.47
9.37- 9.42
Closing.
9.25
9.26
9.33
9.36
9.35- 9.36
9.41
—
—
—
906
3,536
3,323
300
5,346
247
Nod.—
Range..
Closing.
207
1,851
665
2,165
181
936
13,145
192
3,071
51
821
1,685
1,060
9,786
22,700
149,837
29,302
850
3,978
1,648
660
71,778
64,807
37,042
6,801
166,207
2,108
3,244
59,672
37,685
7,741
78,285
37,430
102,503
300
3,928
15,332
101,647
129,323
16,324
206,083
27,787
7,172
23,531
47,287
148,314
1,549
391
4,451
290
3,512
85
26
428
267
10,275
59
35,404
360
27,258
580
946
4,755
10,057
2,938
54,908
138,115
60,346
14,627
43,430
96,851
156,494
31,600
251
100
60,642
10,625
31,573
50,038
106,819
6,200
20,712
45,801
4,806
2,326
"541
13,058
7,886
S. C., Gr'vllle
5,568
Tenn., Memp. 125,555
442
Texas, Abilene
Austin
229
44
..
Dallas
38,862
5,247
646
520
2,299
4,847
95,951
6,857
7,966
7,258
94,776
41,131
148,489
189
28,274
280
939
19.654
29,007
64,809
10,107
3,621
649
969
90
898
10,436 274,689 15,212
90,006
3,451
65,897
3,455
941,798 105,274 2025,197 105,926
420
693
22.282
21,424
104
7,338
7,081
80
l~Il7
4,195
14,692
703
56.283
37,134
1,071
48,655
3,752
64,092
4,669
2,803
6,618
314,290 12,908
59,887
1,929
1868,581 109,801
760
29.706
553
19,602
108
10,015
2,336
50,290
743
50,432
6,758
7,518
39,477
35.948
313,918
74,921
972,332
14,680
4,146
3,783
39,496
45,447
Range for future prices at New York for the week ended
Dec. 6, and since trading began on each option:
Robs town
San
45
__
Marcos
Texarkana
25
910
.
Waco
52
336,827
5.411
834
;
Paris
Range for Week
331
14,666
30.947
141,359
15 towns *
Brenham
Nominal.
Option for—
439
1,047
31,636
10,539
61,484
73,686
199,496
69,914
Oklahoma—
Oct.—
—
640
City
Mo., St. Louis
N.C., Gr'boro
900
600
4,484
17,288
289
Yazoo
89
5,532
63
Vicksburg—
9.7977
Sept.—
Closing.
7,517
...
3,744
3,502
6,608
2,344
74,628
10,457
144,047
17,056
267
Natchez
Range..
250
11,800
20,135
12,926
81,120
549
Jackson
Aug.—
4,820
38,675
8
626
14,152
30,069
357
161
Dec.
27,856
631
43,795
42,732
26.345
145,736
39,622
96,198
49,434
11,824
47,740
116,428
184,083
29,700
34,278
41,702
90,450
62,424
27,233
124,906
21,087
1,706
4,924
1,142
133,788
2,353
6,032
Greenwood-
123,495
995
500
845
La., Shrevep't
Miss., CI arks d
10.0977
5,694
372
2,325
124
....
1,020
Stocks
Week
Season
877
50,538
600
Macon
Rome
Range..
Week
22,206
9,222
101,898
54,682
31,335
1,500
3,812
3,187
__
Atlanta
Receipts
6
434
11,066
70,840
41,409
84,468
51,526
9,908
240
Ga., Albany..
Range..
Dec.
Week
25.705
4,227
1,420
4,262
1,559
Newport
Ship¬
ments
Stocks
11,546
13,811
39,597
23,383
103,261
30,209
39,983
132
Montgom'y
Hope..
Closing.
77
Season
1,834
Helena
Feb.—
.
Week
1939
Movement to Dec. 8,
1940
Ship¬
ments
Towns
Range..
3419
56
159
4,163
""65
103
39,593
32,449
288
266
476
717
""28
3,502
28,678
53,894
451
2,347
41,332
3,005
21,128
Range Since Beginning of Option
Total,56towns 205,565 3834,196 203,900 3260,298 181,859 4217,234 218,654 3498,072
1940—
*
Nov. 30 10.26 Dec.
December.. 10.02
5
8.33 June
6 1940 10.26
3 10.16 Dec.
5
8.26
6 1940 10.16
Dec.
5 1940
1941—
10.05 Dec.
January
Includes the combined totals of 15 towns In Oklahoma.
The
June
above
increased
10.06 Nov. 30 10.31 Dec.
March
totals
show
that
5
8.10
May 18 1940 10.31
Dec.
Nov. 30 10.23
5
8.00
May 18 1940 10.23 Dec.
5 1940
during the week
1,665
237,774 bales less than at the
9.94
May
Dec.
June
"971 "Nov."30 10302 Dec"." "5 X59~ Aug." ~7_ 1940 l6:0"3"N*ov:i91940
July
same
9.47 Dec.
Nov. 30
9.21
Oct.
in the
The
year.
more
than
week last year.
same
8.70
|5
Oct.
18 1940 10.59
Nov. 22 1940
Overland Movement for the Week and Since Aug. 1
.
1940Since
Dec. 6—
Volume of Sales for Future Delivery—The
Commodity
Agriculture makes public each day the volume of sales
for future
delivery and
Cotton Exchange
which
are
open
contracts
on
Week
Via St. Louis..
-1939Since
Week
Aug. 1
13,145
7,875
Aug. 1
the New
York
75,880
140,800
87,155
3,911
5,305
62,916
185,822
4,030
20,239
147,028
125,700
5,292
3,467
70,309
270,607
..100397
485,909
46,113
622,403
2,285
3,699
218,559
448
174
9,094
3,734
144,050
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
100
300
3,097
10,107
10,800
687
250
and the New Orleans Cotton Exchange,
have compiled the following table.
we
Shipped—
::
Exchange Administration of the United States Department
figures
period last
have
tonight
are
.
November.
from
stocks
and
receipts of all the towns have been 23,706 bales
August
of
interior
bales
5 1940
April
September
the
5 1940
Dec.
February
given in bales of 500 lb.
The
weight.
gross
Deduct Shipments—
Overland to N. Y., Boston, &c_.
"23§
4,151
Open
Nov. 29 Nov. 30
New York
Dec. 2
Dec. 3
Dec. 4
Dec. 5
Total to be deducted
Contracts
,.17,774
224,543
4,773
156,878
..82,623
261,366
41,340
465,525
Dec. 5
Leaving total net overland *
1940—
17,500
December
7,800
14,400
16,400
12,500
17,300
*99,300
*
Including movement by rail to Canada.
The
1941—
500
300
300
1,000
23".700
11",900
18,900
25,100
40,000
May---
12.700
22,200
5,500
10,400
8,400
3,800
18,200
9,000
4,300
15,600
July
45,100
22,400
10,600
81,600
42,300
65,300
82,700
January
-
March
October—
Total all futures
16,300
9,000
5,900
22,400
14,800
9,500
10,500
411,800
384,500
324,900
135,200
foregoing shows the week's net overland- movement
has been 82,623 bales, against 41,340 bales for
last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 204,159 bales.
this year
week
the
1940-
96,800 105,000 1,366.200
In Sight
and Spinners'
Takings
Open
Nov. 27 Nov. 28 Nov. 29 Nov. 30
New Orleans
Dec. 2
Dec. 3
Contracts
Dec. 3
-1939
Since
Week
86,554
6
6
South'n consumption to Dec.
2,008,107
210,127
82,623
Receipts at ports to Dec.
Net overland to Dec.
Since
Aug. 1
Week
261,366
41,340
160,000
6—170,000
2,815,000
..339,177
1,665
Excess of Southern mill takings
over consumption to Nov. 1
"7o84,473
Aug. 1
3,978,499
465,525
2,630,000
1940—
December
...
850
2,900
1,250
2,000
1,400
23,800
2,400
1941—
150
100
March
5,250
May
3,500
2,550
4,450
3,150
2,500
5,100
4,050
January
650
—
October
3",350
23400
4",250
2,700
600
650
1,050
1,500
1,400
3,150
63,150
950
100
12,250
252,750
700
December
18,800
Total all futures
*
15,750
9,950
9.400
6,950
73,300
62,350
Includes 2,800 bales against which notices have been Issued, leaving net open
contracts oi 96,500 bales.
cotton statistics are not
We
are
therefore
visible supply
411/467
*36,795
Cotton—Due to
obliged to omit
1,077,204
—
war
conditions,
374,672
—
can
our
usual table of
the
give only the stock at
1940
1939
1938
8,793,096
57*/701 "748,882
"■Decrease.
Movement into
sight in previous
Bales
years:
Since Aug. 1—
Bales
6,869,292
9,654,968
9,074,624
1938
....202,962
373,213 1937
.244,718 1936
1938—Dec.
9
1937—Dec. 10
1936—Dec. 11
Quotations for Middling Cotton at Other Markets—
Below
are
Southern
0
1,068,023
651,049
6,830,653
6_n7o35
North. spinnV takings to Dec.
...
permitted to be sent from abroad.
of cotton and
7,074,024
444,459
Came into sight during week...340,842
Total In sight Dec.
6
Week—
The Visible Supply of
1,301,721
29,400
100
July—
2",350
2,300
3,000
1,050
Total marketed
Interior stocks in excess
the
closing quotations for middling cotton at
principal cotton markets for each day of the week:
Middling uplands, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool..
...
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool-
8.54d.
14.03d.
7.lid.
9.44d.
8.19d.
10.38d.
7.33d.
8.54d.
7.26d.
Monday
Tuesday
3".98d".
4".02d"
V%
15-16
%
15-16
Vt
15-16
Vs
15-16
%
5.67d.
6.05d.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In
3.95d.
4.17d
Galveston...
9.53
9.73
9.55
9.62
9.82
9.67
9.87
9.67
9.87
9.63
9.83
9.63
9.75
9.83
9.71
9.91
9.75
9.95
9.78
9.98
9.99
9.62
9.82
9.64
9.84
9.71
9.91
9.76
9.96
9.77
9.97
10.00
Savannah
9.92 10.07
Norfolk-
624,000
7.47d.
........
*
482,000
351,000
1937
543,000
331,000
4.70d.
Mobile
*
.....
418.000
4.97d.
New Orleans.
*
Stock in Bombay, India.
Stock in Alexandria, Egypt.
the
Interior
Towns,
the movement,
Saturday
Wednesday
Friday
Thursday
Dec. 6
Not available.
At
Closing Quotations for Middling Cotton onWeek Ended
that is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
%
15-16
In.
In.
9.90
10.20
9.94 10.09 10.01 10.16 10.08 10.21 10.03 10.18:1
9.75
9.95
9.75
9.95
9.80 10.00
Montgomery.
9.45
9.65
9.45
9.65
9.55
Augusta
9.87 10.12
Memphis....
9.10
9.35
15-16
9.75
9.85 10.05
9.85 10.05
9
10.10
9.80
9.85
9.89 10.14
9.96 10.21 10.01 10.26 10.02 10.27
10.31
9.30
9.55
9.35
9.60
9.60
9.80
9.60
9.40
9.65
9.45
9.70
9.70
Houston
9.50
9.70
9.52
9.72
9.58
9.78
9.63
9.83
9.65
9.85
9.88
corresponding period of the previous year—is set out in
Little Rock-
9.10
9.30
9.15
9.35
9.25
9.45
9.40
9.60
9.40
0.60
9.65
detail below:
Dallas
9.17
9.42
9.19
9.44
9.26
9.51
9.31
9.56
9.32
9.57
9.61
The Commercial & Financial
3420
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 30
Dec. 2
Dec. 3
Dec. 4
Dec. 5
10.005
10.005
10.085
10.13
10.13
10.21n
May—.— 10.03
9.78
July
10.05
10.12a
10.27
10.24
10.185-.19a 10.21n
1941—
—
March
9.81
~
10.175
10.115
10.145
10.25
10.28
10.18
.
10.22
102351024a
10.02
10.04
9.41
9.46
9.98n
9.91
October... 9.265-9,28a 9.295-9.30a 9.355-9.36a 9.375-9.40a
i
"Bid.
a
Steady
Steady
Steady.
Steady.
Steady
Steady
Steady.
Steady.
Asked.
Credit
Nov. 27 announced that through
on 1940 crop cotton by the
Corporation and lending agencies aggregate $99,946,818.17
on 2,073,558 bales.
Cotton loans completed and reported
to the Corporation by States are as follows:
Nov.
Corporation
25,
on
made
loans
1940,
33
47
23
49
3
0.64
77
55
2
0.18
61
33
26
3
2
0.40
75
23
49
0.39
74
20
47
Wilmington ...——
Tennessee—Memphis
Chattanooga
— __
Nashville—
44
Dec. 8, 1939
Feet
Dec. 6, 1940
Feet
Above
Orleans
New
0.4
0.2
14.5
zero of gauge.
Above zero of gauge.
..Above zero of gauge.
0.9
2.8
5.5
Above
Shreveport.
Vicksburg
from
•
2.3
5.4
9.8
of gauge.
zero
Above zero of gauge.
Receipts
1940 Cotton Loans—The Commodity
CCC Reports on
Low
61
74
Nashville
Steady
Steady
Nominal
n
High
0.34
0.10
Memphis
Steady
Steady
Futures...
Mean
Inches
2
102951030a
Tone—
Spot.....
Rainfall
2
_
_
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
1940—
January
Rain
1940
7,
-Thermometer
Days
Carolina—Charleston
North Carolina—Asheville
South
Dec. 6
10.10
Dec.
closing quotations
New Orleans Contract Market—The
for
December. 10.10
Chronicle
V\
,
9.3
Plantations—The following table
the
indicates the actual movement each week from the plantar
tions.
The
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Southern
ileceivts
Week
Receipts from Plantations
Stocks at Interior Towns
at Ports
End.
*■'.
Alabama—
Arizona—_
Arkaa®a»_
—
-—
-
-
$3,795,624.36
1,191,546.81
3,547,172.37
2,784,085.62
7,320.73
78,997
24,746
*
-
—
_
-
—
74,457
—
54.829
California
Florida.-
—
*
151
-
53,212
Georgia-*.*-*.*.
133,294
»
...v—.
.
—
—
265,425.95
72,635
-—-—
MlSSlSBlppi
Missouri
6,398,979.89
3,521,292.98
2,451,677,10
5,676
*
*
Louisiana.....—» ....-—...—.
*
*.- —
-
-
—
Oklahoma-
27.
Oct.
4. 118,475 297,556 183,369 2185,345 3113,815 2881,086 241,439 480,640 430,890
128.793 290,322 205.107 2378,831 3262,486 3110,218 322,379 1904035 433.993
11.
45,421.02
25.
Nov.
V
93,533
4,770,166.25
382,162.70
52,954,336.76
3,166.27
7,774
Tennessee..
Texas
1,099,945
...
Virginia.*————
U 4.761 230,932 200.646 2570,606 3399,830 3275.615 306.536 368,276 368.043
112,180 243,288 150,872 2775,573 3486,871 3387,084 317,147 330.329 263,541
18-
1,054,748.67
4,215,924.74
89,046
::
——
1938
143,187 209,955 195,347 1878,515 2487,313 2044.616 134.999 270.132 290.308
137,224 266.665 227.732 1893 099 2590.556 2198,739 151,740 369,908 381.855
142,923 306,040 236.651 1947 476 2745,834 2390,140 197,300 461,318 428,052
137,695 297,080 221,656 2062,281 2930,731 2633,565 252.500 481,970 465,081
613.
20.
951
------
—
South Carolina...**...
1939
1940
1938
Sept.
21,942
New Mexico-.
N orth Car oil na
1939
1940
1938
1939
1940
Amount
Number Bales
State
.
65
————
1.
120.9^2 231,212 256.332 2980,289 3533,182 3460,497 325.66* 277.523 329,745
92,125 30*4,210 3549,918 3510,308 230,674 248,407 141,936
105,452 202,576 125.857 3153,9*2 3549,579 3518,088 17 ,224 208.237 133.637
F,; 8. 126,753 237,671
15.
22.
29.
98.226 178,607
83,853 227,545
88,143 3202,231 3536,990 3524.821 146,475 166,018
89,957 3258,633 3534,867 3508,828 140,255 225,422
94,876
73.964
86,554 210,127
77,815 3260,298 3498,072 3496,222
88,219 173,332
65,209
Dec.
Total..-.
New Members of New York
Two
6.
12,557,765.95
The above statement shows:
$99,946,818.17
2,073,558
Total
At
$87,389,052.22
1,811,253
262,305
————— — —
Loans by cooperatives
Cotton Exchange—
meeting of the Board of Managers of the New York
Cotton Exchange held Dec. 6, the following were elected to
membership in the Exchange: Joseph Edward Lyon of the
Lyon Cotton Co., cotton shippers, Memphis, and Ramdeo
Anandilal Podar, a partner in the firm of Anandilal Podar
& Co., cotton merchants, of Bombay.
Mr. Lyon is also
a member of the Memphis Cotton Exchange.
■
a
(1) That the total receipts
from the plantations since Aug. 1, 1940, are 3,316,419 bales;
in 1939 they were 5,039,253 bales, and in 1938 were 4,269,531
bales.
(2) That, although the receipts at the outports the
past week were 86,554 bales, the actual movement from
plantations was 88,219 bales, stock at interior towns having
increased 1,665 bales during the week.
Alexandria Receipts and
Shipments—The following are
and shipments for the past week and for the
corresponding week of the previous two years, as received
by cable:,: F '■ ;:F'f':'FF;F:FF;,F:o'; ^'v-;:FFF'FFF
I;he receipts
■
CCC Reports on
1940 Cotton Loans—The Commodity
announced Dec. 4 that, through Dec. 2, "
1940, loans made on 1940 crop cotton by the Corporation
and lending agencies aggregate $107,967,056.98 on 2,239,979
bales.
Cotton loans completed and reported to the Cor¬
poration, by States, are as follows:
Credit Corporation
State—
86,861
$4,167,764
26,702
151
1,286,022
3,911,556
3,779,813
7,320
141,167
80,504
3,898,484
58,316
1,615
2,682,020
284,254
76,511
24,219
1,159,809
.
Arkansas—
California——
82,121
74,459
.
.
Florida..
.
—
Louisiana..:
.
Mississippi
.
Missouri
New
6,090
Mexico..I
North Carolina.
New
.
Wool
York
South
'
Since
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
5.500
69,746
5,100
61,395 6,300
236,313 17,500
1,100
27,354
43,574
51,927
234,741
7,065
394,808 30,000
337,307
8,082
397,415
56,349,083
11,465
,...1,971,527
Loans by co-op's.
268,452
$95,051,623
Exports (bales)—
To Liverpool-.To Manchester, &c
To Continent & India_
Not
30,800
Egyptian bales weigh about 750 lbs.
Manchester Market—Our report received by Cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for cloth is improving.
We
give prices today below and leave those for previous weeks
of this and last year for comparison:
1939
1940
8 M Lbs. Shirt¬
Cotton
ings, Common
Middl'g
to Finest
Upl'ds
32s Cop
Twist
d.
d.
32s Cop
Twist
d.
s.
d.
d.
s.
over
VF--:.F-=>4F:FF
Cotton
834 Lbs. Shirt¬
ings, Common
Middl'g
to Finest
Upl'ds
s.
d.
d.
s.
d.
Sept,
6
8.33
available
Not
13
evening denote that the weather has been mostly dry
25",300
Total exports
Note—A cantar is 99 lbs.
12
0
@12
9
20..
;
by Telegraph—Telegraphic advices to lis this
avail-
ab le
To America
12,915,433
.2,239,979 $107,967,056
i'i a'"
in
320,000
3,672,647
Aug. 1
1,171,334
237
Virginia..*.
•
■
400.000
4,421,488
This
Open contracts increased 780,000 pounds from Oct, 31 to Nov. 30,
1940, with the daily open contracts averaging 6,955,000 pounds during
November, 1940, as compared to 11,751,000 pounds in November, 1939.
Futures prices showed a net increase from four to five cents per pound
from Oct. 31 to Nov. 30, 1940, with the December future closing at $1.17
Returns
•
Week
Transactions in
pounds of wool tops was
traded on the New York Wool Top Exchange (Wool Asso¬
ciates of the New York Cotton Exchange, Inc.) during No¬
vember, 1940, the Commodity Exchange Administration
announced on Dec. 4.
This figure compares with 13,560,000
pounds traded in October, 1940, and 13,255,000 pounds in
November, 1939.
The CEA announcement added:
Nov. 30.
■FF'
available
1-..
5,221,111
November—A total of 12,285,000
on
Since Aug.
5,047,123
Exchange
Top
Receipts (cantors)
This week
Amount
Tennessee
Texas
Total
Not
1938
1939
;:
99,225
Carolina..
Total
F
Dec. 5
110,444
No. Bales
Oklahoma
6,771,864
.
Arizona
Georgia
State—
Amount
No. Bales
.
Alabama
1940
Alexandria, Egypt,
14.68
12
6
@12
9
27-
14.86
12
7J4@12 10H
14.61
8.31
8.40
8.82
Nominal
Nominal
Nominal
Nominal
7.03
7.09
9
3
4.70
@11
9
8X@ 9H
@13K U
0
6.74
3@
13
Oct.
Rain
Days
Inches
High
Low
4
Texas—-Calves ton
Rainfail
0.91
72
72
74
48
Austin
dry
Abilene.
dry
;
Brownsville
0.04
2
Del
Fort Worth
73
Thermometer
Mean
60
Antonio
@11
0
6.27
13
@1334 11
3
@11
0
0.35
14.50
12
6
@12
9
8.22
13
@1334 11
3
@11
0
6.38
14.50
12
0
@12
9
8.17
3
@11
0
0.22
@12
11
13^@14
14
@14« 11
@14K 11
14 J4@15
11
0
Nov.
1—
,
14.01
12
0
9
8.23
14.05
12
67
14.72
12
7U
734
8.07
8.38
14
22-
4@12
4J4@12
29-
14.95
12
6
@12
9
8.41
15
12
6
@12
9
8.54
1534@16
46
62
42
56
33
41
53
40
56
73
42
58
35
54
Oklahoma—Oklahoma City
2
62
39
51
Arkansas—Little Rock
2
1.14
54
29
42
Louisiana—New Orleans
1
0.42
77
45
61
2
2.59
71
31
0.50
55
67
2
0.52
79
72
55
1
0.18
78
37
28
1
0.21
76
54
2
0.08
32
34
Alabama—-Mobile
...
-
Birmingham
Montgomery
Florida—Jacksonville
—.
....
81
15.14
6-
7.01
7 10
7.51
9H@12
@1534 12
@12
3
12
7.95
3@12
6
8.19
Shipping News—As shown on a previous page, t;he
of cotton from the United States the past week
have reached 27,667 bales.
The shipments, in detail, as
53
58
made up from
mail and telegraphic reports,
are as
follows:
Bales
To Colombia.
698
To Great Britain
To Great Britain.
5,809
677
To Colombia
NORFOLK—
NEW
Bales
GALVESTON—
HOUSTON—
147
NEW
YORK—
To Russia..
ORLEANS—
2
7H
9
exports
0.09
82
60
71
To Great Britain
2
Georgia-
@11
T
Dec.
51
1
Mississippi—M er idian
434@11
58
73
2.29
3
8.13
8-
75
0.01
13
9
15-
71
dry
7.99
@12
56
0.03
1
6.44
9
0
available
52
0.25
Waco
0
@12
12
Not
30
52
3
dry
...
—
@11
6
@13 J4 11
@13 X 11
3
12
14.47
4-
39
2
Houston
San
78
70
dry
Rio
Palestine
82
0.41
1
Corpus Christi
-
13
14.60
25-
A
8.21
11—
18-
the cotton belt.
0.10
84
63
74
To Russia
2
0.47
0.48
66
35
50
To Java
3
55
To Cuba__—.
50
0.73
74
76
29
1
33
55
To Panama
2
1.27
79
30
55
To Colombia.
684
—
10
109
15,131
300
_.
206
To Finland
LOS
2,048
ANGELES—
.
To China
1,000
798
To Indo-China
Total
*
—
27.667
Volume
Cotton
York
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
in
India Cotton Movement from All Ports.
Liverpool Imports, Stocks, &c.
Liverpool—The tone of the Liverpool market for spots
and futures each day of the past week and the daily closing
prices of spot cotton have been as follows:
Spot
Monday
Saturday
Tuesday
Thursday
Friday
Quiet
Wednesday
Quiet
of other
Quiet
Quiet
Futures
:
1
■
1
8.45d.
CLOSED
Quiet
slow flour demand and increased
marketings in the North¬
crop outlook, but soon
rallied.
At one stage Dec. reached 90He., within He. of
the seven-month peak established Monday.
Much of the
west
Market
but
opened
Quiet 1 pt.
dec. to
to st'y, 2 pts.
changed
steady
Quiet but
1 pt. dec.
2
pts. adv.
dec. to 6
Quiet un¬
changed
to
1 pt. dec.
pts. adv.
Steady,
9 points
P. M.
1
2
advance
4
Prices of futures at
Nov.
25
to
8
unch'd to
pts.
advance
3
Liverpool for each day
Mon.
Sat.
30
St'y. unch. Quiet, st'y, Quiet, st'y,
advance
to
pts.
are
advance
given below:
Fri.
Thurs.
Wed.
Tues.
1 to 2 pts.
dec.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Dec. 6
d.
New Contract
d.
d.
*
December, 1940.
d.
8.03
*
-»
-
d.
d.
d.
d.
8.05
8.02
8.05
~
d.
d.
d.
«—
-
as
the favorable
new
was attributed to
processing and
desiring to take delivery due to its
discount compared with cash grain.
Some covering by
previous short sellers not wanting to make delivery and
switching of hedges into deferred contracts also was in
demand
of
Dec.
wheat
consuming interests
5th
the
prices closed unchanged to He. lower.
inst.
prices bobbed above and below previous closing
levels today, fluctuating within a range of %c.
The mar¬
ket's sluggishness was attributed to uncertainty over set¬
tlement of outstanding December contracts as well as the
war.
The deadlocked domestic supply and demand situa¬
tion was also a consideration among traders.
Much of the
trade
Steady,
Market,
well
as
Wheat
8.54d.
8.52d.
8.57d.
8.49d.
Quiet un¬
supported by demand for contracts
evidence.
P. M.
Mid.upl'ds
were
commodity may be tendered before the
end of the year.
Wheat prices dipped about He. during
the first hour due to scattered commission house selling,
On
Quiet
grains also
which the actual
on
Market,
12:15
3421
Chronicle
The Commercial & Financial
151
8.04
came
from
dealers evening up accounts or switching
or July contracts.
Scat¬
been associated with South¬
west reports of increased sales of stored wheat to pay taxes
and obtain holiday cash, brokers said, but this activity was
on
a
small scale.
There were some reports of mill pur¬
December into May
hedges from
tered selling of wheat may have
chases, following slight improvement in flour business.
Today prices closed 1 to lHc. net lower.
Influenced by
price of December corn, grain values
turned generally lower on the Chicago Board today.
Wheat
traders attributed most of the selling to profit-taking and
the
2c.
in the
drop
718.00
8.03
8.00
8.05
8.05
8.05
8.00
8.02
8.02
8.04
*
7.85
7.90
7.89
7.95
7.97
7.97
7.92
7.94
7.94
7.96
*
7.75 n
7.82
7.84
7.91
7.95
7.94
7.88
7.91
7.91
7.93
*
7.65 n
7.73
7.79
7.88
7.91
7.90
7.82
7.87
7.87
7.89
October.
*
7.50 n
7.55
7.65
7.78
7.85
7.84
7.75
7.82
7.82
7.83
to
December
*
7.79
view of the tightening
January,
1941..
March
May
Juiy
*
Closed,
7.45
7.78
7.70
7.78
Nominal.
n
liquidation by owners discouraged by failure of the market
which many dealers had hoped for in
develop strength,
commercial supplies.
Lagging flour
business, which has been at a minimum for almost a month,
showed
no
signs of improvement, and
there was evidence
of
BREADSTUFFS
Friday Night, Dec. 6, 1940.
Flour—As
flour
est,
a
at
are
now
$5.20
per
a
of the
adjusted
bakery grades.
offered at $4.95 per
remains
;
tlieir prices
down¬
Standard spring pat¬
barrels and high glutens
Demand
despite the fact that sales
Rye flour was reduced 5c.
barrel.
slow
for
flour
are
reported to be running slightly ahead of last week at
very
Consumers still buy on a hand-to-mouth
this time.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
continued stretch of slack inter¬
recently
producers
ward for most
ents
result of
adoption of a similar hand-to-mouth buying policy on
the part of users and processors of other grains.
Open
interest in wheat tonight, 56,252,000 bushels.
'
basis.
Sat.
No. 2 red
DAILY
CLOSING
May
July..
the 30th
ult.
prices closed
H to
He. net
The wheat market derived enough strength today
from action of securities and absence of any prospective
higher.
deliveries
on
with fair net
to
Dec.
gains.
contracts
Although some purchasing was credited
and
United
traders.
were
States
mill
buying there
most of the orders
from pit dealers and other professional
No notices of intention to deliver wheat Monday
apparently
came
posted.
Early easiness in wheat was associated with
favorable crop reports from the Southwest.
Evidence
of a slowing up of the amount of grain going into Government
loan also attracted attention, although the total of 260,203,020 bushels is almost 100,000,000 greater than the amount
sealed last season, and loan operations will continue for an¬
other month.
On the 2d inst. prices closed H- lower to He.
very
Wheat prices rose more than a cent early today,
reaching 90f{c. a bushel, highest since last
May, but the market lost virtually all of its gains before the
close.
The comparative high level of prices attracted profittaking, while a fading rally in the stock market also unsettled
the pit.
Most of the early buying apparently was associated
with demand for Dec. contracts in view of absence of de¬
liveries
and comparatively
small commercial supplies.
Deferred
contracts,
particularly July, 1941, deliveries,
higher.
Dec. contracts
lagged behind, due to favorable crop prospects.
July wheat
closed at a discount of about 6He. under Dec.
With futures
prices once again near top levels of the season and about
7 to 9c. above Government loan rates in Chicago, talk about
the possible effect of open market prices on the loan program
was revived.
On the 3d inst. prices closed unchanged to
He. lower.
The market ruled heavy during most of the
session.
There was very little news and little demand to
lift the trading out of the doldrums.
All other commodities
on the Board of Trade also were dull.
Dec. wheat at one
time touched 90H, or %<s. above Monday's final price, but
could not hold the advance.
Elevator interests were re¬
ported moderate buyers of the nearby future against sales of
May wheat at around 2Ho. difference.
While temperatures
dropped below zero over most of the domestic grain belt,
the weather was moderating in the Canadian West.
Sub¬
zero temperatures were believed to carry little threat to the
winter wheat crop, however, as most sections had ample
snow covering.
On the 4th inst. prices closed unchanged to
He. net higher.
Dec. wheat contracts reflected good de¬
mand from grain dealers today, the price being lifted almost
a
cent to above 90c. a bushel.
Strength of the current
delivery helped to steady May and July contracts.
Prices
Wed.
89%
87%
83
Tues.
90%
89%
85%
May
July
CLOSING
IN
Sat.
December-
Man.
90
86%
82%
82%
Fri.
89
85%
81%
When Made
Aug. 16, 1940
Aug. 16,1940
Sept. 27. 1940
IN
Wed.
WINNIPEG
Thurs.
Fri.
77%
78%
73%
77%
73%
77%
77%
72%
76%
78%
72%
76%
May.
July
Tues.
Fri.
109
CHICAGO
90 %
86%
FUTURES
OF WHEAT
HO %
Thurs.
Wed.
89%
86%
82%
I
Season's Low and
Dec.
2, 1940] December
68%
Nov. 15 1940 May
70
Nov 18. 19401 July
76%
PRICES
Thurs.
110%
Season's High and When Made
December
78%
78%
78%
78%
73
Corn—On the 30th ult. prices
Monday to close the market
mills, with Winnipeg reports also indicating Canadian
110
FUTURES
Man.
89%
87%
83%
-
Tues.
110%
WHEAT
OF
Sat.
DAILY
Wheat—On
PRICES
December.
Man.
...llO
„
closed %e. lower to He*
Weakness of Dec. corn, which showed a loss of as
He. at one time, unsettled the corn pit.
Traders
attributed the action to pre-delivery liquidation of Dec.
contracts and weakness in the spot market, where prices
were
H to lHc. lower.
Shippers sold 83,000 bushels and
54,000 were booked to arrive, which caused some of the
easiness.
Receipts also were fairly liberal for Saturday.
On the 2d inst. prices closed H to He. net lower..
The
opening was unchanged to He. lower, the market holding
steady most of the day, but weakening towards the close
in sympathy with the decline in wheat.
Belief that pro¬
ducers would market more freely, together with indications
of an over-supply of all feeds tended to ease prices.
On the
3d inst. prices closed H to He. net lower.
Corn was under
pressure soon after the opening and the Dec. delivery closed
near
the day's low to show a loss of He.
Traders said
liquidation of futures was the chief influence.
Prices have
dropped 4 to 5c. from the highs established a few weeks ago.
On the 4th inst. prices closed unchanged to He. up.
Trad¬
ing was relatively quiet, with prices showing little change.
On the 5th inst. prices closed % to %c. net lower.
Ship¬
higher.
much
1
as
The 12 principal termi¬
907,000 bushels of corn and 197,000 bushels
pers
took 80,000 bushels of corn.
nals
received
of oats, compared
with 572,000 and 109,000, respectively, a
week ago.
Today prices closed % to l%c. net lower.
Re¬
cent slight expansion in corn receipts at principal terminal
markets attracted much attention in the trade, although the
bulk
of
arrivals
has
been
going direct to dealers.
Heavy
swine on an unprecedented scale for this
time of the year, with many animals showing up at market
liquidation
of
comparatively light, stimulated talk that farm feeding de¬
for corn may be materially curtailed.
Some traders
contended hog liquidation was induced partly by an un¬
favorable relationship between hog and corn prices, with
mand
is
Hogs
while corn
per bushel higher, and the Government loan
higher.
Onen interest in corn tonight, 24,948,000
supported by the Government loan program.
the latter
are
about 60c. per cwt. higher than a
5c.
to
year ago,
7c.
rate is 5c.
bushels.
DAILY
CLOSING
PRICES
OF CORN IN NEW YORK
Sat.
81%
No. 2 yellow
Man.
81%
DAILY CLOSING PRICES OF CORN
Sat.
80
Wed.
80%
Thurs.
79%
Fri.
77%
FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
62%
December
May
July
Tues.
-
—
62%
61%
61%
61%
59%
61%
61%
61%
61%
60%
60%
60%
60%
60%
60%
59%
59%
The Commercial & Financial Chronicle
3422
Season's Low and
Season'» High and When Made
May
July
Nov. 18, 1940 December
Nov. 18, 1940 May
Nov. 18, 1940 July
65%
66
65%
December
July 15,1940
Aug. 16,1940
Sept. 23.1940
54%
58%
prices closed Ye. off to Ytft.
up.
Trading quiet, though undertone was steady.
On the 2d
inst. prices closed Yk to %e. net lower.
Trading quiet and
showing little feature.
On the 3d inst. prices closed % to
off.
The sub-zero weather in many sections means
heavier feeding of livestock, but this seemed to have no
effect on wheat or oats, these markets ruling heavy during
most of the session.
On the 4th inst. prices closed J4c. net
Due to
higher.
better spot demand, oat futures were
a
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bvsh 56 lbs
bush 32 lbs
Receipts at—
35,000
Baltimore..
20,000
1,200,000
41,000
29,000
335,000
New Orl'ns*
21,000
9,000
51,000
7,000
The
influence affecting corn were said to
same
Sal.
Mon.
Tues.
39%
-
December
May
July
38%
38%
32%
Thurs.
Wed.
35%
32%
39%
33%
33%
33%
May
July..
32%
32%
32%
31%
33%
32%
extremely
wheat
markets,
1940
CLOSING
futures
33%
OF
PRICES
dropped substantially
of selling.
RYE
Sat.
43%
May
July
48%
49%
Tues.
44%
48%
43%
48%
49%
49%
44%
48%
49%
lower
2,000
1,250,000
9,564,000
1,793,000
324,000
114,000
649,000
14,595,000 113,408,000
24,083.000
5,416,000
2,358,000
9,369,000
Week 1939.
417,000
Since Jan. 1
*
on
Receipts do not Include grain passing through New Orleans for
through bills of lading.
,
43%
48%
49%
42%
47%
48
Aug. 19, 1940
Aug. 19, 1940
Vv-.V.::
December
46%
49%
May
46%
49%
49%
July
46%
49%
50%
45%
48%
49%
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat.
December
Mon.
42%
42%
41%
May
July...
Closing quotations were
Tues.
42%
43%
41%
43
Thurs.
Wed.
43%
Fri.
43%
42%
43%
43%
43%
43%
41%
42%
42%
41%
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
27,515
99,000
New York
Philadelphia
260,000
Baltimore...
160,000
150*666
*6*060
New Orleans
1,239*000 1,254*000
Can. Atl. ports..
Since July
a
follows:
as
1,1940
55,000
109,000
239,000
6,991,000 1,915,476 1,713,000 2,306,000
244,000
pate;
Seminola, bl., bulk basis..5.90@6.40
Oats, good
3.04
Spring Detente..........4.95
4.50
Corn flour
2.10
53,178.000
visible
The
supply of grain,
Prices Withdrawn
Fancy pearly (new) Nos.
1.2-0.3-0.2
4.25 @5.75
Vv-7'
■
grain
...
and
sea¬
Y'YY-cr?'!''-;
stocks
Wheat
Oats
Rye
Barley
Bushels
United States—
Corn
Bushels
Bushels
Bushels
Bushels
Boston................
1,000
.......
4*0",000
18" 000
6,000
*5*666
*1*660
14,000
92,000
2,000
5,000
15,000
51,000
63,000
125,090
Philadelphia
372,000
Baltimore....
656,000
56,000
1,072,000
67,000
389,000
147,000
118,000
970,000
229,000
2,468,000
7,505,000
135,000
25,000
8,847,000 13,167,000
New York
"
*
afloat...
New Orleans
Galveston
Fort Worth
Wichita
—
45,000
9,709,000
4,406,000
156,000
8,418,000
Hutchinson
4,608,000
St. Joseph
34,842,000
City
Sioux City
St. Louis.........
833,000
1,533,000
7,226,000
Indianapolis
2,301,000
1,185,000
626,000
649,000
2,000
962,000
Peoria
12,226,000 11.814,000
Chicago
"
721,000
Milwaukee....
20,425,000
20,062,000
Detroit
120,000
4,568,000
Buffalo
9,696,000
2,754,000
2,000
1,283,000
275,000
68,000
5,040,000
afloat
.....
Total Nov.
30, 1940..156,108,000 58,730,000
158,541,000 57,399,000
Total Nov. 23, 1940..
*
7,000
20*7*666
1,769*000
683,000
493,000
220,000
3,623,000
650,000
Minneapolis
"
11,000
9,000
122,000
afloat...
On Lakes
On canal
9,000
3,000
5,000
6,000
425,000
823,000
836,000
11,000
387,000
3,000
29,000
143,000
20l",000
35,000
1,179,000
108,000
5,000
1,234,000
630*666
1,945,000
977,000
2,000
822,000
97,000
5,607,000
5,675,000
7,318,000
7,465,000
1,245,000
4,026,000
839,000
240,000
462,000
656,000
8,630,000
8,772,000
Philadelphia also has 3,000 bushels Argentine corn in store.
Note—Bonded grain not included above: Oats—Buffalo, 442,000 bushels; Buffalo
afloat, none; New York, 84,000; Erie, 69,000; total, 595,000 bushels, against 1,170,Barley—New York, 128,000 bushels; Buffalo, 117,000; Balti¬
156,000; in transit—rail (U. S.)f 736,000; total, 1,137,000 bushels, against
1,329,000 bushels in 1939.
Wheat—New York, 3,733,000 bushels; New York afloat,
1,318,000; Boston, 2,267,000; Philadelphia, 834,000; Baltimore, 3,939,000; Port¬
land, 1,211,000; Chicago, 13,000; Buffalo, 9,511,000; Buffalo afloat, 2,040,000
Duluth, 7,971,000; Erie, 1,989,000; Albany, 9,204,000; on Canal, 100,000; in transit
—rail
(U. S.), 3,765,000; total, 47,895,000 bushels, against 33,882,000 bushels
Corn
Bushels
Canadian—
Bushels
Oats, New York—
No. 2 white
50%
58%
Rye, United 8tates. c.I.f
Barley, New York—
40 lbs feeding
77%
Chicago, cash
Total Nov. 30, 1940.-407,235,000
Total Nov. 23. 1940.-407,063,000
......
Summary—
403,000
1,657,000
672,000
7,287,000
8,003,000
2,732,000
Barley
Bushels
1,449,000
1,142,000
4,353,000
2,767,000
6,944,000
6,726,000
7,318,000
8,630,000
2,732,000
6,944,000
,
American
156,108,000 58,730,000
54
Canadian...
407,235,000
All the statements below
Rye
Bushels
1,525,000
4,710,000
67%
......
Oats
Bushels
1,052,000
Lake, bay, river & seab'd. 64,965,000
Ft, William & Pt. Arthur 70,215,000
Other Can, & other elev.272,055,000
GRAIN
Corn, New York-
comprising the stocks in
at principal points of accumulation at lake
board ports Saturday, Nov. 30, were as follows:
granary
Wheat
Coarse
Wheat, New York—
No. 2 red, e.l.f., domestic...109
Manitoba No. l.f.o.b. N.t. 85%
6,602,000
Export data not available from Canadian ports.
In 1939.
4.60 _4.85 Barley goods—
Nominal
165,320
1,529,000
4,836,000
1939
313,000
20,000
more,
1
Spring pat. high protein..5.20
150,000
033,515
1,758,000 1,254,000
46,045,000 19,924,000 2,112,515
Total week 1940.
000 bushels in 1939.
FLOUR
yellow, all rail
•
Corn
Duluth
Sept. 23, 1940
FUTURES IN WINNIPEG
Mon. Tues.
Wed. Thurs. Fri.
Sat.
No 2
J..
for the week
shown in the
Wheat
Exports from—
Omaha
OF RYE
DAILY CLOSING PRICES
Clears, first spring
Hard winter straights
Hard winter patents
Hard winter clears
foreign ports
■;
.
The exports from the several seaboard ports
ended Saturday, Nov. 30 and since July 1, are
Kansas
When Made
38%
May 29. 1940 December
Nov. 15. 1940 May........ 42%
47%
Nov. 14. 1940 July
50%
52%
52%
108,000
2,199,000
Since July 1,
IN CHICAGO
Wed. Thurs. Fri.
Season's Low and
Season's High and When Made
May
July
FUTURES
Mon.
December.....
December....
35,000
3,581,000
Total week 1939.
and dull affair.
Today prices
Influenced by the lower corn and
under relatively light pressure
DAILY
1,710,000
39,031,000
30%
32%
33%
narrow
rye
2,957,000
300,000
Since Jan. 1
32%
31%
33
Rye—On the 30th ult. prices closed unchanged to Ye.
Trading was very limited, with prices showing little
change.
On the 2d inst. prices closed unchanged to 24c.
higher.
Trading light ana fluctuations narrow. On the
3d inst. prices closed 24 to 24c. net lower.
This market
was dull,
with prices showing little change.
On the 4th
inst. prices closed
24 to %c. net higher.
The firmness
of wheat and the other grains had a steadying effect on rye,
though the latter market was anything but buoyant.
Trad¬
ing was very light.
On the 5th inst. prices closed %c. net lower.
This market
an
1,254,000
11,437,000 118,654,000
Tot. wk. '40
off.
was
1,2*3*9*666
Can.Atl.pts
38%
38%
35%
32%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG /
Sat. Man. Tues.
Wed.
Thurs. Fri.
December
closed 1 to lVsc. lower.
"4,000
33,000
Boston
Fri.
35%
34%
32
31%
High and When Made
Season's Low and When Made
39%
Nov. 29, 1940 December
27%
Aug. 19, 1940
38
Nov. 15, 1940 May
28%
Aug. 16, 1940
34%
Nov. 15, 1940 July
30%
Oct.
9. 1940
.
Season's
39
36%
33%
December
May
July,
"2,000
OF OATS FUTURES IN CHICAGO
CLOSING PRICES
DAILY
2,000
106.000
10,000
annexed statement:
prices of oats.
be affecting
499,000
191,000
Galveston..
1939
prices closed *4 to %c. net lower.
This
market ruled heavy during most of the session.
Trading
was more or less routine.
Today prices closed % to 124c.
Barley
Rye
bush 56 lbs bush 48 lbs
Ti'ooo
On the 5th inst.
net lower.
1940
13,000
Philadelphia
:■'^
firmer.
7,
When Made
53%
New York.
Oats—On the 30th ult.
Dec.
5,607,000
7,287,000
regarding the movement of grain
•—receipts, exports, visible supply, &c.-—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Broomhall to the New York Produce Exchange, for the week
ended Nov. 29 and since July 1, 1940, and July 1, 1939, are
of the last three years:
shown in the
Chicago
Flour
Wheat
Corn
Oats
bbls 196 lbs
Receipts at—
bush 60 lbs
bush 56 lbs
bush 32 lbs
235,000
113,000
942,000
Milwaukee.
19.000
Toledo
Buffalo
Indianapolis
St.
Louis..
Peoria
Kansas
City
146*666
7,946,000
26,000
105,000
41,000
19,000
50,000
234,000
30,000
5,000
163,000
8,000
Omaha
St.
Joseph.
Wichita
Sioux City.
Tot. wk. '40
460,000
Same wk '39
463,000
Same wk '38
418,000
92,000
6,000
Duluth
240,000
415,000
2,000
Minneapolis
1,558,000
676,000
...
10,306,000
23,231,000
12,669,000
r___
1939
1938
Total
corn, as
furnished by
following:
157,000
1,054,000
266,000
26,000
*2* 000
287,000
473,000
164,000
127,000
10,000
138,000
Week
Corn
Nov. 29,
July 1,
1940
923,000
631,000
2,000
"21*660
l.ub'ooo
Kooo
32,000
28,000
2,000
2.000
62,000
*9*666
4,000
26,000
4,977,000
2,756,000
6,003,000
5,900,000
2,629,000
1,024,000
471,000
1,510,000
291,000
3,421,000
3,357,000
2,200,000
July 1,
1939
Bushels
Bushels
1,620,000
82,022,000
17,432,000
74,003,000
11,293,000
208,000
5,024,000
Argentina.
1940
Bushels
Bushels
454,000
19,278,000
6,632,000
327*666
17,4*2*4",000
55,127,000
2,520,000
26,648,000
781,000
39,222,000
89,257,000
14,448,000
4,182,000
512,000
850,000
India
Other
countries
18,000
34,000
July 1,
70,498,000
1,232,000
46,713,000
Balck Sea.
Australia
Since
Nov. 29,
1940
July 1,
Bushels
Bushels
No. Amer.
Since
1939
1940
451,000
*2*666
Week
Since
Since
Exports
215,000
Total
6.522,000 123,467,000 199,198,000
Wheat
Loans Total 260,203,020
Bushels—Commodity
Credit Corporation announced on Nov. 29 that wheat in the
1940 loan through Nov. 26,1940, totaled 260,203,020 bushels
Loans on the 1939 crop on the
totaled 160,192,404 bushels valued at
$112,192,718.72.
The number of loans through Nov. 26,
1940, totaled 415,004 against 226,750 on the same date last
valued at $187,849,256.09.
Since Aug. 1
1940
shipments of wheat and
Barley
302,000
80,000
The world's
Wheat
Rge
bush 56 lbs bush 48 lbs
235,000
485,000
182,000
27,000
67,000
1,609,000
26,000
30, 1940.-563,343,000 58,730,000 12,894,000 10,050,000 15,574,000
Total Nov. 23, 1940.-565,604,000 57,399,000 13,678,000 10,232,000 14,498,000
Total Nov.
7,580,000 171,674,000 118,716,000
8,214,000 196,582,000 170,538,000
7,754,000 197,606,000 133,820,000
36,651,000 7,378,000 43,442,000
53,299,000 14,072,000 62,356,000
53,746,000 16,036,000 52.377.000
receipts of flour and grain at the seaboard
the week ended
Saturday, Nov. 30, 1940, follow:
ports for
same
date last year
year.
Wheat loans
reported to the Corporation by States follow:
The Commercial & Financial Chronicle
Volume 151
Farm
State
of
Warehouse
ATo. of
Storage
Bushels
last
week
Amount
in most sections.
Winter wheat good progress since
but plants rather small most
planting to be done in northwest, but nearly over.
Oats
and minor grains advanced rapidly; mostly good condition, except flooded
areas.
Truck and gardens, injured by frost and too much rain last week,
improved slightly, but need more sunshine.
Tomato planting for next
crop under way.
Ranges generally good condition and cattle continue in
good flesh.
remaining
week and generally good condition,
sections;
30
California
$9,407.47
12,677
38
34,095
95,726
88,208.98
4,222
Colorado
879,681
2,304,768
1,625
5,096,462
12,036,067
3,152,586
2,367,753
38,996,043
2,096,264.47
Delaware
3
Idaho
3,870
26,929
1,610,175
635,686
11,202
5,260
293,881
Iowa...
Kansas...
65,600
7,590,024
Illinois
Indiana
387,905
Kentucky
1,274
113
1,327.13
3,582,485.93
10,122,167.10
2,667,133.93
2,052,888.90
33,348,147.15
494,618
Maryland
55,617
Michigan
1,445
Minnesota
221,798
2,634,460
310,240
24,459
Missouri
20,824
...
Montana.
23,400
Nebraska
32,217
Nex Mexico...
456
59,009
North Dakota.
83,097
12,149
31,168
2,001
6,779,607
353,765
2,427,548
Ohio..
Oklahoma
....
Oregon
Pennsylvania..
676,647
478
South Dakota.
38,742
Tennessee
2,579*246
857
Texas
19,528
Utah
1,504,955
637,010
475
Virginia
570
Washington
258,106.79
7,514,490.75
6,519,799.99
17,759,883.57
10,759,232.86
321,747.51
38,971,241.26
3,206,098.47
14,685,037.77
3,155,838.13
92,090.25
Total
5,684,468.47
8,354.04
""172
316,435
376*766
483,444.97
42,935,599
217,267,421
$187,849,256.09
415,004
Weather
Report
for the
115.24
Week Ended
4—The
Dec.
general summary of the weather bulletin issued by the
Department of Commerce, indicating the influence of the
weather for the week ended Dec. 4, follows:
An extensive
first
24
hours
disturbance
depression that was centered at the close of last week over
moved rapidly to the eastern Lake region during the
Missouri
southeastern
of
the
developed
week
current
and
at
the
same
time
a
secondary
eastern North Carolina and moved northeast¬
There was widespread attendant precipitation, cover¬
ing all sections from the upper Mississippi Valley eastward and also the
middle and south Atlantic areas, except the extreme Southeast.
Rainfall
over
ward along the coast.
heavy from the upper Ohio Valley eastward.
Following this storm an area of high pressure moved eastward, reach¬
ing the Atlantic coast by the morning of the 30th, attended by a sharp
drop in temperature.
On the 28th-30th a second disturbance moved eastward over Northern
was
States
northern
the
from
Plains
the
to
north
Atlantic
coast,
but
the
re¬
sulting precipitation was confined to the more northern sections of the
country.
A third "low" moved from western Canada southeastward to
the Central Valleys and thence northeastward to New England from Nov. 29
1, and precipitation was again general over much of the East.
close of the week a mass of very cold polar air had overspread
Dec.
to
the
At
the
Mississippi
upper
and
Valley
the
upper
Lake region,
with
minimum
from 8 degrees to more than 20 degrees below zero from
Illinois northward and northwestward.
Among the lowest
temperatures
extreme northern
reported on the morning of Dec. 3 were minus 26 degrees at La Crosse,
Wis., and minus 29 degrees at Rochester, Minn.
The week as a whole was much colder than normal in the northern
Plains and east of the Plains States, except the extreme Southeast, which
relatively
was
warm,
temperatures
prevailed in the
From the Rocky Mountains westward
about-normal
and
the middle Atlantic area.
interior of
Rock:
Arkansas—Little
favored
of winter
growth
warmth and mostly abundant rain
Small amounts of cotton and corn har¬
Some plowing and terracing, but soil
fair; cutting spinach.
Favorable for
Moderate
crops.
cotton in fields damaged.
wet in lowlands.
Winter truck
vested;
too
butchering.
Tennessee—Nashville: Moderate rain and wet
ground delayed harvesting
and plowing and seeding, although some progress.
cotton and corn
grains improved; condition very
nrcgressing.
Many hogs killed.
Clover
good.
fair.
Winter
Tobacco stripping
THE DRY GOODS TRADE
New
120,487.65
1
Wyoming
wet
413,659.57
769
Wisconsin
City: Little rain, but previous rains resulted in
fields this week.
Little farm work.
Surface-moisture conditions
generally best in years.
Cotton picking slow progress; unpicked cotton
severely damaged and some lost.
Progress of winter wheat fair; con¬
dition mostly good; fields too wet for grazing; crop needs warm weather.
Livestock good; feed supplies mostly adequate.
Oklahoma—Oklahoma
very
9,654,428.45
214,216.78
8,862,886
9,687
1,197*084
24
some
13,641,420.49
158,555
3,803
West Virginia.
377,595.66
39,466.36
149,636
6,878,262
8,367,325
18,651,628
9,820,082
376,464
44,554,423
3,651,324
18,050,840
4,714,786
123,526
10,342,514
273,327
17,089,580
201,968
6,756,764
5,039,412
beneficial.
scrapping
Bushels
Arkansas
warmth; soil moisture ample and sunshine
Cotton picking nearing end in northwest; only
rains last
Storage
Loans
3423
Favorable
Texas—Houston:
temperatures were abnormally high, averaging from 4 degrees to 6
above normal in most sections.
There were some marked contrasts
degrees
in the
Additional
York, Friday Night, Dec. 6, 1940.
buying by the Government for defense pur¬
stimulated activity in dry goods markets during the
otherwise would have been more or less
quiet.
The Army Quartermaster Depot at Philadelphia
announced that bids would be opened Dec. 16 on 7,000,000
yards of assorted cotton goods, including 1,306,875 yards
of overcoating lining twills and 3,892,063 yards of cotton
drill.
Aside from the defense buying, business in most
divisions was largely of a routine character.
The quietness
in the demand from ordinary channels, however, caused no
concern
among mills as they have sufficient backlogs to
maintain their current rate of machinery activity well into
the new year.
In fact, merchants welcomed a period of
quietness in order to give them an opportunity to untangle
some of the delivery problems which have developed as a
result of the recent heavy buying.
The dry goods markets
in general are said to have entered the last month of the year
in about the most favorable position they have enjoyed in
the last five years, with sentiment regarding the future
optimistic.
Goods are going into consumption on an enlarg¬
ing scale, retail business is increasing as a result of more em¬
ployment and increasing wages throughout the country,
while there is every possibility that defense buying will con¬
tinue for some time to come, although the latter is not ex¬
poses
past week, which
pected to be
been
more or
such a liberal scale as recently. There has
less talk in the markets as to just how much de¬
on
fense buying will develop during the next few
the opinion of many purchases of most types
in connection with the
use
schedule and
of
defense
program
months. In
of goods for
have been ahead
therefore purchases henceforth will
likely
temperatures in the northwestern sections.
For example,
southwestern Nebraska was 5 degrees to 6 degrees warmer than normal,
while northeastern
Nebraska was
10 degrees colder than normal.
At
taper off, at least temporarily.
Mills, however, will con¬
tinue to be well occupied on contracts already placed.
Helena, Mont., the weekly mean was 8 degrees above normal and at nearbv
10 degrees above normal.
Freezing weather covered the entire country, except the south Atlantic
and Gulf districts and Pacific coast sections.
Sub-zero temperatures were
comparatively quiet
remained firm. De¬
mand for gray goods from ordinary sources was confined for
the most part to industrial specialties, while trading in print
weekly
mean
Havre
from
reported
south
far
as
considerable
a
north-cer.tral
sections, temperatures
Roekv Mountain districts.
ern
northeastern
area
and
in
the
Midwest
as
Illinois and southeastern Iowa.
In more west¬
low as zero occurred only locally in northern
as
shows
that more or less precipitation occurred in the
Plains and moderate to fairly heavy amounts were general
Mississippi Valley eastward, except in the extreme Southeast
where it continued dry.
From the central and southern trans-Mississippi
States westward to the Pacific Ocean there was practically no precipita¬
tion during the entire week.
With November precipitation heavy rather generally, the soil, especially
The
report
northern
Great
the
from
when the country as a
unusually moist for the
season; in Kansas the penetration is to a depth of 1 to 2 feet or more in
practically all sections of the State.
However, it continues dry in the
extreme Southeast, particularly Florida, and the subsoil is still inadequately
replenished in much of the interior.
The present moisture situation is in
marked contrast to last year, when conditions were extremely dry through¬
out the interior, and especially the western wheat belt.
In the eastern half of the country seasonal
farm work was inactive
during the week because of cold weather, attended by frequent rains in
the South and snows in the North.
Snow cover is heavy in the interior
of the Northeast, the region of the Great Lakes, and the upper Mississippi
Valley, while a moderate to light blanket overspreads the northern Ohio
Vallev.
Borne record-breaking snowfalls for the season, ranging up to 19
inches, were reported from upper Mississippi Valley sections.
top layers, is now well supplied with moisture
is considered.
Most of the Great Plains is
the
whole
GRAINS—Conditions continued favorable rather generally for
wheat crop, which is reported in good to excellent condition
sections.
In the western belt the present outlook is far mol-e
SMALL
winter
the
in
most
promising than a year ago.
....
In
Texas
and Oklahoma wheat
on
the whole is in good condition,
warmer
weather would be helpful.
In Kansas plants are now
dormant, but are in good to excellent condition, with ample soil moisture.
In
Nebraska the outlook is promising in the southeast, but elsewhere,
because of general drvness, wheat is mostly poor.
In
Montana,
the Rockv Mountain States,
and the Pacific Northwest
favorable conditions are maintained.
In the Washington wheat belt there
was
considerable thawing and the ground is now mostly free of snow;
.
....
although
not
plants
apparently
are
South
additional
rainfall
injured
was
bv the recent cold weather.
helpful
and
winter
oats
In the
show some
im¬
provement.
AND
CORN
COTTON—Because
of
unfavorable
weather,
husking
and
cribbing corn were inactive during the week.
In the upper Mississippi
Valley fields were unfavorable for operating machinery and husking must
b* done entirely by hand.
In Iowa the amount of corn still out ranges
from 5% in the northwest to one-third in the south and east; extensive
tests
show
an
average
November moisture content of 19.2%, the greatest
and about 5% more than last year.
wet weather and soft fields, but little was
toward gathering the remainder of the cotton crop.
In some
since 1935,
Because
of
northwestern sections there is
been damaged badly by persistent
and
accomplished
north-central
considerable cotton still out which has
Although wholesale markets were
during the past week, the general tone
cloths
was
routine.
Sufficient business nevertheless was put
through to confirm that the price structure was maintaining
a firm tone despite the falling off in buying activity.
A mod¬
erate demand was noted for sheetings, drills and twills at
firm
the
prices, with mechanical users among the chief buyers of
sheetings.
Jeans were an exception to the rule.
narrow
An active demand for these was
prompted by the announce¬
10,000,000 yards.
outbreak of inquiry which
specializing in certain grades to withdraw prices.
Buyers combed the market for supplies and found it to be
impossible to locate desired quantities for spot and nearby
delivery.
Rayons were in moderate demand.
Although
sales were not excessive, they were put through at firm prices.
Prices for print cloths were as folllows: 39-inch 80s, 7%c.;
39-inch 72-76s, 7c.; 39-inch 68-72s, 6%-6^c.; 38^-inch
64-60s, 5%c.; and 38^-inch 60-48s, 4%c.
Woolen Goods—Markets for woolen goods were
active
and firm.
Men's wear mills continued busy on both com¬
mercial and Army orders with a number said to have sold
up their production through the first quarter of next year.
The colder weather in many sections of the country brought
out a stronger demand for overcoats and such items as muf¬
flers, gloves and underwear, while manufacturers of cloth¬
ing reported a large influx of orders for spring and summer
apparel.
Buying of women's wear likewise continued to
expand with prices firm. Cold weather stimulated demand
for blankets which, owing to their sold-up position, were
only available from a few sources.
Sweater mills were re¬
ported to be accepting orders for August delivery, having
sold up the greater part of their production for the first half
of next year.
As a result of the combination of buying for
both commercial and military use, wool hosiery mills are in
the best position they have enjoyed in a number of years.
ment that the
This
news
Army was in the market for
was
the signal for an
caused mills
Foreign Dry Goods—Markets
dress linens for style sport
Tain.
able
bulletin furnished the following resume of
conditions in the different States:
Mississippi—Vicksburg: Mostly unfavorable for farm work account fre¬
quent rain and cold.
Probably one-fourth cotton remains unhoused in
for linens ruled steady with
garments occupying a most favor¬
firm.
The weather
northern
delta.
Progress
of
gardens, pastures and truck generally poor.
position.
Prices in the primary markets
continued
Burlaps were firm due to the growing concern over
scarcity of shipping space from Calcutta, and to decreas¬
ing stocks at that center.
Domestically, lightweights were
the
quoted at 5.90c. and heavies at 7.90c.
The Commercial & Financial Chronicle
3424
Specialists in
Illinois & Missouri
Bonds
Dec.
7,
1940
6,000,000 Connecticut (State of), Groton-New London bridge bonds
-v<v.(awarded to an account headed by Halsey, Stuart & Co., Inc.,
New York, as lMs and lMs. at 100.0016, a net interest cost
of about 1.404%.
Issue consists of $1,160,000 lMs, due
1944-1949 incl.; $2,640,000 1Mb, due 1950-1961 incl., and
$2,200,000 lMs, due 1962-1971 incl.
Bonds due 1968-1971
redeemable in inverse numerical order at par and accrued
interest on Oct. 1, 1965, or on any subsequent interest date.
Banking group reoffered the bonds from a yield of 0.50% to
a price of 99.50, according to interest rate and maturity date.
5,200,000 Chicago, 111., water works system certificates purchased by
a syndicate managed by Halsey, Stuart & Co., Inc., New York
as 2s, at 100.619, a basis ot about 1.95%.
Due from 1950 to
1957 incl.
Reoffered to yield from 1.50% to 2%, according
to maturity.
Stifcl, Nicolaus & Co.Inc.
Founded 1800
106 W. Adams St.
•
314 N. Broadway
DIRECT
CHICAGO
ST.
WIRE
3,000,000 St. Peterbsurg, Fla., water works revenue certificates sold
to an account headed by Steifel, Nicolaus & Co. of Chicago,
on a bid of 100.0001 for $1,200,000 2Ms, due 1941-1950 incl.;
$240,000 2s, due in 1951 and 1952, and $1,560,000 2Ms, due
1953-1965 incl.
Net interest cost about 2.46%.
Reoffered
to yield from 0.40% to 2.70%, according to maturity.
LOUIS
MUNICIPAL BOND SALES IN NOVEMBER
3,000,000 South Carolina (State of) highway certificates of indebted¬
ness sold to Chemical
Bank & Trust Co., New York, and
associates, as 1 Me. at 100.195, a basis of about 1.47.
Due
serially from 1942 to 1951 incl.
The
performance of the municipal bond market throughout
both from the
viewpoint of borrowing communities and in respect of in¬
vestor response to the reofferings by investment bankers.
Although the total sales, at $76,475,390, represented a sharp
falling off from the output in the previous month, when the
figure was $177,246,241, this was offset by the sharp rise
in the general price structure which occurred in November.
the recent month was eminently impressive,
While the reelection of
President Roosevelt
was
bring about
1,721,500 Volusia County, Fla., special tax school districts refunding
bonds were sold to R. E. Crammer & Co. of Miami, at a price
of 99.
These bonds had previously been offered without
success on Sept. 19 last.
sufficient
immediate advance in prices, the trend
Secretary
7 regard¬
ing the national debt limit and the suggested elimination of
the tax-exempt feature on future issues of Federal, State and
municipal bonds.
The latter recommendation was defi¬
nitely not surprising, considering the strenuous efforts pre¬
viously made by the present Administration to attain that
objective.
'"'.Cy yy;:y. ■ '
--v-yy y The market, however, was inclined to place added empha¬
sis on the suggestion as a result of the further success of the
New Deal party.
This was interpreted to mean that the
Congress would be more amenable to the President's ex¬
pressed opinion that only a "short and simple" statute is
necessary in order to place an embargo on the further issu¬
ance
of tax-exempt securities.
This view, of course, is
vigorously rejected even by those who favor the step in
principle, it being their conviction that the change in the
status quo can only be achieved by amending the Constitu¬
tion.
Disregarding the fundamentals of the situation, the
market greatly expanded the advance induced by Mr.
Roosevelt's victory and soon reached new high levels.
The
advance was greatly abetted by the fact that the market was
in an exceedingly favorable technical position.
The bulk of
the extremely heavy total of bonds issued in October had
already been absorbed in investment account and the pros¬
pect was for an extremely small supply of new offerings in
coming weeks. :
' ;y
y".1 .)
■.','? -yyyy-1y
:Vy.:
It soon developed, however,
that the latter was to be
only a temporary condition, as local governments in position
to do so instantly acted in order to achieve necessary financ¬
ing at strikingly low cost.
Some of these, such as Detroit,
Mich., were able to enter the market during November,
while others, including New York City, New York State
and the Los Angeles, Calif., Department of Water and Power,
and Kansas City, Mo., quickly arranged to conduct sales
early in December. > The City of New York, it may be re¬
called, only effected an award of $60,000,000 serial water
bonds on Oct. 8, and an issue of $42,592,000 "Dewaps"
was placed in the same month.
These two bodies obviously
wasted no time in arranging the details of the new offerings
to
2,000,000 Mississippi (State of) highway bonds, comprising $1,740,000
2Ms, due semi-annually from Aug. 1, 1961 to Feb. 1, 1963,
and $260,000
2Ms, due Feb. 1, 1963, awarded to R. W.
Pressprich & Co. of New York and associates, at 100.01, a
net cost of about 2.72%.
The 2Ms were reoffered at a price
of 101.50 and the 2Ms at 99.50.
an
1,500,000 Cincinnati, Ohio, 2M% flood protection bonds were sold to
the Treasury Investment Board of the city.
toward higher levels was greatly accelerated by
of the Treasury Morgenthau's statement on Nov.
in order to capitalize on the excellent condition of the market
for municipal obligations.
This financing, under ordinary
circumstances, probably
least several months.
other
would not be undertaken for at
The
same can
be said of much of the
important loans
The
issues
November
now reaching the market.
$1,000,000 or more brought out
of
during
follows:
were as
$12,096,000 Metropolitan Water District of Southern California,
Calif., 3% Colorado River water works refunding bonds pur¬
chased from the Reconstruction Finance
Corporation by
Lehman
107.22,
of New York and associates, at a price of
basis of about 2.65%.
Due serially from 1953 to
Reoffered at prices to yield from 2% to 2.75%,
Bros,
a
1988 incl.
according to maturity.
8,424,000 Detroit. Mich., series G non-callable refunding bonds awarded
to the PMrst National Bank of New York and Halsey, Stuart &
Co., Inc., New York, and associates, as 2Ms, 2%s and 3s, at
at 100.0038, a net interest cost of about 2.715%.
The group
purchased $4,025,000 3s, due 1941-1958 incl.; $1,000,000 2 Ms,
due in 1959, and $3,399,000 2Ms, maturing from 1959 to 1961
incl.
Reoffered from a yield of 0.30% to a price of 97, accord¬
ing to interest rate and date of maturity.
7,500,000 Chicago Sanitary District, 111., series D refunding bonds
sold to an account neaded by the Harris Trust & Savings Bank
of Chicago, as 2s, at 100.21, a basis of about 1.97%.
Due
Jan. 1, 1961.
Optional at rate of $375,000 yearly on Jan. 1
from 1941 to 1960 incl., or on any interest payment dates
thereafter.
Reoffered at prices to yield from 0.50% to 2%
to optional dates.
6,600,000 Cowlitz County
electric
Public Utility District
revenue bonds were
No.
1,
Wash.,
purchased by a syndicate headed
by John Nuveen & Cq. of Chicago.
Issue embraced $2,285,000 3Ms, due 1943-1956 incl.; $1,984,000 4s, due 1956-1964
incl., and $2,331,000 4Ms, maturing from 1964 to 1970 incl.
Non-callable prior to Oct. 31, 1944.
Reoffered to yield from
2% to 3.75%, according to maturity.
1,450,000 Kentucky
(State
of)
bridge
refunding
revenue
bonds
awarded to a group headed by Harris, Hall & Co., Chicago,
as Is and 1 Ms, at prices ol 100.02 and 100.13.
Offering con¬
sisted of $720,000 project No. 2 bonds and $730,000 project
No. 13 bonds.
1,250,000 West Virginia (State of) bridge bonds awarded to a group
headed by Young, Moore & Co. of Charleston, and associates,
at 100.005, a net interest cost of about 1.07%, as follows:
$625,000 1Mb, due 1942-1945 incl., and $625,000 Is, due from
1945 to 1947 inch
Callable on and after Jan. 1, 1944 at a
price of 101.
Reoffered to yield from 0.25% to 1.10%,
according to maturity.
1,050,000 Indiana State Toll
bonds
enue
Mather &
Bridge Commission, Ind., bridge
awarded
to
John
Nuveen
Co., both of Chicago,
&
Co.
and
rev¬
Morris
3s, at par.
Due from
1942 to 1960 incl.
Bonds due in 1960 are subject to redemp¬
tion prior to that date.
as
In view of the exceptionally favorable market conditions,
virtually all of the offerings announced during November
proved possible of sale.
Few exceptions are listed herewith,
the page number of the "Chronicle" being given for refer¬
ence
purposes:
Page
Name
Int. Rate
2692
Coupeville S. D„ Wash
3122
Jellico, Tenn
2980
x
...
Missoula County, Mont
not exc. 6%
2984
Moroni City, Utah
3279
Portland, Ore
2978
Pulaski County, Ind....
x
A mount
$35,000
104,000
270,000
15.
not exc. 6%
OVg
was to
40,000
2%
750,000
6,303
not exc.
.....
Rate of interest
not exc. 5%
5%
be named by the bidder.
Report
Sale postponed
Sale postponed
Sale postponed
Bids
rejected
Sale postponed
Not sold
Note
financing by local housing authorities accounted for
the bulk of the grand total of $165,980,051 of short-term
municipal borrowing effected during November.
These
agencies continue to place their offerings on decidedly at¬
tractive terms.
Virtually all of these obligations are acquired
by the purchasing institutions for their own investment
account.
1
Several of the Canadian Provinces
appeared in the market
with
substantial issues, mainly in the refunding category,
circumstance that accounted greatly for the fact that
a
Canadian municipal financing for November aggregated
$26,474,700.
All of this borrowing was negotiated in Canada
and as a matter of fact not a single Canadian municipal
operation has been contracted in the United States since
August, 1939.
Wood, Gundy & Co., Inc., of Toronto, in
issuing recently a discussion of Canada's war progress,
declared that the current low levels of Canadian Government
bonds in the United States seemed
unwarranted, in view of
high state of business activity in the Dominion and the
strength of the Government's credit in Canada and abroad.
None of the United States Possessions appeared in this
market for credit during November.
The plebiscite held
in Hawaii on Nov. 5 on the question of Statehood for the
Territory resulted in approval of the proposition by a vote
of 39,413 to 19,911.
Next step on the long road to fulfill¬
the
ment
of this wish
will be
a
resolution from the Hawaiian
Legislature petitioning Congress for Statehood.
Below we furnish a comparison of all various forms of
obligations put out in November during the last five years:
1940
1939
$
1937
1938
$
$
$
Perm't loans ((J. S.)
76,475,390
80,095,136 157,885,225
♦Ternp.loans (U.S.) 165,980,051 212,496,012
51,513,946
1936
$
47,306,174
50,152,500
64,855,702
40,899,387
Canadian—
40,000,000
Placed In U. S.__
None
None
Placed In Canada.
26,474,700
1,453,360
None
None
1,831,867 136,354,218
1,303,685
(New York City).
None
None
None
None
None
Bds. of U. S. Pos'ns.
None
None
None
None
None
General fund bonds
Total
*
268,930,141
294,044,508 251,231,038 233,812,892 107,058,774
Includes temporary securities Issued
by New York City: None in November,
1938; $24,200,000 In
1940; none In November, 1939; $21,000,000 in November,
November, 1937, and $25,500,000 in November, 1936.
The
number
were
number
of
of
municipalities
emitting bonds and the
separate issues made during November, 1940,
197 and 239, respectively.
This contrasts with 304
Volume
The Commercial & Financial Chronicle
151
and 367 for October, 1940, and with 264 and 319 for Novem¬
ber, 1939.
For
comparative
purposes
add
we
the
following table,
showing the aggregate of
permanent loans, excluding Cana¬
dian and United States Possessions
issues, for November and
the 11 months for a series of
years:
Month of
For the
November
1940
11 Months
For the
Month of
November
11 Months
$18,813,239
$421,361,571
1915
28,815,595
463,644,631
1914-...
21,691,126
30,708,685
13,021,999
444,862,916
358,611,490
$76,475,390 $1,031,558,133
80,095,136
1,035,785.555
157,885,225
958,487.890
47,306,174
817,084,792
64,855,702
1,020,356,584
1916
1935
112,713,762
19,738,613
92,091,301
82,680,536
1,086,582,869
817,751,815
475,260,703
731,527,808
1,210,494,700
1,300,540,012
1,139,822,962
1,265,355,715
1,398,557,694
1911
1934
1910...
24.456,351
283,414,600
1909
18,906,555
307,673,842
1,220,179,240
1902..
1,241,650.345
1901
6,989,144
1,305,270,172
1900
949,473,914
1,034,567,913
988,081,613
1899
9,956,685
8,790,489
1939
1938
1937
1936
1933
1932
1931
1930.—____
1929
...
1928
...
1927
1926
1925
1924
...
1923.
29,588,884
54,364,707
88,682,310
84,687,874
171,281,282
101,528,336
71,074,222
66,926,289
74,765,203
98,521,514
44,379,484
119,688,617
1922...
1921
1920.
—
1913
1912
—
—
28,427,304
285.747,250
1907
4,408,381
213,924,703
12,511,550
180,483,172
1906.
1905—
25,888,207
174,825,430
1904
32,597,509
240,819,161
1903
14,846,375
13,728,493
138.789,258
1898.
—
1917.---
—
—
....
627,711,624
1896...
629,435,991
273,572,370
418,719,565
1895.
27,783,332
15,890.626
1894.
136,895,772
116,092,342
123,572,311
113,131,789
7,721,284
±
1897
57,602.117
*
360,830,804
1908
47,564,840
1919
1918-
358,893,919
95.778,450
6,868,775
120,128,531
34,913,894
95,831,773
6,524,901
105,475,839
4,549,580
1893
103,869,851
7,309,770
—
60,114,709
We present herewith our detailed list of the
municipal
bond issues put out during the month of November:
Page
Name
Rate
Maturity
Amount
Page
2826
3425
Name
Rate
Johnson City, 111
rl99,000
100.51"
T.40
1942-1953
rl,450,000
4,000
10,000
fob""""
2". 25
3122
Kings Co. S. D. No. 49, Wash...2.80
3116
La Junta, Colo
3122
Lake, Wis.
Laurel, Miss..
2980
2980
_3X
1962-1977
2X-3
1941-1955
Leake County, Miss
Lebanon. Ky
2X
1941-1950
40,000
35,000
Leitchfleld, Ky
1941-1962
3276
55,000
7105,000
2827
Lincoln County, Miss
Little Falls, Minn
3X
2X
2983
Livingston, Tenn
3273
3273
3434
3121
2
Lone Star Con. S. D., Texas
Loveland S. D., Ohio
9,400
774,000
100.008
3.74
2827
Madison County, Miss...
Madison County, Tenn
2X
1942-1961
780,000
100.12
2.49
\X
3)4
1941-1955
30,000
100.01
1.74
1941-1955
715,000
1947-1956
15,000
2.03
3280
2979
.2.40
.4
3278
Madisonville, Ky..
Malta, Ohio
2830
Manawa, Wis
1943-1962
20,000
105.17
1941-1960
100,000
100.21
1.48
1942-1946
100.02
0.74
1941-1943
70,000
4,000
20,000
100
4.00
104.37
3.52
17,000
7238,000
100.20
1.87
Maybrook, N. Y__
2827
Meridian, Miss
2827
Meridian Sep. 8. D., Miss.
1.90
Mississippi (State of)...
Nebraska City 8. D., Neb._
2980 New Castle, N. Y
16,000
101.90
2.05
1943-1950
375,000
100.80
1.34
1942-1955
r55,000
100.04
2.24
1941-1959
20,000
102.66
1941-1948
58,000
100.13
1.22
1941-1955
100.84
2.89
4,000
31,355
102.50
4.98
106.94"
3.23
1945-1960
3121
Bridgeport, Conn
2984
Briscoe County, Texas
1942-1962
3,600
2
1943-1961
dr218,000
100.61
1X
1941-1960
r69,000
100.40
2?4-3
1941-1951
29,000
1
1941-1950
36,000
3118 Brockton, Mass
2830 Burkburnett, Texas
3116
4,500
..
1.71
100
100.22
45,000
100.33
1941-1960
100,000
101.30
3273
Carlsbad San. Dist., Calif
1941-1955
r48,000
100.42
3.19
2826
Carrollton Twp., 111..
2X
100
2.75
3120
CeJina, Ohio
I X
1942-1951
205,000
100.78
1.38
3279
Charleston County, S. C
2
Charleston Hous.,Auth., W. V&.2-2X
1944-1959
200,000
258,000
100.28
1.97
1941-1954
2984
2826
--3X
Chicago, 111. (2 Issues)
Chicago San. Dist., 111....
2
3274
2829
Cincinnati, Ohio
50,000
2%
1950-1957
2
5,200,000
1961rd7,500,000
2980
Clarence W. D. No. 1, N. Y.
1.70
3280
Cleveland, Tenn
2.12
3119
Clifton, N. J
2.10
1941-1960
3118
Cloquet, Minn..
IX
1942-1946
1941-1950
1,500,000
10,000
2.10
100.619
1.95
100.31
1.97
100.12
1.67
10,000
100.40
2.06
10,000
100.15
1.46
7200,000
2828
Colonie, N. Y
1.90
1940T964
135,000
100.32
1.87
3278
Columbus City S. D., Ohio
2.14
Columbus Co., N. C. (2 Issues)..2?^
1943-1962
200,000
100
2.25
1960-1961
r79,000
100.19
2.74
2981
3273
Connecticut (Stateof)
IX
1944-1971
3,360,000
100.001
1.40
3273
Connecticut (State of)
IX
1956-1961
2,640,000
100.001
1.40
3116
Conway Special S. D.,. Ark
Conway Special 8. D., Ark
Corpus Christ!, Texas
4
1941-1952
rlO.OOO
106.13
4
1941-1952
5,000
106.13
2830
3276
Consumers Public Pow. D., Neb..3
1947-1952
1941-1965
3122
Corrigan, Texas
1941-1960
3116
.,...2X
5
3280
Cowlitz Co. P. U. D. No. 1, Wash.3^
Cowlitz Co. P. U. D. No. 1, Wash_4
3280 Cowlitz Co. P. U. D. No. 1, Wash.4^
3280
37,500
1943-1956 d2,285,000
1956-1964 dl,984,000
Cranston, R. I
IX
1941-1950
67,000
Damon Ind. 8. D., Texas
4
1941-1965
r33,000
IX
1.12
100
4.00
Davison County, 8. Dak
IX
1943-1947
50,000
100.70
1.36
1941-1954
100.03
2.10
Decatur, Ala
1942-1964
r375,000
153,000
IX
1942-1952
3
Detroit, Mich
1948
--IX
Detroit, Mich
3275
d30,000
83,000
10T.25~
1.28
100.35
1.19
1941-1958
74,025,000
100.0038
2.71
2X
1959
71,000,000
100.0038
2.71
2X
1959-1961
73,399,000
100.0038
2.71
3121
Douglas Co. S. D. No. 34, Ore_..l?*
1942-1950
27,500
100.33
1.69
3122
Duchesne County 8. D., Utah
2X
1941-1950
749,000
2981
Dunn, N. C
4X
1942-1961
100.23
4.47
3274
East Point, Ga__.
2X
30 years
20,000
250,000
3120
Eaton, Ohio
Edwards 8. D.. Miss
2
1942-1966
25,000
101.54
3276
100.25
Elwood, Ind
1943-1970
300,000
101.42
3.34
2984
Ettrick, Wis
2X
3X
3X
10,000
2826
1941-1947
9,000
105.96
2.20
2830
Evanston, Wyo
1942-1960
75,000
100,000
100.14
2.17
3275
i
Detroit, Mich
2979
Everett, Mass.........
3429
Fayette, Mo
2-2 X
—.1
.......
Franklin, Minn
3276
Fremont, Neb..
3276
Gary. Ind
25,000
dl 5,000
101.30
1.86
......
...
No. 24, Mont
0.94
102.30
1.74
3.00
37,500
_.
3
1950
2
713,500
710,000
2980 Geddes Com. S. D. No. 1, N. Y—IX
1941-1955
55,000
2827 Gladwin County, Mich
1941-1945
16,000
1943-1952
600,000
1941-1945
30,000
3122
Grand Saline, Texas.
2984
IX
Gray County, Texas
4
Greenville, Miss....
3276 Greenville, Miss
3122
Harris
Co.
Fresh
100
1.48
100.06
1.22
100.001
1.74
100
4X
3118
Harrison Twp., Mich. (2 Issues)..
3277
Hartford, Argyle,
S. D., N. Y
Granville,
..
3.60
1941-1953
28,000
3
20 years
1942-1946
40,000
100
4.75
101.97
2.07
100
4.50
3X
1941-1960
dl50,000
100.81"
V.91
1941-1960
20,000
1941-1960
4
1943-1956
43,000
120,000
Plains Township, Pa
3279 Pleasantville S. D., Pa......
4
2X
1941-1950
55,000
1942-1960
1941-1945
20 years
.2
3279
3119
2827
.
Port Chester, N. Y. (2 Issues)....0.90
Prentss County First Supervisor's
Dist., Road Dist., Miss
4X
3122 Presidio County, Texas......2K-2H
2979 Ramsey County, Minn
IX
Redwood Falls, Minn...
3277
3121
3275
3,500
1941-1950
54,000
South Carolina (State of)
South Connellsville, Pa
100.27
1.35
100.59
2.77
1941-1950
99,000
3,000,000
r72,000
30,000
5,500
140,000
30,000
100.28
1942-1951
3,000,000
100
2
1.40
3X
6,500
2981
Waltham, Mass.....
2979
1
Ware, Mass. (2 issues)
-AX
Warren, Ohio
IX
Washington, Ohio
IX
Washington County, N. C
3^-4
Washington County, Me
...2
Waterviile, Me
IX
Wayland Twp. Unit 8. D., Mich..l
West Finley Twp.S.D., Pa
2X
Westfield, Mass
1
3116
West Helena, Ark
3122
Westlaco, Texas.
3274
3118
3121
—
T9~
101.99
1.47
4.00
200,000
1952
6,400
50,000
1942-1956
30,000
1941-1950
50,000
1950
r368,000
40,000
100.51
1.95
99.02
2.37
100
1.25
100.63
1.43
rl56,400
1941-1960
1941-1950
1941-1950
1942-1953
1942-1951
1941-1954
100
2.00
100.20
1.34
100
3.50
d3,000
100.15
2.72
20,000
100.30
1.20
30,000
100.03
2.24
107,228
rl00,000
19,000
—
rl,721,500
1943-1960
1941-1950
1941-1950
1942-1949
1941-1950
1952-1958
1941-1950
1946-1955
1941-1945
1941-1955
1941-1950
1944-1964
99
15,000
100.01
2.97
60,000
100.39
0.93
22,000
57,000
100.83
7,327
rl38,500
100.21
1.46
100.10
3.85
40,000
102.50
1.52
r60,000
100.44
1.16
100.82
1.66
30,000
15,000
lbT.43"
2.30
25,000
100.64
0.87
1942-1947
1,250,000
14,000
3280
West Virginia (State of)
White River, S. Dak
3117
Wichita, Kan
2984
Williamson County, Texas
1-1X
,.3X
IX
3X
3279
Wililamstown, Pa
..4
3120
Wilson County, N. C
Wray, Colo
.....2-2^
3
1941-1950
1940-1951
1941-1970
7136,250
1955-1957
1941-1946
7115,000
715,000
720,000
32,000
3.83
100.005
1.07
100
3.50
101.11
1.06
100
3.75
100.35
3.97
100.02
2.05
Total bond sales for November (197 municipali¬
$76,475,390
ties, covering 239 separate issues)
~d Subject to call
maturity,
it Not including $165,980,051 temporary
loans or funds obtained by States and municipalities from^agencies of the Federa
Government,
r Refunding bonds.
prior
to
Rate
Name
Alliance, Neb
3122
Ogden,Utah
1954-1959
1941-1970
15,000
2982
3434
100
2.50
3280
Amount
Price
38,489
Deer Lodge S. D., Mont
1942-1956
7,500
14,000
1941-1968
1941-1946
721,500
5,130
1942-1962
100.60,
2.13
100
4.50
100.03
2.24
2X
1954-1960
100,000
2830 Spokane Co. 8. D. No. 81, Wash. 1.90
2-23 yrs.
147,000
1.70
IX
1941-1950
30,300
100.26
1941-1950
85,021
100.56
100.20
1.74
2829
Wells vllle, N.Y. (2 Issues)
100
5.00
2826
Wichita, Kan
3
1951
50,000
100
1941-1958
28,000
100.03
4.99
100
1.90
1.14
3.00
5
Basis
796,000
20,000
33.000
2980
Maturity
-
715,000
7,500
769,000
following additional sales for
previous months:
1942-1956
Idaho (State of)
Independent, La
2.16
101.63
3280
3274
1.75
100.90
104.51
2829
2826
2.83
100
30,000
725,000
2984
8,000
108
45,000
1951-1955
2980
1941-1948
2.81
1942-1960
70,000
3276
1943-1958
2.46
100.05
4
3122
Page
Municipal
2X
3
Hockley County, Texas...
3X
Humboldt, Neb
.4
Huntington, N. Y
IX
Huntington Mural S. D., Texas—5
1942-1947
..
1941-1960
Borough
1942-1966
1.20
100
Pre¬
Comm.
3118
2827
..2X-2X
Hattiesburg, Miss
Hellertown
1941-1965
1941-1954
..
2
2X
IX
IX
-
Authority, Pa
2978 Hinsdale Sanitary Dist., Ill
3429
10,000
1941-1945
-2X
Tuscarawas County, Ohio
IX
Tyler, Texas
2X
Valley Center 8. D. No. 46, Kan..
Volusia County Special Tax 8. D.,
Fla. (10 issues)
*
Wake Forest, N. C
2^-3
3274
1.24
2,530
30,000
1941-1950
—
Sumter, S. C
3120 Tarrytown, N. Y
3280 Tennessee (State of)
3277
4.00
100.04
1941-1944
Sullivan County, Tenn
2983
3278
i:2"0
100
16,000
--
Springfield, 111
2
2982 Sterling Ind. Con. 8. D. 3, Okla..
Co.
100~28"
700,000
3117
2982
4.25
150,000
261,000
IX
-AX
Scherervllle, Ind
Selma, Ala
2830 Shiner, Texas..
3116
2979
100
1942-1951
1.40
3117
3274
0.89
22,500
1941-1950
-
2977 Santa Cruz County, Calif
2978
2~03
100.03
-.3
AX
2-2 X
1^-3
3X
IX
2X
3X
Rotterdam, N.Y
Rushsylvania, Ohio
St. Louis Park, MInn_.__
St. Paul, Minn
St. Petersburg, Fla
2830
102"20"
37,000
1941-1970
Salisbury, N. C. (2 Issues)
3122
18,000
-.3
3274
3121
2.95
1941-1950
Roanoke, Va
3120
2830
1.89
109.06
IX
3275 Rothsay, Minn
3118
100.09
4
2979 Revere, Mass......
...2
Douglas Co. S. D. No. 96, Ore..2-2H
Groesbeck Ind. S. D., Texas
4X
Kaufman, Texas (Sept.)
3X-3X
Malheur Co. 8. D. No. 61, Ore...2X
2829
2.44
30,000
13,567
We have also learned of the
&c.
2.40
103.79
1943-1963
1941-1950
1.50
Supply
District No. 6, Texas
101
1.04
-2X
AX
Paterson, N.J
1.88
100.12
30,000
Water
1942-1961
,3X
I. .1.90
3119
3.00
101.05
8,000
.AX-IX
1X
3118
0.96
3273
100.33
100
Gallaton & Broadwater Cos. S. D,
3274
1941-1950
1949-1952
1943-1956
.........2
.....3
3118
1.61
100.07
3116 Pine Bluff, Ark
3278
100.63
Dearborn Twp.S.D. No. 7, Mich.2-3
3275
101.90
50,000
r80,000
Tonawanda, N. Y..
Tonawanda, N. Y. (10 iss.)
Troy Twp., Mich....
3121 Turner, Ore
3121
Delaware, Ohio
30,000
1942
3277
3272
Delaware County, Ind
1941-1970
2979
2979
2826
100.09
2829
100.24
1964-1970 d2,331,000
3121
3120
390,000
cinct No. 4, Texas
500,000
3122
3
1.80
1942-1960
2827 Paducah, Ky
3276 Passaic, N. J
3434 Throckmorton
d675,000
2.72
2.09
3279 Oil Creek Twp. 8. D., Pa
2978 Okobojl, Iowa
3280
Camden, Ark. (3Issues).
.4
Camden County, N. J...........2X
1944-1962
2980
100.01
101
.1
Oakes. N. Dak......
2828 Oaklyn, N. J
2827
0.96
100
825,000
100.14
__
1942-1949
4
2,000,000
36,000
2.10
3278
2978
12,096,000
1962-1963
2
Newton, Mass
Niles, Ohio............
1942-1960
1953-1988
5-20 years
1941-1960
2X-2X
New Haven, Conn...
2827
5X
7125,000
1-1X
3273
3278
....
1941-1957
3
3
2977 Metropolitan Wat. D. of So. Calif.3
3.37
3274 BogardTwp. Sch. Twp. Ind
3116 Boise, Idaho
1942-1959
4
2980
1.89
1.75
4
Manchester, N. H_.
Marion County, Ind
3118 Marks, Miss
2978 Mascoutah, 111
2978
100.05
lbb""""
2X
-AX
0.75
2828
100.39
3117 Bernice, La._
3121 Bethany, Okla...
2.37
100.40
7375,000
50,000
1.69
100.41
5,000
1941-1950
r87,000
3.00
1.83
16,000
5 yrs.
1941-1962
1942-1946
100.06
101.92"
1941-1969
1946-1962
1953-1958
100
1942-1966
....2
...3X-3X
3120 Alexander Co., N.C
.....3X-3X
3279 Allegheny Twp.S.D., Pa
2X
3276 Anaconda, Mont
300,000
100.09
Madison, N. C...__
1.63
1942-1951
1.88
78,000
19,000
100,000
McCook Jr. College Dlst., Neb._.l^
100.70
1941 1945
2.22
100.53
McComb, Miss
51,948
1.70
2.00
100.11
3277
2.99
.3
100
9,000
76,000
3119
102
Belllngham, Wash
1.79
4.00
3276
dr67,000
3118 Belding, Mich.
101.67
100
Luzerne, N. Y
1941-1951
2984
2.73
Macedonia Sep. S. D., Miss__.._5
1942-1950
6,000
100.10
103.75
101
3277
3120 Adams Township, Ohio
3120 Akron, Ohio
12,000
15,000
2.00
100
1941-1949
1941-1949
4
3119
6,000
100
4,000
Los Angeles Co. San. Dlst., Calif._2J£
Los Angeles Co. San. Dlst., Calif..2
Los Angeles Co. San. Dlst., Calif..2^
3118
._
1941-1943
40,000
408,000
100.07
2980
2.50
....
14,000
1944-1978
5
Loda, 111. (2 issues)
3277 Long Beach, N.Y...
3273
1942-1955
4
..........2
2978
Pasis
Anderson, Ind
IX
Anoka Co., S. D.No.65, Minn...2^
3117 Arlington Heights, III
3X
3280 Aspermont Rural H. S. D., Tex...4
2829 Athens County, Ohio...
IX
3119 Axtell, Neb
3
rd494,000
r476,000
770,000
3117
100
2827
2-23 yrs.
1941-1950
2
3117
4,385
2
Basis
100,000
1941-1950
1941-1945
IX
Price
Amount
1943-1970
3277 Accord Fire Dist., N.Y.....
2X
3120 Adams Co. Spec. S.D. 13, N.Dak.3M
Price
Maturity
-AX
2983 Johnstown 8. D., Pa
IX
3428 Kentucky (State of) (2 issues)1-1X
3117 Klmballton, Iowa
2.14
Independence S. D., Wis
2X
3274 Indiana State Toll Bridge Commis¬
sion, Ind
i
3
10,000
3280
All of the above sales (unless otherwise indicated) are for
October.
100
3.00
These
additional
make the
Federal loans) for
October issues will
1942-1960
dl ,050,000
.*--1-1 X
.AX
2830 Jack County, County Line S. D.
No. 19. Texas
3X
1942-1951
50,000
101.06
1942-1951
750,000
100.55
1.66
that month $177,246,241.
IX
1943-1950
100
1.75
months should be eliminated from the same.
Iola, Kan
2827 Isanti County, Minn
2978
2280
Jackson, Tenn
,.
total
sales
The
-
6,000
30,000
(not including temporary or
following items included in our totals for the previous
We give the
The Commercial & Financial Chronicle
3426
page number of the issue
these eliminations may be
our paper
in which
reasons
for
found.
Rate
Name
Page
2982
of
due
Maturity
Amount
Price
Basis
$14,000
as
est cost of
rl2,500
7,
1940
Amboy, N. J., Housing Authority bonds
M.-P. Murphy
$7,000 as 3 Ms,
2Ms and $72,000 as 2Ms, equivalent to an inter¬
June 1, 1941 to 1954, went to Shields & Co. and G.
The bankers jointly bid 100.017 for $25,000 as 3Ms,
on
& Co.
Westerviile, Ohio (Oct.)
Dec.
An issue of ,$133,000 of Perth
2s, $15,000 as
2.4751%.
_
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN NOVEMBER
Rale
Name
Page
2984
Canada (Dominion of)
3434
Canada (Dominionof).
3434
4
Grand Mere, Que..
4
Grand Mere, Que
.......4
Greater Winnipeg Wat. D., Man.4.14
New Brunswick (Province of)
4
Newcastle,B.C..
4
2830
3122
3122
3122
3434
4
Chilllwack Twp., B. C
Quebec (Province of)..—........4
2984 Quebec (Province of)........2M-3M
3434 Quebec (City of), Que
3-4M
2830 Salaberry De Valleyfield, Que
4
3122 Stellarton, N. S
...4
2984
Maturity
Amount
*40,000.000
*40,000,000
1941-1950
52,500
1-10 yrs.
23,000
1941-1960
53,000
1950
560,000
1941-1960 r1,800,000
1960
20,000
1952 711,750,000
1941-1945 79,850,000
Price
1942-1950
1941-1965
1941-1955
Basis
-
99.26
98.71
99.50
4.15
4.15
4.31
....
......
......
99.53
100.50
4.05
3.93
ALABAMA
ALABAMA, Stat© of—BOND SALE—The $868,000 issue of coupon or
registered semi-ann. Florence Bridge refunding bonds offered for sale at
public auction on Dec. 3—V. 151, p. 3116—was awarded at public auction
to a syndicate composed of the First National Bank of Montgomery, the
Merchants Nat. Bank of Mobile, and Watkins, Morrow & Co. of Birming¬
ham, as 1 Ms, at a price of 100.81, a basis of about 1.14%.
Dated Dec. I,
1940.
Due on Dec. 1 as follows: $60,000 in 1941 to 1954, and $28,000 in
■*1955.
Total Canadian municipal bonds sold in November. .$26,474,700
*
Proposals and Negotiations
....
2,288,200
68,000
10,000
Bond
'»
.
Temporary loan, net included in total for month.
ANNISTON, Ala.—BOND SALE—The following semi-annual coupon
bonds aggregating $66,000, offered for sale on Dec. 3—V. 151, p. 3272—
awarded to the Equitable Securities Corp. of Knoxville, as 2 Ms,
were
paying a price of 100.99, a basis of about 2.30%.
$46,000 series 336 bonds.
Due on Dec. 1 in 1941 to 1950 inclusive.
20,000 series 3.31 bonds.
Due on Dec. 1 in 1941 to 1950 inclusive.
The second highest bid was an offer of 100.98 on 2Ms, submitted by
Marx & Co. of Birmingham.
News Items
New
Jersey—Railroads Pay Major Portion of 1940 Tax—
Railroads operating in New Jersey have paid to the State
$14,372,038 of their total 1940 tax bill of $18,296,689, it
was reported on Dec. 4 by the State Controller.
Of the amount received, $7,434,642 represents main-stem taxes, which
are set
aside by the State for educational purposes.
The remaining $6,937,-
municipalities.
The Pennsylvania RR. paid its bill in full.
Other lines have paid 60 to
70% of their bills, pending decision on appeals now before the State Board
of Tax Appeals.
The Central RR. Co. of New Jersey, now in bankruptcy,
paid $2,030,742 on its bill of more than $11,000,000.
Payment of further
amounts by it rests with the Federal court.
396. paid for second class taxes, goes to
New
York, N. Y.—Estimate Board Adopts Capital Budget
of Estimate, meeting on Dec. 4 in the new
—The Board
Borough Hall at Forest Hills, Queens, formally adopted the
capital budget for 1940-41, amounting to $84,585,044.10.
This was $471,821 lower than the budget recently adopted
by the City Planning Commission, and about $30,000,000
below the budget of a year ago.
The budget now goes to the City Council which must
pass on it before Dec. 27.
It can cut the budget but is not
allowed to
increase
it.
United States—State
Capitals Show Population Gains, Vary
Widely in Size—All State capitals, with the exception of
Boston, Mass., and Frankfort, Ky., showed population in¬
creases in the 1940 census, the Council of State Governments
said
on
Dec. 3.
Boston, largest of the capitals, dropped from 781,188 in 1930 to 769,520
1940, while the Kentucky's capital's population dropped from 11,626
to 11.472.
All except six capitals—those of Massachusetts, Kentucky, Montana,
South Dakota, Vermont and Nevada—have grown progressively with each
census since 1910.
Frankfort's population declined fn the 1920 census, went
in
up
in 1930, and dropped again in
1940.
Boston grew with each census
until 1940.
Helena, capital of Montana, had a population of 12,515 in 1910, a drop
in 1920 and 1930. and a rise this year to 14,905.
Carson City, Nev.,
smallest of the capitals, had 2,466 inhabitants in 1910, lost population in
the two succeeding tallies and now has 2,474 residents—a total gain of
eight
persons over
the period.
Dak., showed a slight population decline in 1920, rising in
1930 and now listing 4,264 residents.
Montpelier, Vt., had less population
in 1920 and 1930 than in 1910, and then was nigh in 1940 with the unofficial
Pierre,
S.
figure of 7,964—all variations being within a range of 108 persons.
The greatest numerical gain was shown between 1930 and 1940 by Austin,
Texas, which increased by 33,191 inhabitants to a total of 86,311.
Indianapolis, Ind., with 386,170 population is the runner-up to Boston
in size among the capitals.
The city gained 22,009 inhabitants over 1930.
Four of the capitals—Dover, Del.; Carson City, Nev.; Pierre, 8. Dak.,
and Montpelier, Vt., have populations under 10,000.
Twenty-eight State
capitals have populations between 10,000 and 100,000.
Eight capitals
have populations between
100,000 and 200,000—Sacramento, Calif.;
Hartford, Conn.; Des Moines, Iowa: Trenton, N. J.; Albany, N. Y.;
Nashville, Tenn.; Salt Lake City, Utah; and Richmond, Va.
Three State
capitals, St. Paul, Minn.; Oklahoma City, Okla., and Providence, R. I.,
have 200,000 to 300,000.
Five capitals number over 300.000 residents—
Denver, Colo.; Altanta, Ga.; Indianapolis, Ind.; Columbus, Ohio, and
Boston, Mass.
United
States
Authority—Local Unit Bond
eight issues of bonds of local hous¬
ing authorities of various cities aggregating $1,613,000 were
made on Dec. 2 to New York investment groups.
A syndi¬
cate headed by Goldman, Sachs & Co. won the award of
three issues, those of Charlotte, Raleigh and Wilmington,
N. C.
Included in this syndicate were B. J. Van Ingen
& Co., Inc., E. H. Rollins & Sons, Inc., Estabrook & Co.,
R. D. White & Co. and R. S. Dickson & Co., Inc.
HOUSING
ANNISTON
BOND SALE—The $63,000
AUTHORITY (P. O. Anniston), Ala.—
housing authority, (First Issue) series A bonds
Dec. 2, were purchased by Marx & Co. of Birmingham, at
net interest cost of about 2.54%, divided as follows: $22,CCD maturing
offered for sale
a
on
1, $12,000 in 1941. $3,000 in 1942 and 1943, $4,000 in 1944, as 3s,
$41,000 maturing June 1, $3,000 in 1945, $4,000 in 1946, $3,000 in
1947, $4,000 in 1948 to 1950, $5,000 in 1951, $4,000 in 1952, and $5,000
in 1953 and 1954, as 2Ms.
June
and
ARIZONA
CHANDLER, Ariz.—BONDS DEFEATED—'The City Clerk states that
bonds at
the voters turned down a proposal to issue $25,000 water system
an election held on Nov. 26.
PHOENIX, Ariz.—BONDS SOLD—The City Clerk states that $666,000
refunding bonds were purchased on Nov. 23 by Refsnes, Ely, Beck A Co.
of Phoenix, as 1 Ms.
Due serially in 10 years.
The purchaser is to assume
all
costs
of the
proceedings and furnish legal opinion at his own expense.
BOND CALL—It is stated
by Joseph S. Thurman, City Treasurer, that
1, the following bonds:
904, to the amount of $44,000.
Dated Oct. 15, 1919.
Due Jan. 1, 1950, callable at the rate of $43,000
per year for 20 years, commencing Jan. 1, 1921, and $44,000 per year for
nine years, commencing Jan. 1, 1941, or on any interest period subsequent
to the optional date, provided that 30 days' notice of intention ro redeem
he is
calling for payment on Jan.
Water works, 5%, Nos. 861 to
such bonds shall be given.
i
Sewer, 4M%, Nos. 201 to 220, to the amount of $20,000.
Dated July 1, 1910.
Due July 1, 1950, callable $20,000 per year from
and after expiration of 20 years from date by giving 10 days' notice of
intention to redeem such bonds.
Holders of Baid
bonds and coupons shall present same for payment at
Irving Trust Co., N. Y. City (successor to the American Exchange
Bank), on or before Jan. 1, 1941.
Said bonds together with
interest due thereon, will be paid when presented.
the
National
SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT AND
POWER DISTRICT (P. O. Phoenix) Ariz.—BOND SALE—The $231,000
issue of corporate, issue No. 1
for sale on Dec. 4—V. 151, p.
(refunding), coupon semi-ann. bonds offered
3272—was awarded to a syndicate composed
Fox, Reusch & Co., P. E. Kline & Co., and Katz & O'Brien, all of Cin¬
cinnati, at a price of 9.5.25, a net interest cost of about 3 62%, on the bonds
divided as follows:
$80,000 as 3Ms, due $20,000 on July 1 in 1961 to 1964:
the remaining $151,000 as 3 Ms, due on July 1, 1965.
of
ARKANSAS
ARKANSAS,
State of—BOND
CALL—The
State Refunding Board
Bluff Bridge refunding 3% semi-annual bonds
(ail outstanding) are being called for payment at par and accrued interest
on Jan. 1 at the State Treasurer's office.
Dated Jan. 1, 1934.
Due on
Jan. 1, 1950.
Interest ceases on date called.
announces
that
Devall's
EL DORADO SCHOOL DISTRICT (P. O. E! Dorado),
Ark.—BOND
ELECTION—An election is said to have been called for Dec. 10 in order
the issuance of 3 % refunding bonds to care for
indebtedness of $460,000.
to have the voters pass on
an
McGEHEE
SCHOOL
EXCHANGED—The
DISTRICT
Secretary
of the
(P. O. McGehee), Ark.—BONDS
Board of School Directors states
that $169,500 4% semi-ann. refunding bonds approved at an election held
in November, have been exchanged with the original holders.
Due on
Jan. 1, 1975, subject to call by tender or
numerical order from any surplus
in tax voted for this purpose.
California
Housing
Municipals
Issues Sold—Awards of
The issue of
for $63,000 as 3Ms, $42,000 as 2Ms and $155,000 as 2s, or an
of 2.082%.
Reoffering was made at prices to yield from 0.30
interest cost
to 2.15%.
$213,000 of Raleigh Housing Authority Series A bonds
dated Dec. 1, 1940 and due on June 1, 1941 to 1954, was sold at 100 for
$51,000 as 3Ms, $23,000 as 2 Ms, $36,000 as 2 Ms, $27,000 as 2 Ms and $76,000
as 2s, or an interest cost of 2.186%.
Reoffering was made at prices to
yie,d from 0.35 to 2.25%.
Award of the issue of $205,000 of Wilmington Housing Authority Series A
bonds dated Dec. 1, 1940, and due on June 1, 1941 to 1955, was made at a
price of 100 for $44,000 as 3Ms, $10,000 as 3s, $21,000 as 2Ms, $73,000 as
2Ms and $57,000 as 2s, or an interest cost of 2.177%.
This issue was
reoffered at prices to yield from 0.30 to 2.20%,
A banking group headed by Phelps, Fenn & Co. and Including F. S.
Moseley & Co., R. W. Pressprich & Co., the Equitable Securities Corp.
and Harvey Fisk & Sons won Che award of $396,000 of Knoxville, Tenn.,
Housing Authority bonds dated Dec,. 1, 1940, and due on June 1, 1941 to
1954.
The bankers bid 100 for $95,000 as 3Ms, $76,000 as 2Ms and $183,000 as 2Ms, or an interest cost of 2.3536%,
The bonds have been resold
issue
San Francisco
New York
of
at
prices to yield from 0.40 to 2.40%.
An issue of $82,000 of Asbury Park, N. J., Housing Authority bonds due
June I, 1941 to 1955, went to Phelps, Fenn & Co. and Harvey Fisk &
Sons on a joint bid of 100 for $22,000 as 2Ms, $12,000 as 2.60s, $30,000 as
2Ms and $18,000 as 3Ms, or an interest cost of 2.66%.
Reoffering was
made at prices to yield from 0.50 to 2.60%.
Award of an issue of $205,000 of Reading, Pa., Housing Authority bonds
dated Dec. 1, 1940 and due on June 1, 1941 to 1955, was made to Hemp¬
hill, Noyes & Co. and Charles Clark & Co. on a joint bid of 100.755 for •
the bonds as lMs.
This was equivalent to an interest cost of 1.3938%.
The same syndicate acquired a new issue of McKeesport, Pa., Housing
Authority bonds due serially on June 1, 1941 to 1954.
The bankers named
a price of 100.54 for the bonds as 1 Ms, which was equivalent to an interest
cost of 1.68%.
on
Los Angeles
Representative
Telephone WHitehall 3-3470
62 Well St.
CALIFORNIA
$260,000 of Charlotte Housing Authority Series A bonds
dated Dec. 1, 1940 and due on June 1, 1941 to 1954, went at a price of 100
The
BANKAMERICA COMPANY
CALIFORNIA, State of—WARRANTS OFFERED— Sealed bids were
received until 11 a.m. on Dec. 6, by Harry B. Riley, State Comptroller, for
the purchase of $2,376,033 general fund registered warrants.
Warrants to be dated and delivered on Dec. 11.
Call date will be on or
about Aug. 27, 1941.
ADDITIONAL OFFERING—Sealed bids will be received by Mr. Riley,
State Comptroller, at the same time for the purchase of $2,515,743 regis¬
tered unemployment relief warrants.
Dated Dec. 11, 1940.
Due on or
about Aug. 27,1941.
r
;
LOS ANGELES, Calif.—WATER AND POWER BOND SALE—'The
Department of Water and Power bonds aggregating $13,391,000, offered
on Dec. 3—V. 151, p. 3273—were awarded to a syndicate headed by
Lehman Bros, of New York, at par, a basis cost of about 2.01%, on the
for sale
bonds divided as follows:
$10,891,000 electric plant refunding revenue, Second Issue of 1940 bonds,
broken down into these divisions:
$3,401,000 maturing Dec. 1,
$391,000 in 1941, $400,000 in 1942, $410,000 in 1943, $420,000
in 1944, $430,000 in 1945, $440,000 in 1946, $450,000 in 1947,
$460,000 in 1948, as 3s; $2,290,000 maturing Dec. 1, $470,000 in 1949, $480,000 in 1S50, $660,000 in 1951, $680,000
in 1952, as IMs., and $5,200,000 maturing Dec. 1, $695,000 in
1953, $710,000 in 1954, $725,000 in 1955, $740,000 in 1956,
$760,000 in 1957, $775,000 in 1958, and $795,000 in 1959 as 2s.
2,500,000 electric plant revenue, Third Issue of 1940 bonds, taken as
follows:
$250,000 bonds, maturing on Dec. 1, 1941, as IMs,
$1,000,000 bonds, maturing $250,000 on Dec. 1 in 1942 to
1945, as Is, $500,000 maturing $250,000 Dec. 1, 1946 and 1947
as IMs, $250,000 maturing Dec. 1, 1948, as IMs, and $500,000
maturing $250,000 Dec. 1, 1949 and 1950, as IMs.
85 investment firms, including Halsey,
Freres & Co.; Blair & Co., Inc.; Ladenburg,
Associated in the purchase were
Stuart & Co., Inc.; Lazard
Volume
3427
The Commercial & Financial Chronicle
151
Thalmann & Co.; Phelps, Fenn & Co.; Hallgarten & Co.;
& Co.; Hemphill, Noyes & Co.; F. S. Moseley & Co.; B.
Goldman, Sachs
J. Van Ingen &
Co.; Graham, Parsons & Co.; Stone & Webster and Blodget, Inc.; Union
Securities Corp.; Eastman, Dillon & Co.; Paine, Webber & Co.; Estabrook
& Co.; Shields & Co.; Dick & Merle-Smith: Schwabacher & Co.; E. H.
Rollins & Sons. Inc.; Kaiser & Co.; Merrill Lynch; E. A. Pierce & Cassatt;
Stern, Wampler & Co., Inc.; Central Republic Co.; Eldredge & Co., Inc.;
Darby & Co., Inc.; Otis & Co., Inc.; Sargent, Taylor & Co.; Arthur Perry
& Co.; Field, Richards & Co.; Newton, Abbe & Co.; Equitable Securities
Corp.; Jackson & Curtis; Tucker, Anthony & Co.; Swiss American Corp.;
Stern Brothers & Co.; Kean, Taylor & Co.; First of Michigan Corp.; L. F.
Rothschild & Co.; Burr & Co., Inc.; Charles Clark & Co.; Stroud & Co.;
Dougherty, Corkran & Co.; Bacon, Stevenson & Co.; Harvey Fisk & Sons,
Inc.; John Nuveen & Co.
Also Drumheller, Ehrlichman Co.; Wells-Dickey Co.; The RobinsonHumphrey Co.; Pasadena Corp.; Geo. B. Gibbons & Co., Inc.; Schlater,
Noyes & Gardner, Inc.; Riter & Co.; Brush, Slocumo & Co.: Elworthy &
Co.; E. Lowber Stokes & Co.; Minsch, Monell & Co., Inc.; District Bond
Co.; McDonald-Collidge & Co.; Putnam & Co.; Hannahs, Ballin & Lee;
Alfred O'Gara & Co.; Walter, Woody & Heimerdinger; Wm. H. Newbolds
Son & Co.; Wathling, Lerchen & Co.; Lawson, Levy & Williams; Piper,
Jaffray & Hop wood; Welsh, Davis & Co.; H. M. Lewis & Co.; Stone &
Youngberg; Campbell, Phelps & Co.; Craigmyle, Rogers & Co.; Ferris &
Hardgrove; Wheelock & Cummins, Inc.; Jackley & Co.; Stein Bros. &
Boyce; Wm. R. Compton & Co.; Brown, Schlessman, Owen & Co.; Thrall
West Co.; R. D. White & Co.; Graefe & Co.; Kalman & Co.; J. K. Mullen
Investment Co.; J. M. Dain & Co., and Walter-Webb & Co.
P BONDS OFFERED FOR INVESTMENT—Public offering of the $10,891,000 refunding revenue bonds, Second Issue of 1940, was made at prices
to
yield from 0.20% to 2.25% for maturities ranging from 1941 to 1959,
incl., and $2,500,000 revenue bonds, Third Issue of 1940, were offered at
prices to yield from 0.20% to 1.85% for maturities from 1941 to 1950, incl.
awarded to
Fox,
Reusch & Co.
Los Angeles),
follows:
PIERSON
SPECIAL
TAX
report of which appeared in our issue of Nov. 30, District Secretary A. S.
Soule states that the bonds are dated May 1, 1925, in the denomination of
$1,000, and mature May 1, as follows:
$3,000 in 1941 to 1962 and $4,000
Prin. and int. payable at the County Treasurer's office.
Legality approved by O'Melveny & Myers, of Los Angeles.
in 1963 to 1965.
ORANGE
COUNTY
O. Santa Ana), Calif.—NOTES SOLD—
It is stated by B. J. Smith, County Clerk, that $5,000 Capistrano Union
High School District tax anticipation notes were purchased on Nov. 19
by the First National Bank of Santa Ana, at a rate of 2%.
Dated Nov.
15, 1940.
Due not later than Dec. 31, 1940.
SAN
DIEGO, Calif.—BOND OFFERING—It is stated by R. C. Lindsay,
City Treasurer, that he will receive sealed bids until 11a. m. on Dec. 30,
purchase of the following coupon bonds aggregating $4,300,000:
Due $100,000 on Feb.
$3,000,000 San Vincente Dam bonds.
to 1972 incl.
1 in 1943
"
1,300,000 water distribution system bonds.
Due $65,000 on Feb.
1 in
1942 to 1961 incl.
3H%. payable F-A.
Denom. $1,000*
Dated Feb. 1, 1941.
Prin. and int. payable at the City Treasurer's office,
National City Bank, New York, or at Bank of America National Trust &
Savings Association, of San Francisco.
The bonds are an obligation of
the full faith and credit of the city and in addition have the benefit of
revenue
from
the
Water
Department.
Legality to be approved by
O'Melveny & Myers of Los Angeles.
Enclose a certified check for 1% of
Interest rate
is
not
to
exceed
the amount of bonds bid for.
COLORADO
Colo.—BONDS AUTHORIZED—The City Council is
said to have passed an ordinance recently, calling for the issuance of $37,000
water refunding bonds.
GREELEY
SCHOOL
DISTRICT
(P.
Greeley),
O.
Colo.—BOND
ELECTION—An election is said to have been called for Jan. 10 in order
the issuance of $100,000 construction bonds.
FPORT OF PALM
BEACH (P. O.
CHASE CONTRACT—It
LA JUNTA, Colo.—BOND SALE DETAILS—It is stated that the
$494,000 2% semi-ann. electric light and power revenue refunding bonds
sold to a syndicate headed by Brown, Schiessman, Owen & Co. of Denver,
at par, as noted here—V. 151, p. 3116—are dated Jan. 1, 1941.
Denom.
$1,000.
Prin. and int. (J-J) payable at the United States National Bank
of Denver.
Legality approved by Pershing, Nye, Bosworth & Dick of
Denver.
WALDEN,
Colo.—BONDS SOLD—It
is reported that
of Denver.
CONNECTICUT
EAST HARTFORD, Conn.—TO SELL BONDS—It is reported that the
Dec. 23 an issue of $400,000 water system improvement
town will sell on
and extension bonds to mature $10,000 annually over a
must
District
not
exceed 6%.
period of 40 years.
2 by the
Issue was voted Dec.
Commission.
FLORIDA
Fla.—BOND
CALL—All
of the
outstanding bonds
and mature on Jan. 1, 1964, and are subject
to redemption at the option of the city on any interest payment date
(J & J 1), have been called for redemption on Jan. 1, 1941.
The bonds so
called for redemption consist of the following:
$362,500 General refunding bonds, series A.
1,089,000 General refunding bonds, series B.
794,000 General refunding bonds, series C.
Payment of the principal amount of all coupon bonds so called for redemp¬
on Jan. 1, 1941 will be made upon presentation of said bonds, accom¬
panied by all July 1, 1941 and subsequent coupons, at the Guaranty Trust
Co., 140 Broadway, N. Y. City, the place of payment of said bonds,
Coupons maturing Jan. 1, 1941 and prior thereto will be paid upon the
presentation and surrender of such coupons.
Payment of the principal amount of all registered bonds so called for re¬
demption on Jan. 1, 1941 will be made upon presentation of said bonds,
accompanied by a written assignment in blank of the registered owner or
his duly authorized attorney, duly acknowledged or proved, at said Guar¬
anty Trust Co.
No interest accruing on said bonds after Jan. 1, 1941 will
tion
be
paid.
,
Fla.—BOND
OFFERING—It is stated by J.
E.
Pace, City Auditor, that he will receive sealed bids until Jan. 3, for the
purchase of $260,000 not to exceed 4 % semi-annual refunding bonds.
Due
on Jan.
15 as follows: $150,000 in 1954, $70,000 in 1955 and $20,000 in
1956 and 1957.
These bonds will be ready for delivery about Jan. 15.
Fla.—BOND SALE—The $69,000 refunding of 1940,
A semi-ann. bonds offered for sale on Nov. 30—V. 151, p. 2826—were
PENSACOLA,
eries
DISTRICT
SCHOOL
BEACH
VERO
VOTED—The voters are said
BONDS
O.
(P.
Vero
to have approved
Beach), Fla.—
the issuance of
$70,COO construction bonds at the general election on Nov. 5.
GEORGIA
EAST POINT, Ga.—BOND SALE DETAILS—'The City Clerk states
that the $250,000 water department bonds sold to a sundicate headed by
the Trust Co. of Georgia, of Atlanta, at a price of 101.30, as noted here—
V. 151, p. 3274—were sold as 2>£s, are dated July 1, 1940, in the denomina¬
tion of $1,000 and mature July 1, as follows: $5,000 in 1943 to 1951, $10,000
1962, $11,000 in 1963, and $12,000 in 1964 to 1970.
Prin. and
payable in lawful money at the Citizens & Southern National Bank
Legality approved by Spalding, Sibley, Troutman & Brock
in 1952 to
int.
of Atlanta.
of Atlanta.
ILLINOIS
CHICAGO, III.—SERIAL WATER CERTIFICATES AND REFUND¬
ING BONDS OFFERED FOR SALE— R. B. Upham, City Comptroller,
will receive sealed bids until 11 a. m. on Dec. 18 for tho purchase of $2,400,000 not to exceed 3% interest revenue certificates of indebtedness, divided
as
follows:
$1,600,000 water works system certificates.
April 1 as follows: $1,000,000 in
Dated April 1, 1940 and due
1958 and $600,000 in 1959.
Interest A-O.
800,000 water works system certificates.
$400,000 on Dec. 1 in 1958 and
Dated Dec. 1, 1940 and due
1959.
Interest J-D.
Bidder to name a single rate of Interest, expressed
in a multiple of
of 1 %.
The certificates are issued in coupon form and
are registerable as to principal in the office of the City Treasurer.
Prin¬
cipal and semi-annual interest payable at the Treasurer's office or at the
office of the fiscal agent of the City in New York City.
A certified check
for 2% of the certificates, payable to order of the City Comptroller, is
required.
Legal opinion of Chapman & Cutler of Chicago and engraved
certificates will be furnished by the city.
Delivery of certificates will be
made by the city not later than Dec. 31,1940.
The certificates are payable
solely from revenue derived through operation of the municipal water works
Denom. $1,000.
system.
BIDS ASKED
announces
ON REFUNDING ISSUE— The City Comptroller also
bids until 10 a. m. on Dec. 20 for the
that he will receive sealed
purchase of $1,500,000 coupon refunding bonds of 1941.
Dated Jan. 1,
1941.
Denom. $1,000.
Due $300,000 on Jan. 1 from 1945 to 1949, incl.
Bidder to name a single rate of interest, expressed in a multiple of H of 1 %.
Principal and interest (J-J) payable at the City Treasurer's office or at the
of the City in New York City.
The bonds are
registerable as to principal in the office of the City Comptroller and will
constitute general obligations of the city, payable from ad valorem taxes
to be levied on all of its taxable property without limitation as to rate or
amount.
Legal opinion of Chapman & Cutler of Chicago and engraved
bonds will be furnished by the city.
Delivery of bonds to be made at the
city not later than Dec. 31, 1940.
The bonds to be refunded by the
present issue mature Jan. 1, 1941.
A certified check for $30,000, payable
to order of the City Comptroller, is required.
Chicago), 111.—BOND CALL—John Toman.
County Treasurer, issued an official redemption call for $2,000,000 of the
$3,054,500 series A refunding bonds of 1936, which become optional Jan. 1.
The Board of Commissioners took no action to redeem the balance of
$1,054,500 also callable on that date.
Jan. 1, these bonds cannot be redeemed
Unless further action is taken by
until the next interest date, July 1,
1941.
PEORIA, 111.—BOND SALE—An issue of $113,000 judgment funding
was sold to Negley, Jens & Rowe of Peoria as l^£s, at a price of
Due in from 1 to 10 years.
Halsey, Stuart & Co., Inc., sub¬
mitted a bid of 100.201 for lMs.
bonds
100.376.
INDIANA
RICHMOND SCHOOL CITY, Ind.—BOND
OFFERING—William G.
Superintendent of Schools, announces that the Board of Trustees
sealed bids until 10 a.m. on Dec. 20 for the purchase
of $100,000 not to exceed 3% interest school improvement bonds.
Dated
Dec.
1, 1940.
Denom. $500.
Due as follows: $5,000, July 1, 1942;
$5,000, Jan. 1 and July 1 in 1943 and 1944; $5,000, Jan. 1 and $20,000,
July 1, 1945; $20,000. Jan. 1 and $5,000, July 1, 1946: $5,000, Jan. 1 and
July 1 from 1947 to 1952 incl.* $5,000, Jan. 1 and $30,000, July 1, 1954,
and. $30,000, Jan. 1, 1955.
Bidder to name a single rate of interest,
expressed In a multiple of M of 1%.
Principal and interest (J-J) payable
at the Second National Bank,
Richmond.
One transcript of record of
issuance will be available to bidders without additional charge.
Bate,
will receive sealed
SCHERERVILLE, I nd.—BOND SALE—The $3,500 town hall and water
notes oftered Nov. 27—V. 151, p. 2978—were awarded to
East Chicago, as 2y2s, at par.
Dated Oct. 10,
1940 and due semi-annually from Dec. 10,1940 to Jan. 10, 1945.
Amos D.
Allman of Crown Point bid par plus a premium of $3.73 for 3s.
VANDERBURGH COUNTY (P. O. Evan.ville), Ind.—BOND OFFERH. Atkin, County Auditor, will receive sealed bids until
ING—Charles
10 a. m. on Jan. 9 for the
poor
purchase of $560,000 not to exceed 3% interest
Due $28,000 on June 1 and Dec. 1 from
relief advancement bonds.
1942 to 1951, inclusive.
The bonds will be dated
Jan.
2,
1941.
Denom. $1,000.
Bidder to
Prin.
of the
in the
county.
The county will furnish the opinion of reliable bond attorneys in
Indianapolis, approving the legality of the bonds.
Each bid must be made
upon forms provided by the County Auditor.
A certified check for 3%
of the bonds bid for, payable to order of the Board of County Commis¬
single rate of interest, expressed In a multiple of H of 1%.
(J-D) payable at the County Treasurer's office.
Purpose
issue is to finance poor relief obligations of the various townships
name
a
and int.
sioners, is required.
IOWA
Iowa—BOND OFFERING—It is reported that bids
received until 7:30 p. m. on Dec. 9, by H. B. Philpot, City Clerk,
purchase of $1,700 improvement fund bonds.
The purchaser will
the bonds and a legal opinion, if desired, at his own expense.
CEDAR
will be
for the
furnish
FALLS,
CEDAR RAPIDS,
be received until
State of—BOND AND NOTE TENDERS RECEIVED—
In connection with the call for tenders of sealed offerings of matured or
unmatured original or refunding road and bridge or highway bonds, time
warrants, certificates of indebtedness and (or) negotiable notes of various
counties and special road and bridge districts, noted here on Nov. 16
—V. 151, p. 2977—it is reported by W. N. Knott, State Treasurer, that
seven parties offered bonds.
FLORIDA,
JACKSONVILLE,
bonds, the details
bonds and (or)
which are dated Jan. 1, 1934,
^
Co. of Chicago,
Nuveen &
the Union National Bank of
BRADENTON, Fla.—BOND OFFERING DETAILS—It is now stated
by Mayor C. W. Ward that no bid for the $2,300,000 refunding, series
1941 bonds being offered for sale on Dec. 11, as noted here —V. 151, p.
3273—will be considered if it is for less than par and accrued interest, plus
a premium of 2 M %.
BRADENTON,
John
TAMPA, Fla.—BOND ISSUANCE PROPOSED—'The City Administra¬
of $2,000,000 water revenue bonds.
$8,000 water
WRAY, Colo.—PRICE PAID—The Town Clerk states that the $15,000
3% semi-ann. refunding bonds sold to Bosworth, Chanute, Loughridge &
Co. of Denver, as noted here—V. 151, p. 3273—were purchased at par.
Due on July 15 in 1941 to 1946.
Rate of interest
Land)
tion is said to have proposed the issuance
bonds have been purchased by Gray B. Gray
Metropolitan
De
Palm Beach), Fla.—BOND PUR-
stated by
is
that they have a contract to purchase $475,000 revenue
of which have not as yet been determined.
COOK COUNTY (P. O.
SOLD—It is reported that, following
the approval of an ordinance providing for the issuance of $48,000 re¬
funding bonds, they were purchased by Coughlin & Co. of Denver.
Colo.—BONDS
LAFAYETTE,
O.
office of the fiscal agent
BERTHOUD,
to have the voters pass on
(P.
according to the County Superintendent.
(P.
for the
SCHOOL DISTRICT
Fla.—BOND SALE—The $5,500 gymnasium construction bonds offered for
on Dec. 5—V. 151, p. 2826—were awarded to a local purchaser at par,
sale
Calif.—BOND SALE DETAILS—In connection with the
sale of the $78,000 sanitation bonds to Schwabacher & Co., of San Francisco,
and the District Bond Co., of Los Angeles, jointly, as 2hs, at 100.089,
1.44%, on the bonds divided
$30,000 as 1 lAs, due on Dec. 1; $10,000 in 1942 and $20,000 in
1943; the remaining $39,000 as lHs, due on Dec. 1; $10,000 in 1945 and
$29,000 in 1946.
as
LOS ANGELES COUNTY SANITATION DISTRICT NO. 1 (P. O.
.
of Cincinnati, paying a premium of $2
equal to 100.003, a net interest cost of about
Iowa—BOND OFFERING—Sealed and open bids will
Storey, City Clerk, for the
Dec. 9, at 10 a.m., by L. J.
purchase of $15,000 sewer bonds.
Dated Nov. 1,
as follows:
$2,000 in 1942, $1,000 in 1943 to 1946,
1940.
Due on Nov. 1
$2,000 in 1947 to 1950,
$1,000 in 1951.
All bids shall specify the rate of interest and, all
other things being equal, the bid of par and accrued interest or better
specifying the lowest interest rate will be given preference.
Prin. and int.
payable at the City Treasurer's office.
These bonds are to be issued for
the purpose of defraying the cost of building and constructing sewers in
and for the city and will constitute general obligations of the city.
The
city will furnish the approving opinion of Chapman & Cutler, of Chicago,
the purchaser to furnish the printed bonds, and all bids must be so con¬
ditioned.
A certified check for $1,000 is required.
and
DES
Moines,
INDEPENDENT SCHOOL DISTRICT (P. O. De.
Iowa—PROGRESS REPORTED ON BOND EXCHANGE PLAN
officials announced on Dec. 1 that arrangements have been
MOINES
—The district
The Commercial & Financial Chronicle
3428
completed for the exchange of
more
than 54% of the bonds involved in its
debt refunding program.
This will result in issuance of $2,811,000 of new refunding
bonds, ma¬
turing from 1947 to 1900, leaving available for exchange $2,329,000.
The
new bonds carry the same rates of interest as the old
bonds, ranging from
4 to 5%, to the original 1941-46 maturity dates, and thereafter rates of
2 to 2 V*. % to the extended maturity dates, 1947-00.
A banking group headed by Lehman Brothers announced that it had
purchased $308,000 of the bonds eligible for exchange and would reoffer a
like amount of the new refunding bonds.
These will be priced to yield
from 1.40% to 1.80% for maturities ranging from 1950 to 1959.
Other members of the offering group are Paine, Webber & Co.; lowa-Des
Moines National Bank & Trust Co.; Central National Bank & Trust Co.
(Des Moines); Bankers Trust Co. (Des Moines); Wheelock & Cummins,
Inc.; Graefe <fe Co.; V. W. Brewer Co.; John Nuveen Sc Co.; Stern Brothers
& Co.; Jackley & Co.; Carleton D. Beh Co.; Shaw, McDermott &
Sparks,
Inc.; Polk-Peterson Corp.; Veith, Duncan & Wood; The White-Phillips Co.,
Inc.; W. D, Hanna & Co. and Boettcher & Co.
GREENFIELD, Iowa—BONDS SOLD—It is stated by E. E. Stowell,
Town Clerk, that $10,000 swimming pool bonds were sold on Dec. 2 to the
Carleton D. Beh Co. of Des Moines, as 2Ms,
paying a premium of
$60,
equal to 100.00, a basis of about 2.69%.
Dated Dec. 2, 1940.
Denom.
$1,000.
Due Nov, 1 as follows: $500 in 1943 to 1952, $1,000 in 1953,
$500 in 1954 and 1955, $1,000 in 1956, $500 in 1957, $1,000 in 1958 and
$500 in 1959.
Prin. and int. payable at the Town Treasurer's office.
Legality approved by Chapman & Cutler of Chicago.
SIOUX CITY INDEPENDENT SCHOOL DISTRICT
(P. O. Sioux
City), Iowa—BOND SALE—The $211,000 issue of semi-annual school
building bonds offered for sale on Dec. 2—V. 151, p. 3274—was awarded at
public auction to Halsey, Stuart & Co. Inc. of Chicago as 1H», paying a
premium of $3,026, equal to 101.434, a basis of about 1.03%.
Dated
Jan. 1, 1941.
Due on Jan. 1 in 1947 to 1949.
STORM LAKE,
Iowa—BOND OFFERING—It is stated by G. S.
Robinson, City Clerk, that he will receive sealed and open bids until Dec, 16,
at 8 p. m., for the purchase of $30,000 not to exceed
4% semi-ann. airport
bonds.
Dated Dec. 1, 1940.
Denoms. $1,000 and $500.
Due $1,500
Dec. 1, 1942 to 1961.
Prin. and int. payable at the City Treasurer's office.
No bonds will be sold for less than par, plus accrued interest.
The bonds
are issued under and by virtue of the provisions of
Chapter 301.1 of the
1.39 Code of Iowa and especially under and by virtue of the
provisions of
Section 5903.06 thereof.
held
on
These
are
the
bonds authorized at the election
Oct. 22.
KANSAS
as
follows:
Roy K. Schultz, a resident and taxpayer of Tangipahoa Parish, brought
action in the lower court seeking to set aside the election and bar erection
of the proposed building.
He lost his suit before District Judge Robert
8. Ellis Jr., and appealed to the high court.
Neither the resolution of the
Police Jury concerning the bond election nor the notice to the voters set
forth the nature or kind of the proposed industrial plant, the opinion set out.
WASHINGTON PARISH (P. O. Franklinton), La.—BOND OFFER¬
Letha C. Bateman, Sec.-Treas. of the Police
Jury, that she will receive sealed bids until Dec. 13, for the purchase of a
$55,000 issue of jail and health center building bonds.
Interett rate is not
to exceed 4%, payable semi-annually.
Prin. and int. payable at the First
State Bank & Trust Co. of Bogalusa.
These bonds are being issued under
authority of a 1922 legislative act and their legality is to be approved by
Chapman & Cutler of Chicago.
ING—It is stated by Mrs.
MARYLAND
ALLEGANY COUNTY (P. O. Cumberland), Md.—BOND OFFERING
—The President of the Board of County Commissioners will receive sealed
bids until 11 a. m. on Dec. 17 for the purchase of $22,000 not to exceed 5%
interest road bonds.
Dated Nov. 1, 1940.
Due Nov. 1, 1945.
Rate of
interest
A
be
to
expressed
in multiples of l-10th of 1%.
Interest M-N.
payable to order of the County Treasurer, is
certified check for 5%,
required.
',;V
;
MASSACHUSETTS
BRIDGEWATER, Mass.—NOTE SALE—The Bridgewater Trust Co.
purchased an issue of $25,000 revenue notes at 0.09% discount.
Due Nov.
7, 1941.
Jackson & Curtis of Boston, second high bidder, named a rate
of 0.11%.
Mass.—NOTE SALE—The
CANTON,
and
Boston
award of
the
Second
National
HOLYOKE,
Mass.—NOTE
Merchants National Bank of
of Boston, recently divided the
0.13% discount. DueNov, 10,1941.
Bank
issue of $150,000 notes, at
an
OFFERING—Lionel
Bonvouloir,
MEDFORD, Mass.—BOND SALE—The National Shawmi
Boston
was
awarded
price of 100.50,
a
to 1945 incl.
Dec. 2
on
an
t Bank of
issue of $15,000 relief bonds as 0.75s,*1:
basis of about 0.58%.
a
Due $3,000
on
v'M:
■-i;
Merchants National Bank of Boston
0.75%
Bid
100.45
C.625%
100.03
0.75%
0.75%
0.75%
0.75%
0.75%
100.399
100.166
100.14
100.07
■
R. K. Webster & Co
KENTUCKY
$720,000 Project No. 2 bonds for a premium of $936. equal to 100.13,
divided $400,000 as Is, and $320,000 as 1 Ms.
730,000 Project No. 13 bonds for a premium of $146, equal to 100.02,
dividend $240,000 as Is, and $490,000 as lMs.
' ;
•
Int.
1945, priced to yield 0.20% to 1% to optional dates; 1M% bonds, due
July 1, 1950, priced at 101M and lji% bonds due Jan. 1, 1953, priced
101.
BOND CALL—It is announced by J. L. Donaldson, Commissioner of
Highways, that various State 1M%,2M%,3% and 3M% bridge revenue
refunding bonds aggregating $2,589,000, are being called for payment as
of Jan. 1.
BRIDGE
CORPORATION
(P. O. Fal¬
Ky.—BOND OFFERING— Sealed bids will be received until 11
Dec. 10, by R. A. Thompson, Secretary-Treasurer of the Bridge
Corporation, for the purchase of a $50,000 issue of 3M % semi-ann. coupon
first mortgage bonds.
Denom. $1,000.
Dated Dec. 1, 1940. Due Dec. 1,
as follows:
$1,000 in 1941, $2,000 in 1942 to 1947, $3,000 in 1948, $2,000
in 1949, $3,000 in 1950, $2,000 in 1951, $3,000 in 1952 to 1958, and $6,000
in 1959, subject to prior redemption on any interest due date upon 30
days'
notice, but only in the inverse order of maturities at par, plus a premium of
4% plus accrued interest if the redemption occurs during the first five years
from Dec. 1, 1940, and on similar terms thereafter except that if the re¬
demption occurs during the second five years from the same date the prem.
shall be 3%, if the redemption occurs during the third five
years from the
date the premium shall be 2% and if the redemption occurs thereafter the
premium shall be 1 %. The bonds are issued in accordance with the mortgage
deeds of trust authorizing the bonds authorized
by a resolution of the
board of directors on May 14, and by a resolution adopted or to be
adopted
on or about Dec. 10, to which resolutions and
mortgages reference is hereby
made. The bonds shall be sold subject to approval by
Woodward, Dawson
& Hobson of Louisville, the
expense of which will be borne by the corpo¬
ration, which will furnish printed bond forms.
Bid forms may be secured
at
the office of the Secretary-Treasurer.
Enclose a certified check for
$2,000.
mouth)
m.
on
$40,000
29
awarded
was
discount.
0.058%
Due
bonds.
MANSURA, La.—BONDS NOT
SOLD—'The $15,000 not to exceed 4%
public improvement bonds offered on Nov. 19—V. 151, p.
2532—were not sold as no bids were received,
according to the Town Clerk.
Dated Dec. 1, 1940.
Due on Dec. 1 in 1943 to 1960.
NEW
IBERIA, La.—BOND SALE—The $261,000 issue of semi-ann.
public improvement bonds offered for sale on Dec. 4—V. 151, p. 2979—was
awarded to a syndicate composed of
Hyams, Glas & Carothers of New
Orleans; Juran, Moody & Rice of St. Paul: Fenner & Beane,
Nusloch,
Baudean & Smith, and Jac. P.
Ducournau, all of New Orleans, paying a
premium of $15, equal to 100.005, a net interest cost of about 2.39%, as
follows: For .>189,000 maturing Jan. 1,
$10,000 in 1944, $11,000 in 1945 and
1946, $12,000 in 1947 and 1948, $13,000 in 1949 and 1950, $14,000 in 1951
and 1&52, $15,000 in 1953 and 1954,
$16,000 in 1955 and 1956, $17,000 in
1957, as 2Ms, and $72,000 maturing Jan. 1, $17,000 in
1958, $18,000 in
1959 and 1960 and $19,000 in 1961, as 2Ms.
NEW
ORLEANS, La.—CERTIFICATES CALLED—It is stated by
Jess S. Cave, Commissioner of Public
Finance, that 2%% semi-annual
refunding paving, series B, certificates of 1939, aggregating $155,000,
drawn by lot, are called for payment, at
par and accrued interest, on Jan. 1,
1941.
July 1, 1939.
Denominations $1,000.
Due Jan. 1, 1951.
Said
certificates should be presented for payment, with all unmatured
coupons
attached, at the places of payment designated on the face thereof,
SHREVEPORT, La.—CERTIFICATE OFFERING—It is stated by J. T.
City Secretary-Treasurer, that he will receive sealed bids until
Tanner,
a.m. on Dec. 24, for the purchase of $180,000
municipal airport certifi¬
of
indebtedness.
Dated
Jan.
1,
1941.
Denom.
$1,000.
Due
$36,000, March 1, 1942 to 1946.
Bidders to state rate of interest to be
charged.
The certificates are issued pursuant to Ordinance No. 55 of
1940 of the City Council and are issued for the purpose of
improving the
municipal airport, constructing runways and accessories thereto, and
pledging the special tax of one-half mill voted for the purpose to pay the
10
cates
certificates.
TANGIPAHOA
PARISH
(P.
O.
Amite),
La .—BOND
ENJOINED—Issuance of $75,000 bonds for construction of
plant for conversion and processing of
raw
the
Nov.
Merchants
4,
National
1941.
Other
Bank
bids:
100.05
notes offered
of
Boston,
Second
Bank of Boston, 0.062%, plus $1.50 premium: National
of Boston, 0.09%.
at
National
Shawmut Bank
SWAMPSCOTT, Mass.—NOTE OFFERING—James W. Libby, Town
Treasurer, will receive bids until 11
a. m. on Dec. 11 for the purchase at
discount of $200,000 revenue anticipation notes, payable Nov. 1C, 1941.
Issue consists of $100,000 dated Dec. 11, 1940, and $100,000 dated Jan. 2,
1941.
Notes
validity
delivery
be
will
certified
and
authenticated
as
to
genuineness
and
by the Commonwealth of Massachusetts, and will be ready for
about Dec. 16.
Bidder
wise the Town Treasurer reserves
his convenience.
designate the denoms. desired, other¬
the right to issue the notes in units to suit
to
:
WATERTOWN,
$100,000 each
on
Mass.—NOTE
on
SALE—Jackson & Curtis of Boston
Dec. 5 of $200,000 notes at 0.03% discount.
Due
and May 15, 1941.
Other bids: National
March 31
Shawmut Bank, 0.04% plus $1.50; Merchants National Bank of Boston,
0.047%; Second National Bank of Boston, 0.05%.
V
WEBSTER, Mass.—NOTE SALE—The First National Bank of Boston
4 an issue of $250,000 notes at 0.14% discount.
awarded on Dec.
Due Nov. 20, 1941.
was
WINCHENDON, Mass.—NOTE SALE—The Second National Bank of
was awarded on Dec. 4 an issue of $50,000 notes at 0.11% discount.
14, 1941.
Other bids: First National Bank of Boston, 0.15%
National Shawmut Bank, 0.17%; Merchants National Bank of Boston,
0.17%.
Boston
Due Nov.
WORCESTER,
Mass .—BOND
SALE—The
$526,000
coupon
bonds
offered Dec. 2—V. 151, p. 3275—were awarded to Arthur Perry & Co. and
Coffin & Burr, both of Boston, jointly, as 0.75s, at a price of 100.118, a
basis of about 0.73%.
Sale consisted of:
.
$318,000 municipal relief bonds.
Due Oct. 1 as follows: $32,000 from 1941
to 1948, incl. and $31,000 in 1949 and 1950.
35,000 water bonds.
Due $7,000 on Oct. 1 from 1941 to 1945, incl.
150,000 water bonds.
Due $15,000 on Oct. 1 from 1941 to 1950, incl.
23,000 municipal relief bonds.
Due Oct. 1 as follows: $3,000 from 1941
to 1943, incl. and $2,000 from 1944 to 1950, incl.
DETROIT,
Mich.—BONDS PURCHASED—In connection with the
Dec. 2 of city bonds for the Water Board Sinking Fund,
Donald Slutz, City Comptroller, reports that $118,000 bonds were pur¬
chased at an average yield of 77.22%.
/'vy' ■
•
call for tenders
GROSSE
semi-annual
Dated
to
MICHIGAN
CHARLES, La.—BOND OFFERING—It is reported that sealed
be received until Dec. 30 by the
City Clerk for the purchase of
paving
....
Rate Rate
NEWTON, Mass .—NOTE SALE—The issue of $600,000
Nov.
LOUISIANA
LAKE
bids will
....
Chace, Whiteside & Symonds......—i„.
obtained the award
COUNTY
.....i..
First Boston Corp
Frederick M. Swan & Co___.
.
BONDS OFFERED FOR INVESTMENT—'The successful bidders reoffered the above for general subscription.
The offering includes 1 % bonds,
due July 1, 1950 and Jan. 1, 1953, serially optional July 1, 1941 to July 1„
a.
Dec. 1 from 194*
Other bids:
Bidder—
First National Bank of Boston
$15,000 in 1941, $13,000 in 1942, $11,000, 1943; $9,000,
KENTUCKY, State of—BOND SALE—The Commonwealth of Ken¬
tucky bridge revenue refunding semi-annual bonds, aggregating $1,450,000,
offered for sale on Nov. 29—V. 151, p. 2978—were awarded to a syndicate
composed of Harris. Hall & Co., C. F. Childs & Co., both of Chicago, the
Milwaukee Co. of Milwaukee, and Hill & Co. of Cincinnati, as follows:
PENDLETON
City
Treasurer, will receive sealed or telegraphic bids until 11 a. m. on Dec. 9
for the purchase at discount of $500,000 revenue anticipation notes of 1940.1
Dated Dec. 9, 1940 and payable May 15, 1941, at the National Shawmut
Bank of Boston.
Legal opinion of Storey, Thorndike, Palmer & Dodge
Tyler & Co
at
1940
of Boston.
1944 and $7,C0C in 1945.
■
7,
in the First Ward of Tangipahoa Parish was enjoined on Dec. 2 by the State
Supreme Court.
The high court, in an opinion by Associate Justice Wynne
G. Rogers, also invalidated an election held in the ward, voting approval
for the proposed bond issue and building construction.
TOPEKA, Kan.—BONDS SOLD—It is stated by M. P. Jones, Com¬
missioner of Finance, that $55,000 1% semi-ann. public works and civil
works projects, series 1940-494 bonds were offered for sale on Dec. 3 and
were awarded to Stern Bros. & Co. of Kansas
City, at a price of 101.057,
a basis of about 0.58%.
Denom. $1,000.
Dated Nov. 15, 1940.
Due on
Nov. 15
Dec.
ISSUANCE
an
industrial
farm and agricultural products
on
POINTE, Mich.—PROPOSED BOND ISSUE—The city has
asked the State Public
not to exceed
$20,000
Debt Commission for permission to isuse $32,500
2% interest bonds, divided
as
follows:
bonds.
Denom. $1,000.
Due $2,000 on May 1 from 1942
to 1951, incl.
These bonds were voted at an election on Sept. 10.
12,500 paving bonds.
One bond for $500, others $1,000 each.
Due
May 1 as follows: $2,000 from 1942 to 1946, incl., and $2,500 in
1947.
This issue was authorized at an election in November.
sewer
All of the bonds will be dated Dec. 15, 1940.
PETERSBURG, Mich.—BOND OFFERING—Dudley Hewitt, Village
Clerk, will receive sealed bids until 5 p. m. (to be opened at 7:30 p. m.)
Dec. 11 for the purchase of $41,500 not to exceed 3 K% interest coupon
general obligation water works bonds.
Dated Jan. 1, 1941.
Denom. $500.
Due Jan. 1 as follows: $1,500 from 1944 to 1950 inch; $2,500 from 1951 to
1954 incl. and $3,000 from 1955 to 1961 incl.
Red. at par and accrued
interest, in inverse numerical order, on any interest payment date after
July 1, 1945, upon 30 days' written notice by the village prior to date set
for redemption.
Rate or rates of interest to be expressed in multiples of
H of 1%.
Prin. and int. (J-J), payable at the Village Treasurer's office.
All of the village's taxable property is subject to the levy of unlimited ad
valorem taxes in order to provide for payment of the bonds.
Any net
revenues of the Water Department will also be available to the satsifaction
of the bonds.
Bids shall be conditioned upon the unqualified opinion of
Miller, Canfield, Paddock & Stone of Detroit, approving legality of the
bonds.
Village will pay for opinion and cost of printing the bonds.
A
certified check for 2% of the issue, payable to Village Treasurer, is required.
(These are tne bonds which were unsuccessfully offered on June 24, last,
due to delay in obtaining a Works Progress Administration commitment
for the project.—V. 150, p. 4163.)
on
WARREN, Mich.—BOND OFFERING—Raymond G. Parrott, Village
Clerk, will receive sealed buds until 8 p.m. on Dec. 9 for the purchase
of $45,000 coupon
refunding bonds of 1940.
Dated Nov. 15, 1940. Denom.
$1,000.
Due Nov. 15 as follows: $2,000 from 1941 to 1952 incl. and
$3,000 from 1953 to 1959 incl.
The $5,000 bonds last maturing shall be subject to redemption on any
interest date on or after Nov. 15, 1941, in inverse numerical order, on
Volume
adequate advertising notice at least 30 days in advance of the proposed
The bonds will bear interest at a rate or rates, expressed in multiples
of M of 1%, not exceeding 3M% to May 15, 1945, and 4M% thereafter.
Prin. and int. (M & N), payable at the Community Bank, Warren, or at a
call.
paying agent, which shall be a responsible bank or trust company
The bonds will be awarded to the bidder whose
proposal produces the lowest interest cost to the village after deducting
the premium offered, if any.
Interest on premium will not be considered
as deductible in determining the net interest cost.
The bonds will be the
general obligations of the village, which is authorized and required by law
to levy upon all the taxable property therein such ad valorem taxes as may
be necessary to pay the bonds and the interest thereon as the same shall
become due, without limitation as to rate or amount.
Bids shall be con¬
ditioned upon the legal opinion of Miller, Canfield, Paddock & Stone of
of Detroit, approving the legality of the bonds.
The cost of the legal
opinion and of the printing of the bonds will be paid by the village.
Enclose
a certified check for $1,000, payable to the village.
(A similar amount of bonds was offered on Nov. 18, although the pro¬
visions of the present offering have been changed in several particulars.
successor
in the City of Detroit.
—V.
151,
2979.)
p.
DISTRICT NO. 3 (P. O.
OFFERING—Director Harmon
the purchase
of $45,000 coupon refunding bonds of 1940.
Dated Dec. Id, 1940. Denom.
$1,000. Due April 1 as follows: $2,000 from 1942 to 1953 incl. and $3,0C0
TOWNSHIP
WATERFORD
SCHOOL
from 1954 to 19o0 incl.
Bonds in the principal
sum of $12,000 maturing on April 1, 1957 to
1960, will be subject to redemption in inverse numerical order at par plus
on any interest payment date on and after April 1,
1943,
upon 30 days' published notice.
The bonds will bear interest at a rate or
rates not exceeding 3M % per annum to April 1, 1946,' and not exceeding
4% % per annum thereafter, expressed in multiples of M of 1%. Principal
accrued interest
interest
(A-O) payable at the Detroit Trust Co., Detroit, or at its
successor paying agent named by the district which shall be a responsible
bank or trust company in the City of Detroit. The bonds will be awarded
bidder whose bid produces the lowest interest cost to the district
deducting the premium offered, if any. Interest on premium will not
as deductible in determining the net interest cost.
These
bonds will be the general obligation of the district which is authorized and
required by law to levy upon all the taxable property therein, such ad
valorem taxes as may be necessary to pay the bonds and interest thereon,
without limitation as to rate or amount.
No proposal for less than all
of the bonds will be considered.
Bids shall be conditioned upon the legal
the
to
after
be considered
opinion of Claude H. Htevens, of Berry & Stevens, of Detroit, approving the
legality of the bonds. The cost of the legal opinion and of the printing of the
bonds will be paid by the district. Enclose a certified check for 2% of the
par value of the bonds payable to the district.
WASHINGTON COUNTY (P. O. Greenville), Miss.—MATURITY—
The Clerk of the Chancery Court states that the $30,000 1M % semi-annual
airport bonds sold to a syndicate headed by Scharff & Jones of New Orleans
at a price of 100.333, as noted here on Oct. 26, are due on Nov. 1 as fol¬
lows: $5,000 in 1941; $1,000,1942; $2,000,1943, and $22,000 in 1944, giving
a basis of about 1.40 %.
MISSOURI
COUNTY SCHOOL DISTRICT NO.
5
(P. O. Centerville)
Minn.—BOND OFFERING—Both sealed and auction bids will be received
12, at 8 p. m., by Fred J. La Londe, Clerk of the Board of Edu¬
cation, for the purchase of $21,000 refunding bonds. Interest rate is not to
until Dec.
exceed 3%, payable J-J. Dated Jan. 1, 1941.
Jan. 1, 1942 to 1962; optional on any interest
Denom. $1,000.
Due $1,000
payment date after the tenth
year from date of issue. Prin. and int. payable at any suitable bank or trust
company designated by the purchaser. No bid for less than par and interest
can be considered.
The district will furnish the executed bonds and the legal
opinion of Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis,
both without cost to the purchaser.
A certified check for at least $500,
payable to the district, is required.
(P. O. Caledon'a)
MAYVILLE,
Minn.—BOND SALE— The $16,000
general obligation coupon road and bridge bonds offered for sale on Nov. 30
—V. 151, p. 2979—were awarded to the First National Bank of St. Paul,
according to the Town Clerk.
Dated Nov. 30, 1940. Due on Nov. 30 in
1942 to 1951 ircl.
The bonds were sold as 1Mb, for a premium of $50, equal to 100.312, a
basis of about 1.70%. The second best bid was an offer of $47.50 premium
on
SCHOOL
CHAFFEE
SOLD—It is stated by the
lMs, submitted by the Sprague State Bank.
OSSEO, Minn.—BOND OFFERING—Sealed and auction bids will be
17, at 8 p. m., by J. A. Wesner, Village Recorder, for
the purchase of the following not to exceed 3 % semi-ann. bonds aggregating
of St.
$10,000 street improvement bonds.
Denoms. $1,000 and $500.
Due on
Dec. 1 as follows: $500 in 1943 to 1952, and $1,000 in 1953 to 1957.
5,000 funding bonds.
Denom. $500.
Due $500 on Dec. 1 in 1943 to
1952 incl.
1940.
The village will furnish the printed bonds and
approving legal opinion of Fletcher, Dorsey, Barker, Colman & Barber,
of Minneapolis, without cost to the purchaser.
Delivery will be made
at the Village Treasurer's office, or in Minneapolis or St. Paul, on or before
Dec. 31.
A certified check for at least $500, payable to the village, is re¬
Dated
Dec.
1,
quired.
;;
■
■■
■
ROTHSAY, Minn.—BOND SALE DETAILS—'The Village Recorder
3% semi-annual water system bonds sold to a local
bank, as noted here—V. 151, p. 3275—were purchased at par and mature
$500 on Jan. 1 and July 1 in 1943 to 1958, incl.
states that the $16,000
ST.
LOUIS
PARK,
Minn.—BIDS
INVITED—Sealed
bids will be
Dec. 9, by Joseph Justad, Village Recorder, for the
purchase of $3,600 not to exceed 6% annual street improvement orders.
Dated Dec. 10, 1940.
Each of the instalments shall be represented by a
separate order and may be divided in denominations of not less than $300 at
the option of the purchaser. Due $1,200 Dec. 10, 1941 to 1943. The orders
will be general obligations of the village, payable out of general tax levy,
issued pursuant to authority of Chapter, 382, Laws of Minnesota, 1903.
The Purchaser will be furnished with an opinion of Fletcher, Dorsey, Barker,
Colman & Barber of Minneapolis, as to the validity of the securities.
received until 8 i
STUNTZ
(P.
.
m. on
O.
Hibbing),
Minn .—BOND SALE
National Bank of Duluth, as 1 Ms, as
—were
MISSISSIPPI
AMORY, Miss.—BONDS SOLD—It is stated by the City Clerk that
$20,000 armory construction bonds were purchased on Nov. 22 by the First
National Bank of Memphis, for a premium of $35, equal to 100.175. divided
$10,000 as 2Ms, and $10,000 as 2Mb. These bonds were approved by the
voters at an election held on April 30.
GREENVILLE, Miss.—BOND SALE DETAILS—The City Clerk states
bonds sold recently, as noted here—V. 151, p. 3276
purchased by the J. S. Love Co. of Jackson, as 2Ms, paying a
premium of $330, equal to 101.10, and mature $2,G0C in 1941 to 1955, giving
a basis of about 2.10%.
that the $30,000 airport
—were
HATTIESBURG,
Miss.—BOND
SALE—The
$69,000
semi-annual
refunding bonds offered for sale on Nov. 28—V. 151, p. 3118—were awarded
to Scharff & Jones of New Orleans, as 2Ms and 2 Ms, at a net interest cost
Jan. 1 in 1945 to
1969.
Jan. 1, 1947.
It was reported subsequently that the First National Bank of Memphis
was associated with the above-named firm in the purchase of the bonds.
$25,000
FAYETTE, Mo.—BONDS SOLD—The City Clerk states that
2% semi-annual water purification plant bonds have been purchased by the
Mississippi Valley Trust Co. of St. Louis, for a premium of $532.50, equal
to 102.30, a basis of about 1.74%.
Dated Nov. 1, 1940. Due on Feb. 1
as follows:
$4,000 in 1949 and $7,00u in 1950 to 1952.
Legality approved
by Charles & Trauernicht of St. Louis.
Mo.—BOND SALE— The $10,000,000 issue of water
KANSAS CITY,
series B, semi-ann. coupon bonds offered for sale on Dec.
151, p. 3276—was awarded to a syndicate composed of the Chase
National Bank of New York; Harris Trust & Savings Bank, of Chicago;
Bankers Trust Co., of New York; First National Bank, Northern Trust
works refunding,
2—V.
Co., both of Chicago; Ilarriman Ripley & Co., Inc., Commerce Trust Co.,
City National Bank & Trust Co., both of Kansas City, Mercantile-Com¬
merce Bank &
Trust Co., Boatmens National Bank, both of St. Louis;
and the Northwestern
The successful
National Bank & Trust Co., of Minneapolis.
interest cost of
bidders offered a price of 106.91, a net
1.899%, as follows: For $2,140,000 maturing Jan. 1, $425,000
$430,000 in 1944, $415,000 in 1945, $430,000 in 1946, $440,000
as 4Ms; $3,530,000 maturing Jan.
1, $465,000 in 1948 and 1949,
in 1950, $510,000 in 1951, $515,000 in 1952, $535,000 in 1953,
in 1954, as 3s; and $4,330,000 maturing Jan. 1, $555,000 in 1955,
In 1956, $580,000 in 1957, $605,000 in 1958, $620,000 in 1959,
in 1943;
in 1947,
$495,000
$545,000
$570,000
$705,000
1960 and $695,000 in 1961, as 2s.
INVESTMENT—1The successful bidders offered
above bonds for general public subscription on Dec. 4 as follows:
$2,140,000 are 4Ms due 1943 to 1947 and priced to yield 0.40% to 1.20%;
$3,530,000 are 3s due 1948 to 1954 and yielding 1.30% to 1.80%; and
$4,330,000 are 2% bonds maturing 1955 to 1961 and priced to yield 1.80%
in
BONDS OFFERED FOR
the
1.90%.
to
LOCUST
TOWNSHIP (P. O. Linneus), Mo.—BONDS
5, at 1 p. m., by C. E.
Clerk, for the purchase of $25,000 coupon road improve¬
CREEK
OFFERED—Sealed bids were received until Dec.
DEFEATED—It is reported that the voters
NEVADA, Mo.—BONDS
turned down the issuance
held on Nov. 26.
election
of $90,000 electric revenue bonds at an
WHEATON, Mo.—BONDS SOLD—The City
water system
bonds have been purchased by a
Clerk states that $12,000
local investor.
MONTANA
MISSOULA, Mont.—BOND SALE—The $105,696.77 refunding bonds
offered for sale on Dec. 4—V. 151, p. 2689—were purchased by Kalman
& Co. of St. Paul, and associates, as 1 Ms, paying a premium of $270.
equal to 100.255, according to the City Clerk.
MISSOULA COUNTY (P. O.
Missoula), Mont.—BOND SALE—The
sale
of
$270 000 semi-annual free high school construction bonds offered for
Dec. 4—V. 151, p. 2980—were awarded to a syndicate composed
on
St. Paul, Edward L. Burton & Co., the First Security
Trust Co., both of Salt Lake City, Atkinson-Jones & Co. of Portland, and
Foster & Marshall of Seattle, as 1Mb, paying a premium of $745, equal to
100.275, according to the Clerk of the Board of County Commissioners.
Kalman & Co. of
NEBRASKA
FREMONT, Neb.—CORRECTION—It is stated by A. J. Forman, City
Clerk, that the report given here on Nov. 30, that $37,500 avaiation field
bonds had been purchased by the Kirkpatrick-Pettis Co. of Omaha, was
erroneous.
KEITH COUNTY
VOTED—At the
(P. O. Ogallala), Neb.—BONDS
general election on Nov. 5 the voters are said to have approved the issuance
of $55,000 not to exceed 2M % semi-ann. court house and jail bonds.
ODELL, Neb.—BONDS
that
Council
EXCHANGED—'The Village Clerk states
$23,000 3% semi-annual refunding bonds approved by the Village
in March, have been exchanged.
Denom.
$1,000. Dated May
Due on May 1 in 1941 to 1955.
STELLA, Neb.—BONDS EXCHANGED—'The
$16,900 3% semi-annual refunding bonds have
Wachob-Bender Corp. of Omaha.
1, 1940.
Village Clerk states that
been exchanged through
the
VALENTINE, Neb.— WARRANTS SOLD— The City Clerk states that
fund revenue warrants were sold to a local investor
$5 000 special water
3 Ms, at par.
Dated Aug.
callable prior to maturity.
as
30, 1940.
Due in not more than five years,
WILBER, Neb.—BONDS SOLD—We are informed by Mayor Kohout
that $65,000 2M% coupon refunding bonds were purchased on Nov. 5 by
the First Trust Co. of Lincoln and local investors, paying par.
Denom.
$1,000.
Dated Dec. 1,
years from date of issue.
Due on Dec. 1, 1955; optional after
Interest payable J-D.
1940.
NEW
DETAILS—The
$70,000 sewage bonds sold to the Northern
noted here on Oct. 5—V. 151, p. 2979
purchased at par and mature $10,000 on Oct. 1 in 1942 to 1948, incl.
Town Clerk now states that the
by the Mississippi Valley Trust Co.
Louis.
received until Dec.
$15,000:
DISTRICT
(P. O. Chaffee), Mo.—BONDS
Clerk of the Board of Education that $15,000
high school bonds have been purchased
Swinney, County
ment bonds.
MINNESOTA
ANOKA
follows-
Inc., of Vicksburg.
Dated Nov. 15, 1940.
Due on Nov. 15 as
$500 in 1941 to 1945, $1,000 in 1946 to 1959 and $1,500 in 1960.
R. F. D. No. 2, Pontiac), Mich.—BOND
L. Persons will receive sealed bids until 8 p. m. on Dec. 10 for
and
3429
The Commercial & Financial Chronicle
151
five
HAMPSHIRE
COOS COUNTY (P. O. Berlin), N. H.—NOTE OFFERING DETAILS
—The issue of $570,000 \ %% serial funding notes for which sealed bids will
be received by the fiscal agent up to 11 a. m. on Dec. 30, as reported In
—V
151, p. 3276—will be issued under authority of Chapter 63 of New
Hampshire Laws of 1933 as amended, and payment of principal and interest
will be guaranteed by the State of New Hampshire.
Notes will mature
$57,000 annually from 1941 to 1950 incl.
A certified check for
$5,700
must
accompany
the bid.
MANCHESTER, N. H.—NOTE SALE—Arthur Perry & Co. of Boston
were awarded on Dec. 3 an issue of $500,000 tax-anticipation notes of 1940
at 0.11% discount.
Dated Dec. 4, 1940 and payable July 10, 1941 at the
First National Bank of Boston, or at the Central Hanover Bank & Trust
Co., N. Y. City.
Legality approved by Ropes, Gray, Boyden & Perkins
of Boston.
Other bids:
Bidder—
First
National Bank of Boston....
E. H. Rollins & Sons,
Leavitt & Co
Inc
*
C. F. Chi.ds & Co
-
2.64%, according to the City Clerk.
Due on
Callable in full on any interest payment date after
Discount
0.14%
f' fS.
0.23%
%
of about
McCOMB, Miss.—PURCHASERS—In connection with
ing by Weil & Arnold of New Orleans of the $375,000
the public offer¬
4% semi-annual
refunding, series B bonds, noted here on Nov. 30—V. 151, p. 3276—we
are advised that a syndicate composed of White, Dunbar & Co., of New
Orleans: Leland Speed Co., of Jackson: J. G. Hickman, Inc., of Vicksburg:
John Dane, Weil & x\rnold, both of New Orleans; Max T. Allen Co., of
Hazlehurst, and Lewis & Co., of Jackson, was the original purchaser.
NORTH
CARROLLTON, Miss.—BONDS SOLD—A $20,000 issue of
5M % semi-annual water works and sewerage bonds is said to have been
purchased recently at par by J. G. Hickman, Inc. of Vicksburg.
Dated
July 1, 1940.
Due July 1 as follows:
$500 in 1941, $1,000, 1942 to
1959. and $1,500 in 1960.
'
VALLEY
ton),
DISTRICT (P. O. CarrollSOLD—An $18,000 issue of 4M% semi-annual
purchased recently by J. G. Hickman,
CONSOLIDATED SCHOOL
Miss.—BONDS
school bonds is said to have been
NEW
JERSEY
ASBURY PARK HOUSING AUTHORITY, N. J .—BOND SALE—
Phelps. Fenn & Co., Inc. and Harvey Fisk & Sons, both of New York
City, jointly, were awarded on Dec; 2 an issue of $82,000 (first issue) series
A housing authority bonds at a price of par, or a net interest cost of about
2.66%.
Bankers took $18,000 3Ms, due $14,000 Juno 1.
and
in 1942; $12,000 2Ms, due $4,000 each in 1943, 1944 and 1945; Slf.OOO
2Ms, due in 1946. 1947 and 1948; $10,000 2Mb, due in 1949 and
$16,000 2Ms. due in 1951, 1952 and 1953, and $12,000 2.60s, due in
$4,000
1950:
1954
and 1955.
CAPE MAY
The
3.—BOND SALE—
2980—were suc¬
Isew York,
and
bonds
1,
as follows: $10,000 in 1946 and 1947; $15,000, 1948;
1952, incl., and $64,000 in 1953. Iieoffered by the
COUNTY (P. O. Cape May C. H.), N.
$376,000 refunding bonds
offered Dec^ 3—V. 151, p.
cessfully bid for by a group composed of H. B. Boland & Co.,
Einhorn & Co., Inc., Cincinnati; First Cleveland Corp., Cleveland,
Alfred O'Gara & Co. of Chicago, their bid being for a total of $374,000
as
2 20s
at a price of 100.56, a basis of about 2.14%.
Dated Nov.
1940 and due Nov.
$60 000 from
1
1949 to
The Commercial & Financial Chronicle
3430
jpurchaserg to yield from 1.60% to 2.10%, according to maturity.
No. Bonds
Int.
Bid For
Rate
Bidder—
7, 1940
Other
Rate
;
Dec.
Municipal Bonds
Bid
Stroud & Co., Schlater, Noyes & Gardner, Inc.,
and MacBride, Miller & Co
B. J. Van Ingen & Co., Inc., and Buckley Bros.
374
375
2.40%
2\A%
376 A
2H%
100.05
Campbell, Phelps & Co., Inc., Fox, Reusch &
Co. and P. E. Kline, Inc
Shields & Co. and Dolphin & Co., Inc
374
374
2.60%
2.90%
100.613
Government Bonds
100.46
M. M. Freeman & Co
-
Housing Authority Bonds
100.55
Tilney & Company
NEW YORK, N. Y.
76 BEAVER STREET
100.537
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
CRESSKILL, N. 3.—BOND OFFERING—Percy L. Cooper, Borough
Clerk, will receive sealed bids until 9 p. m. on Dec. 18 for the purchase of
$11,500 not to exceed 6% interest coupon or registered public improvement
funding bonds.
Dated Dec. 15, 1940.
One bond for $500, others $1,000
each.
Due Dec. 15 as follows: $2,000 from 1941 to 1944, incl.: $1,500 in
NEW
1945 and $1,000 in 1946 and 1947.
Bidder to name a single rate of interest,
expressed in a multiple of % or l-10th of 1%.
The price for which the
bonds may be sold cannot exceed $12,500.
Principal and interest (J-D)
payable at the Tenafly Trust Co., Tenafly.
A certified check for $230,
EASTCHESTER
(P.
YORK
Tuckahoe),
O.
N.
Y.—BOND
OFFERING—
Arthur N. Ferris, Town Clerk, will receive sealed bids until 10 a. m. on
Dec. 11 for the purchase of $420,000 not to exceed 6% interest coupon or
payable to order of the borough, is required.
registered bonds, divided
Washburn & Clay of New York City will be
The bonds are unlimited tax
obligations of the borough and the approving legal opinion of Reed, Hoyt,
fhrnished the successful bidder.
$250,000 tax lien bonds.
Due Dec. 1 as follows:
$150,600 in 1941 and
$100,000 in 1942.
Issued against transfers of tax liens owned by
the town, as authorized by Chapter 105 of the Laws of 1916 as
ENGLEWOOD, N. 3r~BOND SALE—The issue of $100,000 series A
coupon
was
of
registered refunding bonds offered Dec. 3—V. 151, p. 3119—
Lee Higginson Corp. of New York, as 1H», at a price
a basis of about 1.23%.
Dated Dec. 1, 1940 and due $25,000
or
awarded to
100.157,
Dec. 1 from 1946 to 1949 incl.
on
Other bids:
Bidder—
Int. Rate
Palisades Trust &
H. B. Boland & Co
Shields & Co
Halsey, Stuart & Co., Inc
i
— —
H. L. Allen & Co_
Rate Bid
100.509
100.437
100.405
100.380
100.302
100.250
100.18
Par
100.35
100.333
1.60%
MacBride, Miller & Co
1.40%
1.40%
1.40%
1.40%
1.40%
1.40%
\¥t%
Guaranty Co
100.127
1.40%
Kean, Taylor & Co. and Van Deventer Bros., Inc—
Citizens Nat'l Bank & Trust Co. of Englewood.
1.40%
Salomon Bros. & Hutzler
1^%
—
M. M. Freeman & Co.,
Inc
.
Otis & Co., Inc—
—
HARRISON HOUSING AUTHORITY, N. 3.—BOND SALE—The
$111,000 (first issue) series A housing authority bonds offered Dec. 2 were
awarded to the West Hudson National Bank of Harrison, as 1.80s, at a
price of 100.0045, a basis of about 1.799%.
Due on June 1 from 1941 to
1954incl.
v-\
;
JERSEY
.-,.v
stated at the Commission's office that the entire transaction could be
handled within the city's own sinking fund.—V.
151, p. 3276.
The City Commission on Dec. 5 approved the proposal which is designed
to save the city $80,000 annually in debt service charges.
Outstanding
bonds bear interest rates as high as 6%.
The new 1940 refunding bonds
will mature in varying amounts between 1945 and 1960 and will call for
interest of 3 Vx %.
KEARNY, N. 3.—BOND OFFERING—William B. Ross, Town Clerk,
will receive sealed bids until 8 p.m. on
Dec. 20 for the purchase of $95,000
6% interest coupon or registered bonds, divided as follows:
$15,000sewer bonds.
Due in annual instalments from 1941 to 1950 incl.
Principal and interest payable at the West Hudson National Bank,
not to exceed
Harrison.
30,000 improvement funding bonds.
Due in annual instalments from 1941
to 1944 incl.
Principal and interest payable at the West Hudson
National Bank, Harrison.
All of the bonds will be dated Dec. 1, 1940.
Denom. $1,000.
Interest
J-D.
Combined maturities with instalments due yearly on Dec. 1 are as
follows: $15,000 from 194Lto 1944 incl.; $7,000, 1945; $5,000 in 1946 and
1947, and $6,000 from 1948 to 1950 incl.
Bidder to name a single rtae
of interest, expressed in a multiple of M of 1%.
The sum required to be
obtained at sale of the bonds is $95,000.
The bonds are unlimited tax
obligations of the town and the approving legal opinion of Hawkins, Dela¬
field & Longfellow of New York City will be furnished the successful bidder.
A certified check for 2% of the bonds offered, payable to order of the
town, is required.
NUTLEY, N. 3.—NOTE SALE—J. S. Rippel & Co. of Newark
purchljSl
Nov. 30 an issue of $65,000 notes at 0.40% interest, plus a premium of
Dated Dec. 1, 1940 and due Dec. 1, 1941. Legality approved by
$12.61.
Hawkins, Delafield & Longfellow of New York City,
as
ciiHBnd 6<i
interest coupon or registered
bonds, divided
follows:
$9,000 refunding bonds of 1940.
Due in annual instalments from 1941 to
1943, inclusive.
11,500 borough hall bonds.
Due in annual instalments from 1941 to 1950,
inclusive.
and $1,500 from 1948 to 1950, incl.
Bidder to
name a
single rate of inter¬
est, expressed in a multiple of M of 1%.
Prin. and int. (J-D) payable at
the office of the Borough Collector-Treasurer, or at the Cinnaminson Bank
& Trust Co., Riverton.
The sum required to be obtained at sale of the
bonds is $20,500.
The bonds are unlimited tax obligations of the
borough
and the approving legal opinion of Hawkins, Delafield & Longfellow of
New York will be furnished the successful bidder.
A certified check for
2% of the amount of bonds offered, payable to order of the borough, is
required.
PEQUANNOCK TOWNSHIP (P. O. Pompton Plain.), N. J.—BOND
Edwards, Township Clerk, will receive sealed bids
until 8 p.
m. on Dec. 17 for the purchase of $47,500 not to exceed 6%
interest coupon or registered water distribution bonds.
Dated Nov. 1,
1940.
Denoms. $1,000 and $500.
Due Nov. 1 as follows:
$1,000 from
1941 to 1950 incl. and $1,500 from 1951 to 1975 incl. Redeemable at town¬
ship's option after Nov. 1, 1950, in whole or in part by lot, on any interest
payment date. Bidder to name single rate of Interest, expressed in a multiple
of y± of 1 %. Principal and interest (M-N) payable at the
urer's office or at
the First
National
Bank,
Township Treas
Bloomingdale. * The sum re¬
quired to be obtained at sale of the bonds is $47,500.
The bonds are un¬
limited tax obligatiors of the township and the approving legal
opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder. A certified check for 2% of the bonds offered,
payable to
AMBOY
HOUSING
will be returned.
HOMER, N. Y.—BOND OFFERING— Fred J. Nixon, Village Clerk, will
Dec. 12, for the purchase of $58,500 not
exceed 6% interest coupon or registered fire station bonds.
Dated
receive sealed bids until 2 p. m. on
to
1, 1940.
One bond for $500, others $1,000 each.
Due Dec. 1 as
$3,500 in 1941; $3,000 from 1942 to 1958, incl. and $4,000 in 1959.
name a single rate of interest, expressed in a multiple of M of
l-10th of 1%.
Principal and interest (J-D) payable at the First National
Bank of New York.
The bonds are general obligations of the village, pay¬
able from unlimited taxes.
A certified check for $1,170, payable to order
of the village, is required.
Legal opinion of Caldwell & Raymond of New
York City will be furnished the successful bidder.
follows:
Bidder to
LONG
BEACH,
York, jointly, on a bid of 100.017, a net interest cost basis of about 2.4751 %,
as follows:
$25,000 3)^8, due June 1,1941; $7,000 3Ms, di ein 1942; $14,000
2s, due in 1943 and 1944; $15,000 2Ms, due in 1945 and 1946; and $72,000
2Mb, due from 1947 to 1954 incl.
NEW
YORK
BUFFALO, N. Y.—CERTIFICA TE SALE—The $3,225,000
tax anticipa¬
Dec. 6 were awarded to a group
composed of the Chase National Bank, Chemical Bank & Trust Co., and
the Marine Trust Co. of Buffalo, at 0.28% interest, at par plus a premium
of $11.
The certificates bear date of Dec. 15, 1940, mature as to principal
tion certificates of indebtedness offered
on
June 15, 1941. and included the
following: $450,000 series
of 1935-1936, $525,000 of 1936-1937, $850,000 of 1937-1938; $800,000 of
1938-1939, and $600,000 of 1939-1940.
Principal and interest payable at
the City Comptroller's office or at the Central Hanover Bank & Trust Co.,
New York City, at option of the holder.
Legality approved by Caldwell &
Raymond of New York City.
N.
Y.—EXTENDS REFUNDING AGENT'S CON-
TRACT—The City Council on Nov. 28 authorized its financial reprer
sentative, Norman S. Taber & Co., New York, to exchange *5.930,000 of
new
4% refunding bonds for an equal amount of outstanding 6% obligations,
according to report. Contract with the Tabor company, which is handling
the refunding program, was extended to May 23, 1942, at which time it is
hoped that the exchange will be completed. The refunding plan, which was
to go into effect on Dec. 1, provides for the payment of the entire funded
City previously was required to undertake
debt of the community by 1960.
onds
Kartial refundings. toThe New on Nov. 26 Co.,$408,000 judgment funding
2s, at par,
the sale York Trust of New York, the only bidder,
as
reported in V. 151, p. 3277, made it possiole for the city to be free of debt
County for the first time since the community became a muni¬
to Nassau
cipality in 1922, it was said. The amount of judgments originally held by
the county was given as $900,000.
MANLIUS, N. Y.—BOND SALE—The $47,500 coupon or registered
municipal building bonds offered Dec. 5 were awarded to E. H. Rollins
& Sons, Inc., of New York, as 1.90s, at a price of 100.33, a basis of about
1.87%.
Dated Jan. 1, 1941.
One bond for $500, others $1,000 each.
Due Jan. 1 as follows: $2,000 from 1942 to 1953, incl.; $2,500 in 1954 and
$3,000 from 1955 to 1961, incl.
Principal and interest (J-J) payable at
the Bank of Manlius.
The bonds are unlimited tax obligations of the
village and will be approved as to legality by Reed, Hoyt, Washburn &
Clay of New York City.
Other bids:
Bidder—
Int. Rate
Marine Trust Co. of Buffalo
Blair & Co., Inc
R. D. White & Co
——
Manufacturers & Traders Trust Co
MANLIUS.
Y.—BOND
N.
SALE NOT
Rale Bid
1.90%
1.90%
2%
2%
—
100.28
100.095
100.43
100.216
CONSUMMATED— The sale
Oct. 10 or $40,000 municipal building bonds to Roosevelt & Weigold,
Inc., New York, as 2.20s, at 100.58, a basis of about 2.14%—V. 151,
p. 2229—was not consummated, owing to a legal technicality.
The issue
was
re-offered
on
Dec.
FIRE
5.
DISTRICT
(P.
O.
Ball.ton
Spa),
N.
Y.—BQND
Sale—The Buffalo Trust Co. of Buffalo purchased, as 3s, the $7,500 fire
an election on Oct. 14.
house erection bonds authorized at
ROCHELLE,
N.
Y.—PROPOSED
REFUNDING
ISSUE—
Edward J. Glick, City Auditor, plans to recommend to the City Council
the issuance of $408,000 refunding bonds.
NEW
YORK, N. Y.—BOND SALE—A syndicate headed by the Chase
National Bank of New York and the National City Bank of New York
awarded on Dec. 4 an aggregate of $55,000,000 bonds of the city,
was
the
winning offer being a price of 101.01 for 2 Ms, the annual interest cost to
the city being 2.6779%.
The result of the sale thoroughly vindicated the
decision of City Comptroller Joseph P. McGoldrick to anticipate the city's
long-term capital requirements, as the terms of the award represented the
best price ever obtained by the municipality on a loan of comparable
character.
The operation was no less successful to the purchasing group,
as the response to the reoffering by investors, institutional and otherwise,
was said to have greatly exceeded their expectations and reduced the opera¬
tion to one in which equitable allotment of bonds was the primary problem.
Following the award, Comptroller McGoldrick said:
"Today's successful sale will put us a considerable distance ahead in our
financing of next year's capital budget.
Conditions are such that it is to
out substantial advantage to anticipate our borrowings well in advance.
The result of this sale is to the decided advantage of the city."
The award was made up of the following issues:
$37,500,000 to provide $9,000,000 for construction of rapid transit railroads
and $28,500000 for the supply of water.
Due $1,250,000
annually on Dec. 1 from 1941 to 1970, incl.
12,500,000 to provide $1,200,000 for dock improvements.
$5,500,000 for
construction of schools and $5,800,000 for various municipal
purposes.^ Due $500,000 annually on Dec. 1 from 1941 to
AUTHORITY, N. J.—BOND SALE—
The $133,000 (first issue) series A housing authority bonds offered Dec. 2
were awarded to Shields & Co. and G. M.-P. Murphy &
Co., both of New
and interest
.
The bonds are unlimited tax obligations of the town and the approving
legal opinion of Hawkins, Delafield & Longfellow of New York City will be
furnished the successful bidder.
A certified check for $8,400, payable to
order of the town is required.
order of the township, is required.
PERTH
'
All of the bonds will be dated Dec. 1, 1940. Denom. $1,000. Bidder to
single rate of interest, expressed in a multiple of M or 1-10th of 1 %.
Principal and interest (J-D) payable at the First National Bank & Trust
Co.
Tuckahoe.
In the event that prior to the delivery of the bonds the
income received by private holders from bonds of the same type and character
shall be taxable by the terms of any Federal income tax law, the successful
bidder may, at his election, be relieved of his obligations under the contract
to purchase the bonds and in such case the deposit accompanying his bid
NEW
All of the bonds will be dated Dec. 15,1940.
Denoms. $1,000 and $500.
The combined maturities, with payments due on Dec. 15 of each year,
follows: $4,000 from 1941 to 1943, incl., $1,000 from 1944 to 1947, incl.,
I.
*'
name a
MILTON
OFFERING—Carl
'
on
PALMYRA, N. 3.—BOND OFFERING—George J. Spencer, Borough
Clerk, will receive sealed bids until 8 p. m. on Dec. 17 for the purchase of
$20,500 not to exceed 6%
*'
170,000 refunding bonds of 1941.
Due Dec. 1 as follows: $20,000 from
1943 to 1948 incl. and $25,000 in 1949 and 1950.
Bonds to be
refunded mature in the fiscal year starting Jan. 1, 1941.
as
7,000 improvement bonds.
Due in annual instalments from 1941 to
1945 incl.
Principal and interest payable at the West Hudson
National Bank, Harrison.
43,000 school bonds.
Due in annual instalments from 1941 to 1950 incl.
Principal and interest payable at the First National Bank & Trust
Co., Kearny.
*
,.u -.'.y;;.
on
'
follows:
Dec.
N. 3.—REFUNDING APPROVED—State Funding
approved an $8,089,754 refunding bond issue, the plan
involving the recasting of maturity dates to level off the tax rate.
It
CITY,
Commission has
was
''
as
4,600,000 to provide $100,000 for supply of water, $200,000 for dock
improvements and $4,300,000 for various municipal purposes.
Due $460,000 annually on Dec. 1 from 1941 to 1950. incl.
400,000 to provide for various municipal purposes.
Due $80,000 an¬
nually on Dec. 1 from 1941 to 1945, incl.
The entire $55,000,000 bonds bear date of Dec. 1, 1940.
Principal and
interest (J-D) payable at the City Comptroller's office.
Coupon bonds in
$1,000 denoms., fully registerable in denoms. $1,000 or multiples thereof,
but not interchangeable.
Legality to be approved by Thomson, Wood &
Hoffman of New York City.
BONDS
PUBLICLY
OFFERED—The
Chase
National
Bank
and
the
National City Bank and associates reoffered
ment
at
prices to yield from 0.30%
to
the bonds for public invest¬
2.85%, according to maturity.
Formal announcement of the reoffering
underwriting group,
will be found on page IX. The
all of the members of which are listed below, rep¬
consolidation of the two syndicates headed, respectively, by the
aforementioned banks, which normally compete for city issues.
Because
resented
a
of the unusual size of the loan, however, the two groups combined forces, a
procedure that was employed in connection with the purchase of the $60,000,000 3% water loan on Oct. 8.—V. 151, p. 2229.
Although the banking
group was the successful and only bidder on that occasion, the city received
The Commercial & Financial Chronicle
Volume 151
two
bids for the loan just consummated.
The unsuccessful bid was made
by the Bank of the Manhattan Co. and C. J. Devine & Co., both of New
\ork, jointly, and specified
„ty °^, 2.704%.
a
price of 100.6398 for 2 Xs.
or a net cost to
the
Each bidder, incidentally, submitted
of par for 3s in submitting a tender for all
cordance with the notice of sale.
UNDERWRITING GROUPunderwriting group:
or
any part
the same offer
of the issue, in ac¬
PORT
TIFICATES OF INDEBTEDNESS—William H. Le Count, Village Treas¬
will receive sealed bids until 3 p. m. on Dec. 9 for the purchase of
$225,500 tax notes and certificates of indebtedness dated Dec. 10, 1940,
due June 10, 1941, and described as follows:
urer,
$12,500
Chase National Bank
National City Bank
58,000 tax note issued in anticipation of the collection of the balance of
taxes due for the fiscal year beginning April 1, 1940.
97,000 tax note issued in anticipation of the collection of taxes due for
years 1939-40, 1938-39, 1937-38, 1936-37 and 1935-36.
Hannahs, Ballin & Lee
First National Bank
Jackson & Curtis
Heller, Bruce & Co., Inc.
Chemical Bank <fe Trust Co.
issued in anticipation of revenue to be received from
revenue notes
the State of New York.
In the following we list all of the members
of the
3431
CHESTER, N. Y.—OFFERING OF TAX NOTES AND CER
26,000 sewer assessment certificate of indebtedness issued to refund
tificate due Dec. 10,1940.
32,000 street assessment certificate of Indeotedness issued to refund
tificate due Dec. 20, 1940.
Green, Ellis & Anderson
Manufacturers Trust Co.
Ernst & Co.
Harriman Ripley & Co., Inc.
Smith, Barney & Co.
The First Boston Corp.
Hornblower & Weeks
Lehman Brothers
Minsch, Monell & Co., Inc.
and tax notes with the amount of
Illinois Co.
sale.
Sterling National Bank & Trust Co.
cer¬
the
Schwabacher & Co.
►
Otis & Co., Inc.
Halsey, Stuart & Co., Inc.
Blyth & Co., Inc.
cer¬
The right is reserved to reject any and all bids, also to reduce the revenue
revenues and taxes received up to date of
Lazard Freres & Co.
Barr Brothers & Co., Inc.
R. W. Pressprich & Co.
Whiting, Weeks & Stubbs, Inc.
Bids are not required to be on special form.
Award will be made to
bidder naming the .lowest rate of interest.
The written opinion of
Reed, Hoyt, Washburn & Clay of N. Y. City as to the validity of the notes
Boatmen's National Bank
will be furnished.
Ladenburg, Thalmann & Co.
Whitney National Bank of New Orleans
•,
Dean Witter & Co.
Blair & Co., Inc.
R. S. Dickson &
Kidder, Peabody & Co.
Edward Lowber Stokes & Co.
Hallgarten & Co.
A. G. Becker & Co., Inc.
RENSSELAER COUNTY (P. O. Troy), N. Y.—REFUNDING BONDS
APPROVED—Harry D. Yates, Deputy State Comptroller, reports that the
Department of Audit and Control has approved the county's application
for permission to refund $250,000 bonds.
The new bonds must mature
Phelps, Fenn & Co.
Granberry & Co.
within 20 years.
The Marine Trust Co. of Buffalo
Swiss American Corp.
Riter & Co.
The Northern Trust Co.
Bank of America N. T. & S. A.
Stone & Webster and Blodget, Inc.
Co., Inc.
SCHENECTADY, N. Y.—REFUNDING ISSUE AUTHORIZED—The
Council has authorized an issue of $525,000 refunding bonds, to
Hawley, Huller & Co.
Newton, Abbe & Co.
City
mature
Rutter & Co.
Kaiser & Co.
$105,000 annually from 1951 to 1955 incl.
SIDNEY, N. Y.—BOND SALE—The $27,500
Kean, Taylor & Co.
Mercantile-Commerce Bank & Trust Co.
Piper, Jaffray & Hopwood
Buffalo,
Wells-Dickey Co.
R. H. Moulton & Co., Inc.
Yarnall & Co.
Manufacturers & Traders Trust Co.
Sargent, Taylor & Co.
coupon or
registered bonds
offered Dec. 3—V. 151, p. 3277—were
Moncure Biddle & Co.
F. S. Moseley & Co.
Union Securities Corp.
awarded to the Marine Trust Co. of
1.70s, at par plus a premium of $87.25, equal to 100.317, a
basis of about 1.66%. Sale consisted of:
$20,000 water system bonds. Due $1,000 on Dec. 1 from 1941 to 1960 incl.
7,500 paving bonds. Due $1,500 on Dec. 1 from 1941 to 1945 incl.
All of the bonds will be dated Dec. 1, 1940. Other bids:
Schoellkopt, Hutton & Promeroy
Paine, Webber & Co.
R. D. White & Co.
Dick & Merle-Smith.
Cralgrayle, Rogers & Co.
L. F. Rothschild & Co.
Mason-Hagan, Inc.
B. J. Van Ingen & Co., Inc.
Geo. B. Gibbons & Co., Inc.
Roosevelt & Weigold, Inc
R. D. White & Co.
Stern, Warn pier & Co., Inc.
Robinson-Humphrey Co.
Morris Mather & Co., Inc.
SUFFOLK COUNTY (P. O. Riverhead), N. Y.—BOND OFFERING—
Schlater, Noyes & Gardner, Inc.
Eastman, Dillon & Co.
Graham, Parsons & Co.
Wheelock & Cummins, Inc.
W. E. Hutton & Co.
Donnellan & Co., Inc.
Dominlck & Dominick.
Fahey, Clark & Co.
Lee Higginson Corp.
Citizens & Southern National Bank
Stern Brothers & Cc.
Farwell, Chapman & Co.
Ira Kaupt & Co.
Stroud & Co., Inc.
Merrill Lynch, E. A. Pierce & Cassatt
J. M. Dain & Co.
C. F. Chtlds & Co., Inc.
Central Republic Co.
$550,000 general refunding bonds.
Due Dec. 1 as follows:
$50,000 from
1945 to 1953, incl. and $100,000 in 1954.
160,000 public welfare bonds. Due Dec. 1 as follows:
$15,000 from 1941
to 1948, incl. and $20,000 in 1949 and 1950.
13,000 general improvement bonds. Due Dec. l as follows: $3,000 from
1941 to 1943, incl. and $4,000 in 1944.
75,000 county road bonds.
Due Dec. 1 as follows: $15,000 in 1941 and
$20,000 from 1942 to 134, inclusive.
35,000 highway bonds.
Due Dec. 1 as follows:
$3,000 from 1941 to
1949, incl. and $2,000 from 1950 to 1953, inclusive.
Field, Richards & Co.
Eldredge & Co., Inc.
Seasongood & Mayer
Merrill, Turben & Co.
Mullaney, Ross & Co.
Wood, Gundy & Co., Inc.
Reynolds & Co.
Equitable Securities Corp.
First
National
Bank
&
Trust
Co.
of
Minneapolis
Baker, Weeks & Harden.
First National Bank of St. Paul
Roosevelt & Weigold, Inc.
A. S. Huyck & Co., Inc.
Bacon, Stevenson & Co.
Moore, Leonard & Lynch
F. W. Reichard & Co.
Martin, Burns & Corbett, Inc.
Harvey Fisk & Sons, Inc.
Weeden & Co., Inc.
Stone & Youngberg
Alfred O'Gara & Co.
Bidder to
furnished the successful bidder.
Schmidt, Poole & Co.
Paul H. Davis & Co.
Denom. $1,000.
single rate of interest, expressed in a multiple of X or 1-I0th of 1 %.
Principal and interest (J-D) payable at the County Treasurer's office, with
New York exchange, or at the Irving Trust Co., New York City.
The
bonds are general obligations of the county, payable from unlimited taxes.
A certified check for $17,400, payable to order of the county, is required.
Legal opinion of Dillon, Vandewater & Moore of New York City will be
name a
Charles Clark & Co.
Alex. Brown & Sons.
37,000 county building bonds.
Due Dec. 1 as follows:
$4,000 from
1941 to 1943, incl.; $3,000 in 1944; $2,000 from 1945 to 1949, incl.
and $3,000 from 1950 to 1953, incl.
All of the bonds will be dated Dec. 1,1940.
Starkweather & Co.
City National Bank & Trust Co., Kansas
City, Mo.
100.379
100.43
100.42
100.319
Joseph A. Kirk, County Treasurer, will receive sealed bids until 1 p. m.
on Dec. 12, for the purchase of $870,000 not to exceed 4% interest coupon
or registered bonds, divided as follows:
E. H. Rollins & Sons, Inc.
Hayden, Miller & Co.
Rate Bid
1.90%
2%
2%
2%
George B. Gibbons & Co., Inc
G. M.-P. Murphy & Co.;
Laurence M. Marks & Co.
Darby & Co., Inc.
Gregory & Son, Inc.
Int. Rate
Bidder—
C. F. Childs & Co. and Sherwood & Co
Mackey, Dunn & Co.
McDonald-Coolidge & Co.
Hemphill, Noyes & Co.
as
Wisconsin Co.
Y.—BOND SALE—The $6,500 parking lot bonds
151, p. 3277—were awarded to the Warwick Savings
price of 100.076, a basis of about 1.47%. Due $1,300 on
Jan. 1 from 1942 to 1946 incl.
The First National Bank of Warwick bid
WARWICK,
Mississippi Valley Trust Co.
Stein Bros. & Boyce
offered
A. C. Allyn & Co., Inc.
First of Michigan Corp.
Trust Co. of Georgia
Bank,
Wm. R. Compton & Co., Inc.
NEW YORK (State of)—BOND SALE— The $25,000,000 grade crossing
elimination bonds offered Dec. 3—V. 151, p. 3119—were awarded to a
of J. P. Morgan & Co., Inc., and Kuhn, Loeb & Co.,
both of New York; Drexel & Co. of Philadelphia, and Dick & Merle-Smith
of New York, as lMs, at a price of 101.0335, a basis of about 1.4495%.
The bonds are dated Dec. 4, 1940, and mature $625,000 annually on
Dec. 4 from 1941 to 1980, incl.
J. P. Morgan & Co., Inc., and associates, reoffered the bonds from a yield
of 0.15% for the 1941 maturity to a price of 98.50 for the final maturity.
Formal notice of the public offering will be found on page VIII.
The State received three other bids for the issue, as follows: A syndicate
headed by the Chase National Bank of New York offered 100.439 for 1 Ms,
a basis or about 1.47858%; Bank of Manhattan Co., New York, and asso¬
ciates bid 103.0799 for 1 JS^s, a basis of about 1.599%; the National City
Bank of New York headed a group which named a price of 102.86 for 1 Ms,
or a net cost of about 1.6104%.
The Chase National Bank syndicate included, among others: Hallgarten
& Co.; Barr Bros. & Co., Inc.; R. W. Pressprich & Co.; Salomon Bros. &
Hutzler; Chemical Bank & Trust Co.; Blair & Co., Inc.; Blyth & Co.,
Inc.; Marine Trust Co. of Buffalo; Manufacturers Trust Co., New York;
Northern Trust Co. of Chicago; Harris Trust & Savings Bank of Chicago,
Kidder, Peabody & Co. and Estabrook & Co.
Associated with the Bank of the Manhattan Co. were Ladenburg, Thal¬
mann & Co.; C. J. Devine & Co.; E. H. Rollins & Sons, Inc.; B. J. Van
Ingen & Co., and Adams, McEntee & Co.
Bidding with the National City Bank of New York were First National
Bank of New York; Bankers Trust Co. of New York;
Harriman Ripley
& Co., Inc.; Halsey, Stuart & Co., Inc.; Lazard Freres & Co.; First Na¬
tional Bak of Chicago; Goldma n, Sachs & Co., and Union Securities Corp.
group composed
BORROWED
AT RECORD
LOW RATE—The
successful
bid
of J.
P.
Morgan & Co., Inc. and associates represented the cheapest level at which
the State has ever borrowed on bonds, considering the length of maturity
of the current issue.
In the absence of Morris S. Tremaine, State Comp¬
troller, who is recovering from a recent illness, the sale was conducted by
Harry D. Yates, Deputy Comptroller.
In making the award Mr. Yates
expressed the gratification of the department in behalf of Mr. Tremaine.
HlThe only other borrowing the State has done at a lower actual rate of
interest since Mr. Tremaine has been Comptroller was on Sept. 9, 1936,
when an issue was sold at a net interest of 1.36%.
However, Mr. Yates
observed, the average life of the bond of that issue ran for only 5M years,
whereas the average maturity of the present issue is 20 years, so that on a
comparable basis the current operation was far more advantageous to the
State.
(
ONEIDA,-N. Y —BOND OFFERING—C. M. Kingsbury Jr., City Clerk,
will receive sealed bids until 3 p. m. on Dec. 17 for the purchase of $70,000
not to exceed 5% interest coupon or registered Florence Creek refunding
(water) bonds, series No. 6.
Dated Dec. 1, 1940. Denom. $1,000. Due
$10,000 on June 1 from 1946 to 1952 incl. Bidder to name a single rate of
interest, expressed in a multiple of M or 1 10th of 1%.
Principal and
interest (J D) payable at the Chase National Bank, New York City.
The
bonds are general obligations of the city, payable from unlimited taxes.
A certified check for $1,400, payable to order of the city, is required.
The
approving legal opinion of Dillon, Vandewater & Moore of New York City
will be furnished the successful bidder.
PLEAS ANT VILLE, N. Y .—BOND SALE— The $16,000 coupon or
registered general bonds offered Dec. 4—V. 151, p. 3276—were awarded
to the First National Bank of Pleasantville, as Is, at par.
Dated Dec. 1,
1940 and due Dec. 1 as follows: $3,500 from 1941 to 1943 incl.; $4,500 in
1944 and $1,000 in 1945.
Other bids:
Bidder—
Manufacturers & Traders Trust Co
Marine Trust Co. of Buffalo
County Trust Co. of White Plains
R.D. White & Co
George B. Gibbons &
Co., Inc
Tilney & Co
Sherwood & Co
Int. Rate
1.10%
__
Rate Bid
100.043
1.20%
1.20%
100.172
100.075
1.30%
100.076
1.30%
1M %
100.04
1M%
100.001
100.13
Dec.
as
N.
2—V.
1 Ms, at
a
for 2s.
WEST
SENECA
COMMON
SCHOOL
DISTRICT
NO.
5
(P.
O.
Lackawanna). N. Y.—BOND SALE—The $119,520 coupon or registered
awarded to the Marine
Trust Co. of Buffalo and R. D. White & Co., New York, jointly, as 2.10s,
school bonds offered Dec. 5—V. 151, p. 3277—were
at a
Dec.
price of 100.37, a basis of about 2.07%.
Dated Dec. 15, 1940 and due
15 as follows:
$3,520 in 1941 and $4,000 from 1942 to 1970, incl.
Other bids:
Int. Rale
'
Bidder—
E. H.
Rollins &
Sons, Inc
-
Blair & Co., Inc., and George B. Gibbons & Co...
Manufacturers & Traders Trust Co. of Buffalo
NORTH
Rate Bid
2.10%
100.36
2M%
2.40%
J00.31
100.439
CAROLINA
(P. O. A.heville), N. C.—BOND TENDERS
ACCEPTED—In connection with the call for tenders of refunding bonds,
it is stated by Curtis Bynum, Secretary of the County Sinking Fund Com¬
missioners, that the following bonds were purchased by their respective
BUNCOMBE COUNTY
sinking
funds:
.
County of Buncombe refunding, $100,000 at 37.00.
City of Asheville refunding, $80,000 at 37.00.
Swannanoa Water and Sewer District refunding, $19,000, at
Bonds of 19 other districts were pin-chased at various prices.
...
34.11.
CHARLOTTE N. C.—BOND OFFERING—Sealed bids will be received
until 11 a.m. on Dec. 10, by W. E. Easterling, Secretary of the Local Govern¬
ment Commission, at his office in Raleigh, for the purchase of $18,000 water
bonds.
Dated Dec. 1, 1940.
Due on Dec. 1 as follows: $2,000 in 1943 to
1946, $5,000 1947, and $5,000 1948, without option of prior payment.
Denom. $1,000; prin. and int. (J-D), payable in New York City in legal
obligations; unlimited tax; coupon bonds registerable as to
principal alone and also as to both principal and interest; delivery on or
about Dec. 27, at place of purchaser's choice. There will be no auction.
The city does not now contemplate the issuance of any additional bonds
during the present fiscal year ending June 30, 1941. Under the 1936 amend¬
ment to Section 4, Article V, of the North Carolina Constitution, no ad¬
ditional bonds can be issued by the city until the issuance thereof shall have
been submitted to and approved by the voters.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of X of 1%. Each bid may name one rate for
part of the bonds (having the earliest maturities), and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the city, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities. No bid of less than par and accrued
tender; general
interest will be entertained.
Bids must be on a form to be furnished, and must be accompanied by a
payable un¬
conditionally to the order of the State Treasurer for $360. The approving
opinion of Masslich & Mitchell, New York City, will be furnished the
purchaser.
certified check upon an incorporated bank or trust company,
C.—BOND OFFERING—Sealed bids will be received
on Dec. 10, by W. E. Easterling, Secretary of the
office In Raleigh, for the purchase
of $100,000 refunding bonds.
Dated Dec. 1, 1940.
Due on Dec. 1 as
follows: $10,000 in 1955 and 1956, and $20,000 in 1957 to 1960, incl., with¬
out option of prior payment.
There will be no acution.
Denom. $1,000;
principal and interest (J-D) payable in lawful money in New York City;
coupon bonds registerable as to principal only; general obligations; un¬
limited tax; delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6 % per annum in multiples of X of 1 %.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
RALEIGH,
until
11
a.
m.
N.
(EST),
Local Government Commission, at his
The Commercial & Financial
3432
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the city, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and accrued
interest will be entertained.
Bids must be accompanied by a certified check upon an incorporated
bank
or
payable unconditionally to the order of the State
trust company,
$2,000.
The right to reject all bids is reserved.
The ap¬
proving opinion of Reed, Hoyt, Washburn & Clay, New York City, will be
furnished the purchaser.
Treasurer for
ROBESON COUNTY (P.
O. Lumberton), N. C.—BOND OFFERING—
until 11 a. m. on Dec. 10, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of $61,000 school building bonds.
Dated Dec. 1, 1940.
Due on June 1 as follows: $3,000, 1942; $3,000, 1943; $6,000, 1944, and
$7,000, 1945 to 1951, inch, without option of prior payment.
Denom.
$1,000; principal and interest (J-D), payable in New York City in legal
tender; general obligations; unlimited tax; coupon bonds registerable as
to principal alone; delivery on or about Dec. 23, at place of purchaser's
choice.
There will be no auction.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum, in multiples of M of 1%.
Each bid may name one rate
for part of the bonds (having the earliest maturities), and another rate for
the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest in¬
terest cost to the county, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest upon all
of the bonds until their respective maturities.
No bid of less than par and
accrued interest will be entertained.
Bids must be on a form to be furnished with additional information and
must be accompanied by a certified check upon an incorporated bang or
trust company, payable unconditionally to the order of the State Treasurer
for $1,220.
The approving opinion of Masslich & Mitchell, New York
City, will be furnished the purchaser.
Sealed bids will be received
ROCKY MOUNT, N. C.—BOND SALE—The $20,000 coupon or re¬
gistered semi-ann. incinerator plant bonds offered for sale on Dec. 3—V.
151, p. 3278—were awarded to the First Securities Corp. of Durham,
paying a premium of $38, equal to 100.19, a net interest cost of about 1.42%,
on the bonds divided as follows:
$18,000 as lMs, due $2,000 from Oct. 1,
1941 to 1949, and $2,000 as 1 Ms, due on Oct. 1, 1950.
COUNTY
ROWAN
(P.
O.
N.
Salisbury)
C.—BOND SALE—The
$38,000 coupon semi-ann. school building bonds offered for sale on Dec. 3—
V. 151, p. 3277—were awarded to R. S. Dickson & Co. of Raleigh, paying a
premium of $9.25. equal to 100.024, a net interest cost of about 2.13%,
on the bonds divided as follows:
$26,000 as 2)4% due $2,000 from Dec. 1.
1943 to 1955, the remaining $12,000 as 2s, due $2,000 on Dec. 1 in 1956 and
1957, and $4,000 in 1958 and 1959.
COUNTY
SAMPSON
(P. O. Clinton), N. C.—BOND OFFERING—
11 a. m. (EST), on Dec. 10, by W. E.
Sealed bids will be received until
Easterling, Secretary of the Local Government Commission, at his office
in Raleigh, for the purchase of $99,000 road and bridge refunding bonds.
Dated Dec. 1, 1940.
Due on June 1 as follows: $9,000,1965; $45.000,1966
and 1967, without option of prior payment.
There will be no auction.
Denom. $1,000; principal and interest (J-D) payable in lawful money in
City; coupon bonds registerable as to principal only; general
obligations; unlimited tax; delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of M of 1%.
Each bid may name one rate for
York
New
Eart of the bonds (having the earli st maturities) and another rate for the
alance, but no bid may name more than two rates, and each bidder must
specify In his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the county, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest upon all
of the bonds until their respective maturities.
No bid of less than par and
entertained.
Bids must be accompanied by a certified check upon an incorporated
accrued interest will be
bank
or
payable unconditionally to the order of the State
trust company,
Treasurer
proving opinion of Reed, Hoyt,
furnished the purchaser.
WASHINGTON
The ap¬
The right to reject all bids is reserved.
for $1,9«0.
Washburn & Clay, New York City, will be
COUNTY (P.
O. Plymouth), N. C.—BOND CALL
—It is stated by Mary S. Cahoon, Clerk of the County
missioners, that the following refunding bonds are called
Board of Com¬
for payment on
accrued interest:
.
$52,000, and road and bridge, $45,000.
July 1, 1956. Said bonds will be redeemed at
the Chase National Bank, New York City, upon presentation and sur¬
render of said bonds with all unmatured coupons attached.
Jan. 1, 1941, at par and
General, $56,0C0; school,
Dated July 1, 1936.
Due
Geneva), Ohio—BOND
GENEVA TOWNSHIP (P. O.
FAIRMOUNT,
N.
Dak.—BOND
SALE—The
$6,000 semi-ann. well
151, p. 3120—were awarded to Kalman
paying a premium of $32, equal to 100.533, a
Due on July 1 in 1942 to 1949 incl.
-
bonds offered for sale on Dec. 2—V.
& Co. of St. Paul, as 2Ms.
basis of about 2.15%.
LEEDS,
Dak.-—BOND
N.
SALE—The
$18,000
semi-ann.
refunding
2—V. 151, p. 3278—were awarded to the
First National Bank & Trust Co. of Minneapolis, as 3M<6 paying a premium
bonds offered for sale on Dec.
$185, equal to 101.027, a basis of about 3.35%.
Dated Jan.
on Jan. 1 in 1943 to 1956; optional on and after Jan. 1, 1951.
of
1, 1941.
Due
OHIO
ANSONIA
an
election
SCHOOL
DISTRICT, Ohio—BONDS VOTED—An issue
gymnasium-auditorium bonds was approved by the voters at
of $100,000
on
Nov. 19.
CAMPBELL, Ohio—BOND OFFERING—'John B. Ross, City Auditor,
will receive sealed bids until noon on Dec. 10 for the purchase of $44,685.56
4% coupon bonds, divided as follows:
$40,302.61 fi nding bonds.
One bond for $302.61, others $1,000 each.
Due Oct. 1 as follows: $4,302.61 in 1942 and $4,000 from 1943
to 1951 incl.
Bonds are part of a $55,000 issue voted outside
the
10-mill limitation.
A certified check for
to order of the city, is required.
4,382.95 judgment bonds.
One bond for
$1,000,
payable
is required.
Board of Trustees,
RURAL SCHOOL DISTRICT (P. O. London), Ohio—
BOND OFFERING—Roland Plymell, Clerk of the Board of Education,
will receive sealed bids until noon on Dec. 20 for the purchase of $160,000
MADISON
$862.95, others $880 each.
city, is required.
All of the bonds will be dated Oct.l,
1940. Bidder may name a different
multiple of M of 1%.
Interest A-O.
The
legal opinion and transcript of proceedings is to be made by Squire, Sanders
& Dempsey of Cleveland, at the city's expense..
interest, expressed in
a
CHESAPEAKE-UNION EXEMPTED VILLAGE SCHOOL DISTRICT
Ohio—BOND OFFEKIAG—Tom C. Bootn, Clerk
Dec. 14,
Oct. 15,
1940.
One bond for $500, others $1,000 each.
Due as follows: $500
April 15 and $1,000 Oct. 15, 1942; and $1,000 April 15 and Oct. 15 from
1943 to 1951, incl.
Bidder may name a different rate of interest, expressed
in a multiple of M of 1%.
Interest A-O.
A certified check for $1,000,
payable to order of the Board of Education, is required.
(P.
O. Chesapeake)
of the Board of Education, will receive sealed bids until noon on
for the purchase of $19,500 4% coupon school bonds.
Dated
CHILLICOTHE, Ohio—-PROPOSED BOND ISSUE— The City Council
recently considered an ordinance authorizing an issue of $15,000 2)4%
water system bonds, to mature serially from 1942 to 1951 incl.
DOVER, Ohio—PROPOSED BOND ISSUE—City plans to issue $8,000
4% bonds to fund street improvement notes.
Dated Oct. 1,1940.
Denom.
$1,000.
Due $1,000 on Oct. 1 from 1941 to 1948 inci.
_
EUCLID, Ohio—BOND SALE—The $1,551,000 refunding bonds offered
Dec. 2—V.
151, p. 3121—were awarded to the State Teachers Retirement
System, as 3Ms.
Sale consisted of:
$82,000 general bonds.
Due Oct. 1 as follows:
$9,000 in 1946 and 1947
and $8,000 from 1948 to 1955, inclusive.
1,469,000 special assessment bonds.
Due Oct. 1 as follows:
$146,000 in
1946 and $147,000 from 1947 to 1955, inclusive.
All of the bonds are dated Nov. 1,
1940.
follows:
1 from
expressed
$2,500, pay¬
Due
$1,000
3% building bonds. Dated Dec. 1, 1940. Denom
as
$3,000 April 1 and Oct. 1 in 1942, and $3,000 April 1 and $4,000 Oct.
1943 to 1964 incl. Bidder may name a different rate of interest,
in a multiple of M of 1 %. Interest A-O. A certified check for
able to order of the Board of Education, is required.
Holcomb, City
the purchase of
Denom. $1,000.
$5,000 in 1947.
Bidder may name a different rate of interest, expressed in a multiple of K
ofl%. Interest A-O. Bonds shall be sold subject to the approval of Thomas
M. Miller, of Columbus, whose approving opinion will be furnished the
successful bidder at the city's expense. A certified check for $1,000, payable
OFFERING—Lewis
Ohio—BOND
MASSILLON,
Auditor, will receive sealed bids until noon on Dec. 18 for
$35,000 3% fire apparatus bonds.
Dated Oct. 1,
Due Oct. 1 as follows:
$6,000 from 1942 to 1946 incl. and
1940.
to order
of the City Treasurer,
is required.
SCHOOL DISTRICT, Ohio—BOND ELECTION—
An election will be held Dec. 20 on the question of issuing $40.000.athletic
field bonds, previously rejected by the voters at the Nov. 5 election.
NEW
BOSTON
DISTRICT (P. O. Rushville), Ohio
Education will receive
the purchase of $53,000 4% con¬
Denoms. $1,000, $800 and $700.
Due Nov. 15 as follows: $3,800 from 1942 to 1953 incl. and $3,700 in 1954
and 1955.
Bidder may name a different rate of interest, expressed in a
multiple of M of 1%.
Principal and interest (M-N) payable at the Rush¬
ville Banking Co., Rushville.
Legality of the issue approved by Prosecut¬
ing Attorney of Fairfield County.
Cost of additional approval to be
RUSHVILLE UNION SCHOOL
—BOND OFFERING—The
Clerk of the Board of
sealed bids until noon on Dec. 18 for
struction bonds.
Dated Jan. 15, 1941.
borne by the successful bidder.
These bonds were authorized
.„
.
,
.
and the district will
A certified check for
-V;;..
at the Nov. 5 election
the bonds.
and pay the cost of printing
$5,300 must accompany the bid.
furnish
SANDUSKY, Ohio—BOND OFFERING— C.
F. Breining, City Treas¬
will receive sealed bids until noon on Dec. 23 for the purchase of
$150,000 3% sewer bonds.
Dated Dec. 1, 1940. Denom.
$6 000 on Dec. 1 from 1942 to 1966 incl.
Bidder may name a different rate
urer.
Due
$1,000.
provided that fractional rates are expressed in a multiple of
M of 1%.
Interest J-D.
A certified check for $1,500, payable to order
of the city, is required.
Legal opinion of Squire, Sanders & Dempsey of
Cleveland will be furnished the successful bidder.
of interest,
SHADYSIDE,
assessment street
special
3278—
1,
Ohio—BOND SALE—The $43 000 cot pon
improvement bonds offered Dec. 2—V. 151, p.
awarded to Seufferle & Kountz of Cincinnati, as 2Ms. Dated Nov.
1940 and due Sept. 1 as follows: $4,000 from 1942 to 1948 incl. and
from 1949 to 1951 incl.
. ..
.
Successful bid was par plus a premium of $51.50 for 2Ms,
Other bids.
were
$5,000
Int. Rate
'
Bidder—
First
National Bank
3%
-
Pohl & Co
-
Charles A. Hinsch
Premium
$100.00
llil
94.60
bonds
3M%
& Co„;.....:.i..,.
TIFFIN, Ohio—BOND SALE— The $10,000 municipal building
offered Nov. 22—V. 151, p. 2829—were awarded to Ellis & Co. of Cin¬
cinnati as Is at a price of 100.063, a basis of about 0.98%.
Dated Dec. 20,
1940, and due as follows:
$1,000 Oct. 1, 1941; $1,000 April 1 and
from 1942 to 1945 incl., and $1,000 April 1, 1946,
Other bids:
Oct. 1
Seasongood & Mayer.._
-
1M%
BancOhio Securities Co.
Commercial National Bank of
UPPER SANDUSKY,
J. A.
iXn
Ohio—BOND SALE— The $15,00p coupon
equal to 101.126, a basis of about 1.58%.
on June 1 and Dec. 1 from 1942 to 1953
oo
100.29
1M%
Tiffin.— ___
swim¬
3121—were awarded to
pool bonds offered Nov. 30—V. 151, p.
white & Co. of Cincinnati, as 1 Ms, at par
for 1 Ms was
lnn'199
}$%
1M%
-
--
—
—
Fahey. Clark & Co.
ming
Rate Bid
hit• Rate
Bidder-—'
plus a premium of $169,
Dated Dec. 1, 1940 and due
incl. Second high bid of
of Cincinnti.
$625
100.425
made by Seasongood & Mayer
Other bids were as
follows:
„
Int. Rate
Bidder—
VERSAILLES,
76.55
31.00
31.00
2%
2%
2%
Trust Co
BancOhio Securities Co
Citizens Savings Bank,
^£'£9
2%
------
Commercial Savings Bank, Upper Sandusky
First National Bank, Upper Sandusky
Provident Savings Bank &
Premium
1M%
--
Upper Sandusky
19.50
60.00
Bar
_
2M%
2M %
OFFERING—Emmett Grillot, Village
6 for the purchase of
Dec. 1, 1940. Denom.
March 15 from 1942 to 16961 incl. Interest M-S.
Ohio—BOND
Clerk, will receive sealed bids until noon on Dec.
$10,000 4% coupon sewage disposal bonds. Dated
$500.
Due $500 on
WESTERVILLE, Ohio—BOND SALE—The $12,500 coi pon refunding
bonds offered Dec. 3—V. 151, p. 2982—were awarded to Ellis & Co. of
Cincinnati, as lMs, at par plus a premium of $131.95, equal to 101.055, a
basisof about 1.60%. Dated Oct. 1,1940 and rit e Oct. 1 as follows: $2,000
from 1945 to 1949 incl. and $2,500 in 1950. Other bids:
Int. Rate
Bidder—
Ryan, Sutherland & Co
Lowry Sweney, Inc
J. A. White & Co.BancOhio Securities CoG. Parr Ayres
Premium
fl'oc?
56.Jo
8-87
105.00
30.25
—1M*%
Ih %
—2%
—
2%
—
& Co
ZANESVILLE, Ohio—BOND SALE—The $18,094.09 special assessment
improvement bonds offered Dec. 2—V. 151, p. 3121—were awarded
Co. of Cincinnati, as lMs, at a price of 100.204, a basis of about
1.22%.
Dated Dec. 1, 1940 and due Dec. 1 as follows: $1,094.09 in 1942:
$1,000 in 1943 and $2,000 from 1944 to 1951 incl.
Second high bid of
100.109 for 1 Ms was made by Seasongood & Mayer of Cincinnati.
street
to Ellis &
Due Oct. 1 as follows: $862.95 in 1942 and $880 from 1943 to
1946 incl.
A certified check for $150, payable to order of the
rate of
OFFERING—
will receive sealed bids until
6% fire equipment bonds.
Dated Dec. 1, 194^.
Denom. $1,250. Due $1,250 on March 1 and Sept. 1
in 1942 and 1943. Bidder may name a different rate of interest, expressed
in a multiple of M of 1 %. A certified check for $50, payable to order of the
Ellis & Co
DAKOTA
1940
C. A. Bromley, Clerk of the Board of Trustees,
noon on
Dec. 21 for the purchase of $5,000
Ryan, Sutherland & Co....
NORTH
7,
Dec.
Chronicle
Bids for the issue were as
follows:
Int. Rate
Bidder—
CincinnatiSeasongood & Mayer, Cincinnati
Paine, Webber & Co., Chicago
Ellis & Co.,
—
1M%
1M %
1M%
J. A. White & Co., Cincinnati
1M %
1M%
1M%
19.85
197.91
1M%
Ryan, Sutherland & Co., Toledo
Premium
$3™0
■/■t
Braun, Bosworth & Co., Toledo
Stranahan, Harris & Co., Toledo
Citizens National Bank, Zanesville
Provident
141-50
116.00
42.00
1M%
Savings Bank & Trust Co., Cincinnati-.
Fox, Reusch & Co., Cincinnati—
- -- -
1M%
1M%
'2.40
23.5
OKLAHOMA
ARDMORE, Okla.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on Dec. 12 by L. N. Thurston, City Clerk, for the pur¬
chase of the following bonds, aggregating $125,000:
$15,000 fire apparatus and equipment bonds. Due $2,000 in 1943 to 1949,
and $1,000 in 1950.
A
60,000 municipal auditorium bonds.
Due $6,000 in 1943 to 1952, incl.
30,000 municipal exhibition building bonds. Due $3,000 in 1943 to 1952,
.
inclusive.
15,000 airport bonds.
Due $2,000 in 1943 to 1949, and $1,000 in 1950.
5,000 Carnegie Library building bonds. Due $1,4300 in 1943 to 1947, incl.
The bonds shall be sold to the bidder
offering the lowest rate of interest
bonds are issued in
and agreeing to pay par and accrued interest.
The
accordance with Sections 5929 and 5930, Oklahoma
certified check for 2% of the bid is
required.
Statutes, 1931.
A
Volume
The Commercial & Financial Chronicle
1S1
MOORELAND, Okla.—BONDS SOLD—It is
stated by H. A.
Beaton,
Town Clerk, that $25,000 community hospital bonds were offered for sale
Dec. 3 and were purchased by C. Edgar Honnold of Oklahoma City.
basis of about 0.93 %.
Dated Jan. 1, 1940 and due $4,000 on Jan. 1 from
1942 to 1946 incl.
Other bids:
on
STROUD SCHOOL DISTRICT (P. O. Stroud) Okla .—BOND SALE—
The $17,000 school bonds offered for sale on Nov. 19—V.
151, p. 3121—
were
purchased by the First State Bank of Stroud
to the
Clerk of the Board of Education.
TEMPLE,
2s, at par, according
Due $1,000 in 1943 to 1959 incl.
as
Okla.— BOND
OFFERING—Sealed bids will be received
13, by J. G. Beasley, Town Clerk, for the purchase of
$6,000 water works extension and improvement bonds.
Due $1,000 in
1943 to 1948, incl.
The bonds shall be sold to the highest bidder offering
the lowest rate of interest and agreeing to pay par and accrued interest.
The bonds are issued in accordance with Sections 5929 and
5930, Oklahoma
Statutes 1931.
Enclose a certified check for 2% of the amount of bid.
until 2 p. m. on Dec.
OREGON
Treasurer
as
2s, it is stated.
151,
p.
3279—were awarded to the State
1 in 1941 to 1950, incl-
Due $300 on Dec.
MARION COUNTY SCHOOL DISTRICT NO, 74 (P. O. Mehama)
Ore.—WARRANT SALE—The $500 interest-bearing warrants offered for
on Dec. 2—V.
151, p. 3279—were awarded to the Baker, Fordyce,
Tucker Co. of Portland, according to the District Clerk.
sale
MOLALLA, Ore.—BOND SALE—The $4,700 semi-annual water works
betterment bonds offered for sale on Nov. 30—V. 151, p. 3121—were pur¬
chased by the Odd Fellows Lodge of Molalla, as 2s, according to the City
Recorder.
^WASHINGTON COUNTY SCHOOL DISTRICT NO. 106 (P. O.
Metzger), Ore.—BOND SALE—The $8,000 issue of school bonds offered
on Dec. 3—V. 151, p. 3279—was purchased by Atkinson-Jones &
Co. of Portland, as 14s, paying a price of 100.11, a basis of about 1.47%.
for sale
Dated Dec. 1, 1940.
Due
on
Bidder-
Int. Rate
E. H. Rollins & Sons, Inc
Mackey, Dunn & Co., Inc
Moore, Leonard & Lynch
_
_
1)4 %
1)4%
1M%
l*4%>
_
W. H. Newbold'sSon&Oo__-__
Phillip J. Davidson_______-__i_-_______________
Blair & Co., Inc
,
Schmertz & Co
-
Dec. 1 in 1941 to 1947.
—
4.00
155.40
119,00
107.50
78.20
PEN ARGYL, Pa.—BOND OFFERING—E.
G. Godshalk, Borough
Secretary, will receive sealed bids until 6 p.m. on Dec. 16 for the purchase
$52,000 1*4, 1H, 2, 2)4, 24, 2H, 3, 34 or 34% coupon registerable
as to
principal only, refunding bonds.
Dated Jan. 1, 1941.
Denom.
$1,000.
Due Jan. 1 as follows: $3,000 from 1942 to 1957 incl. and $4,000
of
Bidder to name a single rate of interest, payable J-J.
Bonds
will be issued subject to favorable legal opinion of Townsend, Elliott &
Munson of Philadelphia, and subject to approval of proceedings by the
Pennsylvania Department of Internal Affairs.
A certified check for 2%
required.
of the bonds bid for, payable to order of the Borough Treasurer, is
PENNSYLVANIA
(State
of)—NOTE OFFERING—F. Clair Ross,
State Treasurer, will receive sealed bids until noon on Dec. 12, for the
purchase of $25,000,000 1 4%? series GT tax anticipation notes.
Dated
Dec. 1, 1940.
Notes shall be payable to bearer and title shall pass by
delivery. They will be registerable as to principal only and shall be issued
in denoms. of $5,000, $10,000, $25,000 and $100,000* as the purchaser may
require. Notes will mature April 30,1941, and will be countersigned by the
Philadelphia National Bank, Loan and Transfer agent of the Common¬
wealth of Pennsylvania, and will be payable at that institution.
Interest
A certified check for one-half of 1 % of the notes bid
payable at maturity.
for must accompany each proposal.
Legal opinion of Thomson, Wood &
Hoffman of New York City will be furnished the successful bidder.
POTTSTOWN, Pa .—BOND SALE-^-The issi
ment bonds offered Dec. 3—V.
101.654,
PENNSYLVANIA
ALLEGHENY
First
follows:
COUNTY
National
$1,000,000 notes at
(P. O. Pittsburgh), Pa
SALE—
Pittsburgh recently purchased an issue of
0.345% interest cost.
Due on or before Aug. 15, 1941.
Bank
of
ALTOONA, Pa .—FORMER BOROUGH OF JUNIATA BONDS CALLED
FOR REDEMPTION—Director of Accounts and Finance Guy S. Tippery
calls for payment on Jan. 1, 1941, with principal and accrued interest, the
following 5% bonds of the former Borough of Juniata, Pa., now a part of
the City of Alcoona:
Water improvement, Nos. 1 to 20, $10,000.
Dated Jan. 1, 1913.
Due
Jan.
1, 1943.
Municipal improvement, Nos. 1 to 20, $10,000.
Issue of 1914.
July 1, 1944.
Payable at the office of the City Treasurer of Altoona.
Interest
on
Due
ceases
date called..'
BERKS COUNTY (P. O. Reading), Pa .—BOND SALE—'The issue of
$200,000 operating revenue bonds offered Dec. 5—V. 151, p. 2982—was
awarded to the Berks County Trust Co. of Reading, as 0.50s, at par plus
premium of $426, equal to 100.213, a basis of about 0.29%.
Dated
1940 and due Dec. 1 as follows:
$70,000 in 1941 and 1942 and
Bonds maturing on and after Dec, 1, 1942 will be callable
in whole or in part at the option of the county at par and accrued interest
on Dec. 1, 1941, or on any subsequent interest payment date.
Other bids:
a
Dec. 1,
S60.000 in 1943.
Int. Rate
e of $50,000 sewer improve¬
151, p. 2983—was awarded to the Union
100.112
100.111
100.085
Harriman Ripley & Co., Inc—______
______
0.50%
Union Trust Co. of Pittsburgh.______ ——0.50%
W. H. Newbold's Son & Co. and Moore, Leonard &
_
__ _ _ _
_ _
_____ -
_____ -
0.75 %
-
100.303
COLUMBUS TOWNSHIP SCHOOL DISTRICT (P. O. Columbus),
OFFERING—Sealed bids will be received by the Board of
School Directors until 10 a. m. on Dec. 24, for the purchase of $9,500
Pa .—BOND
1, 1)4, 14, 1M, 2, 2*4, 2*4, 2 H or 3% coupon,
registerable as to principal
only, school bonds.
Dated Jan. 1, 1941.
Denom. $500.
Due Jan. 1 as
follows:
$500 in 1942 and $1,000 from 1943 to 1951, incl. Bidder to name
single rate of interest, payable J-J. District assumes and agrees to pay any
tax or taxes, except succession or inheritance taxes, now or hereafter levied
or assessed on principal or interest of the issue under any present or future
law of the Commonwealth of Pennsylvania.
A certified check for 2% of
the bonds bid for,
READING HOUSING AUTHORITY
Hemphill, Noyes & Co. and Charles Clark & Co., both of New York,
jointly, as 1 4b, at a price of 100.755, a basis of about 1.3938%.
Due on
June 1 from 1941 to 1955 inclusive.
WEST HOMESTEAD, Pa .—BOND OFFERING—Harry J. Brosey,
Borough Secretary, will receive sealed bids until 8 p. m. on Dec. 9, for the
purchase of $65,000 coupon funding and improvement bonds.
Dated
Dec. 1, 1940.
Denom. $1,000. Due Dec. 1 as follows: $3,000 in 1942 and
1943; $2,000, 1944 to 1946, incl.; $3,000, 1947; $5,000 in 1948 and 1949,
and $10,000 from 1950 to 1953, incl.
Bidder to name one rate of interest,
expressed in a multiple of 4 of 1%. Principal and interest (J-D) payable
at the Monongahela Trust Co., Homestead.
The bonds are registerable
to
as
principal only and will be sold subject to approval of authorizing
proceedings by the Pennsylvania Department of Internal Affairs.
A total
of $20,000 of the issue will be sold to fund the municipal floating debt.
Borough will furnish at its own expense the approving legal opinion of
Burgwin, Scully & Churchill of Pittsburgh.
The bonds will be payable
from ad valorem taxes to be levied on all of the borough's taxable property
within the tax limits prescribed by law.
A certified check for $1,000, pay¬
able to order of the Borough Treasurer, is required.
WEST MAYFIELD (P. O, R. D., Beaver
SCHOOL DISTRICT (P. O. Transfer),
SALE—Singer, Deane & Scribner of Pittsburgh purchased on
DELAWARE TOWNSHIP
Pa .—BOND
Nov. 4
2^s, at
an
a
issue of $34,000 land purchase and building erection bonds as
awarded to E. H.
SCHOOL DISTRICT. Pa .—BIDS REJECTEDREOFFERED—Floyd Siegfried, District Secretary, reports that all
exceed 34%> interest refunding bonds
offered Dec. 2—-V. 151, p. 3279—were rejected, for the reason that the
highest offer named an interest rate of 14 %, which was not provided for
WILKES-BARRE
ISSUE
of the bids for the $50,000 not to
in the notice of sale.
NEW OFFERING—The District Secretary subequently announed that
the issue would be re-offered on Jan. 6.
RHODE
Deposit & Trust Co., Boston, at 0.073% discount.
due Aug. 28,1941.
Other bids: Second
First National Bank of Boston, 0.09%.
WARWICK
2, 2)4, 2)4, 2%, or 3% coupon
$3,000 in 1962 to
Dated Dec. 1, 1940.
building bonds.
De¬
Due Dec. 1, as follows: $2,000 in 1943
1965. Bids will be received for the entire issue
nomination $1,000.
above rates of interest but
no
to 1961, and
at any of the
bid combining two different rates of interest
will be
series
of
par
LITITZ,
Pa .—BOND OFFERING—E.
E. Habecker, Borough Secre¬
tary, will receive sealed bids until 7:30 p. m. on Dec. 23, for the purchase of
$40,000 2)4% coupon water system bonds.
Dated Jan. 1, 1941. Denom.
$1,000.
Due serially on Jan. 1, from 1942 to 1955, incl. Interest J-J.
Apponaug), R. I.—BOND SALE—The $75,000
bonds offered Dec. 3—V. 151, P- 3279—were
of 100.076, a
Dated Dec. 1, 1940 and due $15,000 on Dec. 1
1940 refunding
basis of about
1.49%.
from 1949 to 1953 incl.
Other bids:
1)4%
Rate Bid
101.179
1)4%
100.909
Int. Rate
Bidder—
Kidder, Peabody & Co_______^-__-_-_-_-___--Bond, Judge & Co. — - —
accepted. The bonds may be registered as to principal only, and will
responsible bidder, provided such bid is not less than
and accrued interest. These bonds are issued subject to the favorable
opinion of Townsend, Elliott & Munson, of Philadelphia, and subject to
approval of the Pennsylvania Department of Internal Affairs. Enclose
a certified check for 2% of the par value of the amount of bonds bid for,
payable to the District Treasurer.
(P. O.
Dated Dec. 5,1940 and
National Bank of Boston, 0.086%;
awarded to Estabrook & Co. of Boston, as 14s, at a price
be sold to the highest
the
ISLAND
NEWPORT
R. I .—NOTE SALE—The $100 ,000 revenue anticipation
notes offered Dec. 3—V. 151, p. 3279—were awarded to the Boston Safe
price of 102.34.
EAST GREENVILLE SCHOOL DISTRICT, Pa .—BOND OFFERING
—W. G. Fluck, Secretary of the Board of School Directors, will receive
sealed bids until 8 p. m. on Dec. 23 for the purchase of $50,000 14, 1J4,
Falls), Pa.—BOND SALE—
$18,000 coupon sanitary sewer system bonds offered Nov. 29 were
Rollins & Sons, Inc. of Philadelphia.
Dated Dec, 1,
1940 and due $2,000 on Dec. 1 from 1944 to 1952, incl.
Principal and
interest
(J-D) payable at the Farmers National Bank, Beaver Falls.
Legality to be approved by Burgwin, Scully & Churchill of Pittsburgh.
The
payable to order of the District Treasurer, is required.
sylvania Department of Internal Affairs.
Pa.—BOND SALE—The $205,-
000 (first issue) series A housing authority bonds offered Dec. 2 were awarded
to
Bonds will be issued subject to favorable legal opinion of Brooks, Cutrze &
Silin, of Erie, and approval of the authorizing proceedings by the Penn¬
of $827, equal to
a basis of about 1.32%.
Dated Dec. 1, 1940 and due Dec. 1 as
$2,000 in odd numbered years and $3,000 in even numbered years
starting with 1941 and ending in 1960. Second high bid of 101.554 for 14s
was made by W. H.
Newborn's; Son & Co. of Pittsburgh.
Rate Bid
0.50%
Bidder—
Drexel & Co
Lynch.
52.02
28.00
1)4%
Trust Co. of Pittsburgh, as 148, at par plus a premium
The
$58.00
1)4%
1)4%
1)4%
Glover & MacGregor
Phillips
Premium
in 1958.
BENTON COUNTY SCHOOL DISTRICT NO. 43 (P. O. Contain.),
Ore.—WARRANT SALE—The $3,000 coupon interest bearing warrants
offered for sale on Dec. 3—V.
3433
CAROLINA
SOUTH
Charleston), S. C.—BONDS SOLD
$76,000 issue of semi-annual court house bonds was offered for sale
was awarded to the Provident Savings Bank & Trust Co.
of Cincinnati, and associates, paying a premium of $67.25, equal to 100.088,
a net interest cost of about 216%, on the bonds divided as follows: $57,000
as 2)48, due on Feb. 1: $3,000 in 1945 to 1949, and $6,000 in 1950 to 1956;
the remaining $^9,000 as 2s, due on Feb.l: $6,000 in 1957 and 19o8 and
$7,000 in 1959.
w'.
It was reported subsequently that McAlister, Smith & Pate of Green¬
ville, was associated with the above named firm in the purchase of the bonds.
CHARLESTON COUNTY (P. O.
—A
on
Dec. 3 and
,
LYKENS, Pa.—BOND SALE—The $78,000 coupon water works bonds
151, p. 2983—were awarded to a group composed of
Phillips, Schmertz & Co.; Singer, Deane & Scribner, and Glover. MacGregor, Inc., all of Pittsburgh, as 2)4* at par plus a premium of $1,700.40,
equal to 102.18, a basis of about 2.32%.
Dated Dec. 1, 1940, and due
Dec. 1 as follows:
$2,000 from 1941 to 1945 incl.; $3,000,1946 to 1954 incl.;
$4,000, 1955 to 1958 incl., and $5,000 from 1959 to 1963 incl.
Callable in
whole or from time to time in part, at the option of the borough, at par and
accrued interest, on Dec. 1, 1950, or on any subsequent interest date, in
the inverse order of maturity.
Other bids:
offered Dec. 3—V.
Premium
Int. Rate
Bidder—
Moore, Leonard & Lynch, and S. K. Cunningham
& Co
2y2%
2)4%
2%%
$1,078.74
—
2M%
124.49
________
Blair& Co., Inc., andE. H. Rollins& Sons, Inc____
Dolphin & Co., Inc_
Burr& Co., and Barclay, Moore & Co
_
McKEES ROCKS,
-
^
Pa .—BOND OFFERING—Charles J. Lanz ,
224.64
1,419.60
Borough
Secretary, will receive sealed bids until 8 p. m. on Dec, 10 for the purchase
$50,000 coupon street and sewer improvement bohds. Dated Jan. 1,
1941.
Denom. $1,000.
Due $10,000 on Jan, 1 from 1942 to 1946 incl.
Bidder to name a single rate of interest, expressed in a multiple of *4 of 1 %.
Prin. and int. (J-J), payable at the First National Bank, McKees Rocks.
Legal opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished
the successful bidder.
A certified check for $1,000, payable to order of
the borough, must accompany each proposal.
The bonds are unlimited
tax obligations of the borough.
of
AUTHORITY, Pa.—BOND SALE—The
$119,000 (first issue) series A housing authority bonds offered Dec. 2 were
awarded to Hemphill, Noyes & Co. and Charles Clark & Co., both of New
York, jointly, as 1 %s, at 100.5402, a basis of about 1.68%.
Due on June 1
McKEESPORT
HOUSING
from 1941 to 1954 incl.
MERCER,, Pa.—BOND SALE—The issue of $20,000 refunding bond
Singer, Deane & Scribner
premium of $43.20, equal to 100.216, a
offered Dec. 2—V. 151, p. 3121—was awarded to
of Pittsburgh, as Is, at par plus a
SOUTH
DAKOTA
ELK POINT, S. Dak.—BOND ELECTION—'The issuance of $27,500
to exceed 3% semi-ann. electric light plant and distribution system
improvement bonds will be up for approval by the voters on Dec. 10, accord¬
ing to report.
not
POTTER COUNTY INDEPENDENT CONSOLIDATED SCHOOL
DISTRICT NO. 1 (P. O. Gettsyburg) S. Dak.-—BOND OFFERING—
Sealed and auction bids will be received by Charles E. Harris, Clerk of the
Board of Education, until Dec. 16, at 7:30 p.m., for the purchase of $14,000
3% semi-ann. refunding bonds. Denom. $1,000. Dated Dec. 1,1940. Due
$2,000 in 1941 to 1947 incl. Bonds maturing in 1946 and 1947 shall contain
a provision that the district may pay the same on any interest payment date.
WHITE, S. Dak.—BOND OFFERING—It is stated by Harold F. Berg,
City Auditor, that he will receive bids until Dec. 10, for the purchase or a
$24,000 issue of 3 4 % semi-annual water system, general obligation bonds.
Dated Nov. 1, 1940.
Due on Nov. 1 as follows: $2,000 in 1942 to 1946,
and $1,000 in 1947 to 1960.
Bonds maturing on and after Nov. 1, 1957,
are callable on any interest date on and after Nov. 1, 1943.
These bonds
were approved by the voters at an election held on Oct. 15.
TENNESSEE
CLEVELAND,
Tenn.—BOND SALE DETAILS—The City Clerk
states that the $200,000 refunding bonds sold to L, H. Ghormley & Co. of
Knoxville, as noted here—V. 151, p. 3280—were purchased as 2 ^s, are
dated Dec. 1, 1940, and mature on Dec. 1 as follows: $15,000 in 1943 to
1955 and $5,000 in 1956.
KINGSPORT, Tenn.—BOND OFFERING—It is reported that sealed
Dec. 20 by J. R. Pecktal. City Recorder, for the
purchase of tne following bonds aggregating $200,000: $145,000 stadmm
bids will be received until
The Commercial & Financial
3434
construction (these bonds are part of a $150,000 issue being
election scheduled for I>ec. 19): $30,000 street improvement,
voted at an
and $25,000
public improvement bonds.
.
KINGSPORT HOUSING AUTHORITY (P.
,
O. Kingsport), Tenn.—
housing authority (first issue), series A bonds
purchased by Magnus & Co. of Cincinnati,
paying a premium of $5, equal to 100.007, a net interest cost of about
2.68%, on the bonds divided as follows: $15,000 maturing June 1, $12,000
in 1941 and $3,000 in 1942, as 2s, $18,000 maturing June 1, $4,000 in 1943.
$3,000 in 1944, $4,000 in 1945and 1946, $3,000 in 1947 as 2Ms, and $32,000
maturing June 1, $4,000 in 1948, $5,000 in 1949, $4,000 in 1950 and 1951,
and $5,000 in 1952 to 1954, as 2%b.
South San Antonio Independent Scnool District 3h% bonds.
Knox County Common School District No. 1 314% bonds.
Shelby County Common School District No. 7/ 3M% bonds.
Burnet County Common School District No. 18 3 K and 3 M % bds.
Greg* County Common School District No. 9 3 H % bonds.
500 Kaufman County Common School District No. 35 4% bonds.
BOND SALE—The $65,C00
PUTNAM COUNTY
TO PUBLIC—An
issue
(P. O. Cookevilie), Tenn .—BONDS OFFERED
semi-annual funding bonds is
of $175,000 3M%
being offered by the Nashville Securities Co. of Nashville, for public
subscription.
Dated Dec. 1, 1940.
Denom. $1,000.
Due Dec. 1, as
follows:
$25,000 in 1959, and $30,000 in 1960 to 1964. Prin. and int. pay¬
able at the First National Bank, Cookevilie.
Legality approved by Chap¬
man & Cutler of Chicago.
SIGNAL MOUNTAIN, Tenn.-MATURITY—It is now stated by
Superintendent Adams that the $8,000 4% semi-ann. park bonds sold to the
Reconstruction Finance Corporation at par, as noted here—V. 151, p.
3280—are due $400 in 1940 to 1959 incl.
(These bonds were originally scheduled for sale on Dec. 3, as noted here
—V. 151, p. 3122.)
COUNTY
COMMISSIONERS'
PRECINCT
Throckmorton), Texas—BONDS SOLD—It is reported that
bonds have been purchased by Rauscher, Pierce & Co. of
THROCKMORTON
NO. 4 (P. O.
$40,000 road
Dallas.
UTAH
LAYTON, Utah—BOND ELECTION—The issuance of $22,000 water
said to be scheduled for a vote at an election
works construction bonds is
set for Dec.
16.
OGDEN, Utah—BOND CALL—Notice is being given by H. J. Heiner,
City Treasurer, that funds to pay the principal of the following bonds and
interest in full there on to maturity, are now on deposit at the Guaranty
Trust Co., New York City.
The owners of these bonds may present them
at any time to the said bank with June 1 and Dec. 1,1941 coupons attached,
and receive payment in full for both bonds and coupons:
$150,000 sanitary sewer bonds, bearing interest at the rate of 5M%, dated
Dec. 1, 1931, due Dec. 1, 1941, denoms. $1,000, numbers 1 to
150, inclusive.
100,000 waterworks bonds, bearing Interest at the rate of 5M%, dated
Dec. 1, 1921, due Dec. 1, 1941, denoms. $1,000, numbers 1 to
100, inclusive.
50,000 waterworks bonds, bearing interest at the rate of 5M%, dated
Dec. 1, 1921, due Dec. 1, 1941, denoms. $1,000, numbers 101 to
150, inclusive.
7 ,
NO. 42
(P. O. Weather-
ford), Texas—BONDS SOLD—The Secretary of Schools states that $17,000
4% semi-annual refunding bonds were purchased at par by James, Stayart
& Davis of Dallas.
Denom. $1,000.
Dated Oct. 15, 1940.
Due $1,000 on
April 15 in 1941 to 1957, inclusive.
'
ARANSAS COUNTY
•
(P.
O.
Is reported that $50,000 causeway
have been sold as 3s.
FLOYD
COUNTY
(P.
O.
Rockport), Texas—BONDS SOLD—Tt
bonds approved by the voters on Nov. 2,
/•>. NyF 7,..-7'.7
Floydada),
Texas—BONDS
SOLD—A
$10,000 Issue of 4% semi-annual funding bonds is said to have been pur¬
the First National Bank of Floydada.
chased at par by
GALVESTON, Texas—BONDS EXCHANGED—It is stated by Mildred
M. Oser, City Secretary, that the following wharf acquirement revenue
bonds aggregating $6,250,000, were exhanged for the purchase of properties
.
PRICE, Utah—BONDS AUTHORIZED—'The City Council is said to
ordinance recently, calling for the issuance of $60,000 water
pipe line bonds.
have passed an
VIRGINIA
DANVILLE, Va.—BOND OFFERING—It is stated by E. G. Frizzell,
City Auditor and Clerk of the Council, that he will receive sealed bids, until
noon on Dec. 21, for the purchase of $100,000 not to exceed 4% semi-ann.
electric improvement of 1940 bonds.
Rate of interest to be in a multiple
of l-10th of 1%.
WEST VIRGINIA
WEST VIRGINIA, State of—BOND CALL—Burr H. Simpson, State
Road Commissioner, is calling for payment on Jan. 1,1941,ata3% premium
with accrued interst, State Bridge Revenue Project No. 4 bonds Nos. 271
to
1063, 1069 to 1107, 1111 to 1150, 1261 to 1360, 1421 to 1434, and 1501
Dated July 1, 1937.
Due July 1, 1952. Prin. and int. payable
the State treasurer's office, or at the National City Bank, New York
to 1820.
at
City.
v;
;,-7vA-■■■.
$3,750,000 3 M % series A, semi-annual bonds.
Due serially.
2,500,000 4% series B, annual bonds.
Due on Aug. 1, 1970,
redemption on any annual interest payment date.
Subject to
The bonds were delivered to the above company
Dated Aug. 1, 1940.
the purchaser.
follows:
private
ownership for 86 years become the property of the city when George Sealy,
President of the Galveston Wharf Co., handed a deed to Mayor Brantly
Harris in exchange for revenue bonds totaling $6,250,CC0.
Although the city is now the owner of the wharf property under the terms
of the trust agreement it will be managed by five trustees, three named by
the company and two by the city.
The bond issue was authorized at an election last summer.
There are
$3,750,000 A bonds bearing 3H% interest and $2,500,000 bearing interest
of 4%, it earned.
The A bonds will be used to refinance the company's indebtedness.
The
B bonds will be turned over to the board of directors of the old company
group.
GROESBECK INDEPENDENT SCHOOL DISTRICT (P. O. Groes-
1968.
to
HIDALGO COUNTY
Court
ROAD DISTRICT
NO.
5
(P. O.
Edinburg)
at
a
recent
meeting is
said to have revised the bond
refunding contract for the above district. The change provides that $56,000
of a $400,000 issue now bearing 4M%, be carried at 4% interest, the re¬
maining $344,000 to stay at 4M%.
The change was made to facilitate
retirement of the bonds.
The original issue was $707,000, County Auditor B. F. McKee explained,
the county paid off $11,000 of the principal, leaving $696,000 to be
but
refunded under
an agreement with James C. Tucker of Austin, entered into
The new bonds bear interest at rates from 3% to 4M%,
being reduced from 5% and 5M%.
Mr. McKee said the original refunding deal provides an interest saving
over 27 years of about $100,000.
last April 22.
HOCKLEY COUNTY (P. O. Levelland), Texas—BOND SALE—The
$345,000 semi-annual road bonds offered for sale on Dec. 2—V. 151, p. 3280
—were awarded to a group composed of C. R. Woolsey & Co. of Lubbock,
Calliban & Jackson, and R. A. Underwood & Co., both of Dallas, paying
a premium of $1,750, equal to 100 507, a net interest cost of about 2.04%,
on the bonds divided as follows: $160,000 as 2Ms, due on April 10: $5,000
in 1942, $10,000, 1943 and 1944, $15,000 in 1945 to 1959. and $20,000 in
1950 to 1952, the remaining $185,000 as 2s, due $20,000 on April 10 in
1953 to 1955, and $25,000 in 1956 to 1960.
JIM HOGG COUNTY (P. O. Hebronville), Texas—BONDS VOTED
an election held on Nov. 9 the voters are said to have approved the
—At
issuance
of $900,000 highway
improvement bonds.
ville), Texaa—BONDS SOLD—A $19,000 issue of 4% semi-annual build
ing bonds is said to have been purchased by the County Permanent Schoo
Fund.
ROGERS, Texas—BONDS SOLD—The City Secretary states that
$17,000 water system revenue bonds were purchased by W. H. Bullard &
Co. of Austin, paying par for 4 Ms.
Dated Oct. 1, 1940.
Due on Oct. 1
as fohows:
$500 in 1941 to 1944 and $1,000 in 1945 to 1959.
ROSEN
HEIGHTS
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Worth), Texas—BONDS SOLD—The Superintendent of Schools
$25,500 semi-annual construction bonds have been purchased
reports that
by the State as 4s, at par.
Due as follows: $500 in 1940 to 1948; $750 in
1949 to 1953; $1,000 in 1954 to 1964, and $1,250 in 1965 to 1969.
STARR COUNTY (P. O. Rio Grande City),
Texas—BONDS VOTED
—At the election held on Nov. 9 the voters are said to have approved the
issuance of $580,000 not to exceed 5% road improvement bonds by a
wide margin.
COUNTY
(P. O. Brownfield) Texas—BONDS SOLD—It is
Lincoln, County Judge, that $290,000, 2, 3 and 3'M%
series 1940 bonds approved by the voters on
Oct. 11, have been sold.
Dated Nov. 1, 1940.
TERRY
stated
Independence),
that the $10,000
KENOSHA, Wis.—BOND SALE—The following semi-ann. refunding
aggregating$33,000, offered for sale on Nov. 29—-V. 151, p. 3122—
awarded to Ellis & Co. of Cincinnati, as lMs, paying a premium of
$42.95, equal to 100.13, a basis of about 1.73%: $11,000 school, 2nd series
of 1925; $10,000 school, series of 1929; $7,000 grade separation, and $5,000
school, 2nd series of 1930 oonds.
Dated Dec. 15, 1940. Due on Dec. 15.
were
1949.
sewer
7■
CROSSE,
semi-ann. storm
3122—were awarded
$100,000
SALE—The
Wis.—BOND
bonds offered for sale on Nov. 29—V. 151, P.
public auction to the Milwaukee Co. of Milwaukee, ard the Wells-Dickey
Co. of Minneapolis, jointly, as Is, paying a price of 100.051, a basis of
about 0.99%.
Dated Dec. 1, 1940.
Due $10,000 from Dec. 1, 1941 to
at
1950. incl.
WHITEWATER, Wis.—BOND SALE—The $30,000 2^% coupon semiarmory building bonds offered for sale on Dec. 2—V. 151, p. 3280—
awarded at public auction to the Wisconsin Co. of Milwaukee, for a
ann.
were
Jremium1940.$3,100,on Aug.to in 1947 toa1952 incl. about 1.40%.
of Due equal 1 110.333, basis of
>ec. 1,
by C. L.
semi-ann. road improvement,
The purchaser is said to
be R. A. Underwood & Co. of Dallas.
TEXAS, State of—LOCAL SCHOOL BONDS PURCHASED—The State
Board of Education is said to have purchased recently the following school
bonds:
Dated
CANADA
(Dominion of)—TREASURY BILLS SOLD—An
$40,000,000 Treasury bills was sold on Nov. 28 at an average
0.656%.
Due in three months.
CHILLIWACK
TOWNSHIP
issue of
yield of
(P. O. Chilliwack), B. C.—BOND
has purchased an issue of
Due serially from 1941 to 1950, incl.
SALE—The Royal Bank of Canada of Montreal
$52,500 4% improvement bonds.
NEW BRUNSWICK (Province of)—BOND ISSUE DETAILS— The
$1,800,000 4% refunding bonds recently sold to the Dominion Securities
Corp. and Bell, Gouinlock & Co., jointly, as reported in—V. 151, p. 3122—
mature $90,000 annually on Nov. 15 from 1941 to 1960 incl.
NEWCASTLE, B. C.—BOND SALE—An issue of $20,000 4% public
bonds was recently sold by the above-mentioned city.
Dated
works
Dec. 1, 1940 and due in 1960.
QUEBEC (City of), Que.—BOND SALE—A syndicate headed
Beaubien & Co. of Montreal recently made
follows:
$450,000 3s, at par.
bonds,
public offering of
by L. G.
$2,288,200
as
Due Nov. 1 as follows: $222,600 in 1941 and
$228,200
in 1942.
234,100
124,200
127,100
349,600
Due Nov. 1, 1943.
3Ms, at par.
Due Nov. 1, 1944.
3 Ms, at par.
Due Nov. 1, 1945.
3Ms, at par.
Due Nov. 1 as follows:
4s, at 99.56, a basis of about 4.06%.
$84,400 in 1946; $86,300, 1947; $88,400 in 1948 and $90,500 in
1949.
1,002,400 4 Ms, at par.
Due Nov. 1, 1950.
be dated Nov. 1, 1940.
Denoms. $1,000, $500
Principal and semi-annual (M-N) payable in lawful money of
Canada in Quebec, Montreal and Toronto.
These bonds were contracted
under by-laws Nos. 430-9, have been duly approved by the necessary au¬
thorities, constitute a direct obligation of the city, and were issued for the
refunding of the unamortized balance of two bond maturities, the financing
of capital expenditures, the refunding of consolidated tax arrears, part of
1939-40 deficit. City's share of direct relief and miscellaneous expenses.
Legality approved by Benoit Pelletier, K.C., for the City, and Dupre,
Gagnon, De Billy, Prevost & Home, Esqs., of Quebec, for the Selling Agents.
All of the bonds will
LONE STAR CONSOLIDATED SCHOOL DISTRICT (P. O. Center-
Fort
O.
CANADA
Texas—BOND REFUNDING CONTRACT REVISED—The County Com¬
missioners'
(P.
bonds
beck) Texas—BONDS SOLD—The Superintendent of Schools states that
$14,000 4K% semi-ann. construction bonds were purchased recently by
Crummer & Co. of Dallas, at par.
Dated June 1, 1940.
Due $500 in
1941
DISTRICT
2% % semi-ann. building and addition bonds sold to Mairs-Shaughnessy &
Co. of St. Paul, as noted here—V. 151, p. 3280—were purchased for a
premium of $450, equal to 104.50. and mature $1,000 on Fee. 1 in 1941 to
1950, giving a basis of about 1.44%.
LA
O. Longview), Texas—BOND SALE—Of the
$200,000 semi-ann. airport bonds offered for sale on Nov. 27—V. 151,
p. 3122—a block of $150,000 was purchased by a syndicate composed of
James, Stayart & Davis of Dallas; Moroney & Co. of Houston, and Walker,
Austin & Waggoner of Dallas, divided as follows;
$75,000 as lMs, due
$15,000 from/Dec. 15, 1941 to 1945; the remaining $75,000 as lMs, due
$15,000 from Dec. 15, 1946 to 1950.
An option to purchase the remaining $50,000 bonds was granted to the
SCHOOL
AUTH¬
approved
Wis.—BOND SALE DETAILS—'The District Clerk states
stockholders until the indebtedness is liquidated.
GREGG COUNTY (P.
above
•
DOUGLAS
COUNTY
(P. O.
Superior), Wis.—BONDS
ORIZED—The County Board of Supervisors are raid to have
recently the issuance of $200,000 poor relief bonds.
INDEPENDENCE
A special dispatch out of Galveston on Dec. 2 reported in part as
Galveston's historic wharves, which have been operated under
who will represent the
;■■■
WISCONSIN
of the Galveston Wharf Co.:
as
„
,
TEXAS
ALEDO COMMON SCHOOL DISTRICT
1940
7,
$20,000
5,000
1,500
1,600
3.000
offered for sale on Dec. 2, were
ONEIDA, Tenn.—BOND OFFERING—11 is stated by E. H. Williams,
Town Recorder, that he will offer for sale at public auction on Dec. 20, at
noon, a $3,500 issue of 4% semi-ann. callable funding bonds.
Denom.
$500.
Dated June 1, 1940.
Due on June 1 as follows: $500 in 1945, and
$1,000 in 1946 to 1948.
No bids will be accepted at less than par.
Prin.
and int. (J-D), payable at the First Trust & Savings Bank of Oneida.
Dec.
Chronicle
and $100.
UNDERWRITING GROUP—The underwriting
of the following houses:
syndicate was made up
Messrs. L. G. Beaubien & Co., Banque
Canadienne
& Co., Provincial Bank of
Inc., of Montreal; Lagueux
Quebec; Nesbitt, Thompson
& Co., Rene T. Leclerc, Inc., Savard, Hodgson & Co., all of Montreal;
La Corporation de Prets de Quebec, J. E. Laflamme, Ltd., Garneau,
Boulanger, Ltd., J. C. Boulet, Ltd., all of Quebec; Royal Securities Corp.,
of Montreal; Desjardins, Couture, Inc., of Quebec; General Finance Co.,
Credit Anglo-Francais, both of Montreal; Hamel, Fugere & Co., Joseph
Morency, Ltd., both of Quebec; W. C. Pittfield & Co., Greenshields & Co.,
both of Montreal; Ross Bros. & Co. of Quebec; R. A. Daly & Co., of Toronto;
Societe de Placements, Inc., Collier, Norris & Henderson, McTaggart,
Hannaford, Birks & Gordon and Paul Gonthier & Co., all of Montreal.
Nationale, both of Montreal; Wood, Gundy
Canada, both of Toronto; Clement, Guimont,
& Des Rochers, Dube, Leblond & Co., both of
SHAWINIGAN
FALLS,
Que.—BOND
SALE—The
$109,000
4%
to
of
improvement bonds offered Dec. 4—V. 151, p. 3122—were awarded
McLeod, Young, Weir & Co. of Toronto, at a price of 100.77, a basis
about 3.89%.
Dated Nov.
of 99.76 was made by A. E.
1, 1940 and due in 15 years.
Ames & Co. of Montreal.
Second high bid
@FedFRASER